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Business : Lower Ringgit Will Attract More Investments From US – MIDA

KUALA LUMPUR, Jan 19 (Bernama) — The Malaysian Investment Development Authority (MIDA) is optimistic that the lower ringgit will attract more investments from the US.

Its Deputy Chief Executive Officer, Datuk Phang Ah Tong said however, which sector would garner the highest investment had yet to be determined.

“We expect the electronic, medical device, aerospace and engineering machinery sectors as well as resource-based industries such as rubber and furniture will do well,” he told reporters on the sidelines of the MIDA and ASEAN Korea Centre Joint Collaboration Seminar in Kuala Lumpur, Monday.

Phang said there would be inflow of investments from countries where the currencies appreciated against the ringgit, particularly the US, as it the would be cheaper and competitive for them to invest in Malaysia.

He said export-oriented manufacturers, with high local content would also benefit from the lower ringgit as they would gain higher returns as the products would be traded in the US dollar.

On the other hand, he said the sectors having high foreign content and imported materials will be less attractive.

Meanwhile, Phang said the US remained the country’s second largest trading partner behind Japan, whose investment in Malaysia dropped slightly in 2014 from 2013 due to lack of mega projects to participate in.

About 100 participants, including 10 from South Korea, attended the half-day seminar which aimed at updating on the latest development in renewable energy in Malaysia, particularly in the solar, biomass, wool pallet manufacturing and solid waste management industries.

— BERNAMA


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