Private investments will continue to grow at healthy pace as major projects take shape, says Mustapa
MALAYSIA can strive to repeat its stellar record in private investments this year, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
It is "doable", he said when asked if the 20.2 per cent investment momentum recorded in the last quarter of 2012 can be sustained.
"Private investments will continue to grow at a healthy pace because of the coming on-stream of projects that had been announced. such as Harrods and Four Seasons Place, both of which will take some time before they take off," he said at a media briefing after a Chinese New Year gathering at his ministry, here, yesterday.
The ministry, as the lead agency for trade and investment, is working hard to maintain the growth pace, he added.
Bank Negara Malaysia announced on Wednesday that private sector investments for 2012 advanced by 22 per cent, up from 12.2 per cent in 2011.
Malaysia posted strong growth of 5.6 per cent in 2012, thanks to a 6.4 per cent expansion in the last quarter of the year.
The strong increase was led by the manufacturing and services sectors, which had been supported by domestic demand and a gradual improvement in the external environment.
Mustapa expects the economy to post a growth rate of slightly over five per cent in 2013.
He said this year will see the implementation of some major projects under the Economic Transformation Programme.
Pengerang is one of the areas that the minister expects to have strong growth opportunities, with projects in the oil and gas sector undertaken at the Refinery and Petrochemical Integrated Development.
The investment scene in Malaysia continues to remain attractive to foreign and domestic investors, with infrastructural developments that include a soon-to-be completed low-cost air terminal, klia2, and the support of a stable political environment.