Malaysia is still on track to achieve a targeted RM20 billion in foreign direct investment (FDI) this year despite the global economic downturn, said Deputy International Trade and Industry (MITI) Minister, Datuk Mukhriz Mahathir.
He said the country had shown a positive economic climate with a total FDI of RM12.6 billion having been collected until the third quarter of this year.
"The FDI figure is encouraging as we must take into consideration that Malaysia is no longer the main country for foreign investors, given the emergence of new competing countries, such as Vietnam," he said.
Mukhriz was speaking to reporters after launching a forum on "Generating Technopreneurs In The Era of New Economic Model and Liberalisation", involving 200 Universiti Teknologi Malaysia (UTM) students at the university's campus here on Saturday.
He said that the country was still attracting FDI, especially in the electrical and electronic, as well as chemical industries.
He also said the government was focusing on attracting quality FDI from industries that were capital intensive and of high technology with high value-added.
According to Mukhriz, apart from the potential foreign investors, incentives are also being offered to existing foreign companies in Malaysia to prevent them from taking their businesses elsewhere.
On another matter, he said the country had to achieve an annual six per cent economic growth to realise its vision of becoming a developed nation in 2020.
"Hence, the dire need for quality FDI," he added.
On the recent meeting between Prime Minister Datuk Seri Najib Tun Razak and local industry players, Mukhriz said that local companies must also be given priority, in order to prosper.
"The local players felt that they also need to be given the same incentives as foreigners, such as tax cuts," he disclosed.
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