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Mida says FDIs rising

KUALA LUMPUR: Malaysian Industrial Development Authority (Mida) has seen an increase in interest among foreign investors in renewable energy projects, particularly biomass and solar, as well as the oil and gas and aerospace sectors.

Mida director-general Datuk R. Karunakaran said yesterday that RM9bil worth of foreign direct investment (FDIs) was “in hand” over the next two months and concluded investment deals in the solar energy sector last month was RM7bil.

Karunakaran said Mida had not experienced a drop in FDI despite the current global economic challenges. Instead, FDIs are increasing.

Datuk R. Karunakaran (right) hands over the reins to Datuk Jalilah Baba

“One of the areas that has become important globally is renewable energy. We are seeing a lot of interest in renewable energy projects, particularly in the areas of biomass and solar energy,” he said after a press announcement of his retirement yesterday.

“In terms of oil and gas, there were three investments from the US and one from Norway,” he said.

For the first four months this year, Mida had approved RM23.9bil of investments, of which 153 are new projects valued at RM16.6bil, he said. “Out of these, 108 are expansion diversification projects valued at RM7.4bil,” he added.

“Out of the RM23.9bil approved, RM16.6bil are FDIs,” he said, adding that this was encouraging because it represented almost 60% of the total investment.

He said the FDI in the first four months mainly came from Australia, Taiwan, Britain, Singapore and Germany.

Karunakaran, who has been with Mida for 36 years, described his years at Mida as fulfilling and challenging. He will be replaced by Datuk Jalilah Baba.

(Source: The Star) 

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