KUALA LUMPUR: Malaysia is poised to attract more foreign direct
investments (FDIs) when higher skills and productivity set in through
the New Economic Model (NEM), two Umno leaders said in response to
Prime Minister Datuk Seri Najib Tun Razak’s comments in Hong Kong on
Wednesday.
Najib is scheduled to unveil a number of
administrative reforms when he introduces the NEM next week to
emphasise the execution of the model to transform Malaysia into a
high-income economy and spur greater economic development.
Umno’s
economic bureau member Datuk Dr Norraesah Mohamad said the country
needed the NEM to break out of the “middle-income trap”.
“NEM’s
greater focus on climbing up the economic value chain, attracting and
retaining talent, as well as emphasis on innovation will definitely
drive more investments into Malaysia.
“This is our wake-up
call. With stiff competition for FDIs from our neighbours and the
world’s focus on the larger Asian economies of China, India, Vietnam
and Indonesia, Malaysia faces challenges in not just attracting FDIs
but also in attracting talent to our shores,” she said.
The NEM, she said, would address that imbalance.
The
Government approved 766 manufacturing investments worth RM32.6bil last
year, of which foreign investments accounted for 67.8% or RM22.1bil.
Najib,
speaking to international media after delivering his keynote address at
Credit Suisse’s 13th Asian Investment Conference 2010 in Hong Kong on
Wednesday, said the NEM would be looking at boosting both domestic and
foreign direct investments in sectors that could drive the creation of
more high-paying jobs in the future.
Source
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