International Trade and Industry Minister Datuk Seri Mustapa Mohamed said private investments for this year were expected to surpass last year's target of RM83bil.
Mustapa said “the main drivers of growth this year would be direct investments and consumption” despite challenges due to the global financial situation.
Between January and September last year, RM75bil worth of private investments were realised. The Government expects to report a final figure of about RM90bil for 2011.
This year, Malaysia would focus on the manufacturing, services and primary sectors, Mustapa said after chairing the National Investment committee meeting yesterday.
He added that the Government's approach and incentives to put priority on direct investments had yet to be discussed.
Meanwhile, the International Trade and Industry Ministry (Miti), in a statement yesterday, said Malaysia had projected to sustain an economic growth of 5% to 6% this year.
Both private and public investments were expected to increase 15.9% and 7% respectively supported by higher direct investment and implementations of Economic Transformation Programme (ETP) projects and Second Rolling Plan projects under the 10th Malaysia Plan, it said.
Miti said the Malaysian Investment Development Authority (Mida) would assume the secretariat role of investment committee meeting. Its role would be to improve coordination and sharing of information between members of the investment committee and the Government.
“Mida recognises the need to attract investments. By attracting high quality investments, jobs will be created that will lead to a higher gross net income,” it said.
The investment committee would have an even more important role to play this year in terms of ensuring the ETP projects take off successfully, the ministry said.