KUALA LUMPUR: Malaysia is looking to boost Chinese investment in the country as it looks for an increase in foreign investment in key economic sectors, the country's investment chief said. On Friday, Deputy Prime Minister Muhyiddin Yassin said electrical and electronics, financial services, wholesale and retail, infrastructure and tourism were the attractive sectors for Chinese investors to participate. “I would like to reiterate the Malaysian government's commitment to ensure that Malaysia will remain a profitable destination for foreign companies. “We would very much like you to play a key role in our economic transformation agenda,” he said. Yassin said Malaysia “took cognisance of China for continuing to attract global foreign direct investments (FDIs) besides Beijing itself emerging as a major FDI source in recent years.” In 2010, China was the 6th largest source of FDI outflows globally, amounting to $68 billion. “We see this trend continuing, with China's state-owned enterprises taking the lead in the global mergers and acquisitions. We believe Malaysia offers attractive investment opportunities in some focus areas,” he said. He also assured Chinese investors, who are currently finalising their investment plans in Malaysia, that the Malaysian Investment Development Authority (MIDA) would provide the assistance in project implementation. Inviting the Chinese industrialists, the deputy told the forum that Malaysia remained a cost-competitive and viable location for FDIs amidst the challenging external environment and intense global competition. Sharing Malaysia's achievements at the forum, he said, the total foreign investments approved last year rose by 36.7 percent to $46.9 billion as compared with $34.3 billion in 2010. “Our growth formula is premised upon a strong and effective partnership between the public and private sectors, with the government facilitating businesses by ensuring a business-friendly framework,” he said.
