68,000 New Jobs To Be Created
New Straits Times
By Zuraimi Abdullah
January 25, 2003
Source
KUALA LUMPUR, Jan 25: The manufacturing sector is expected to create about 68,000 new jobs based on the 841 project proposals received last year.
International Trade and Industry Minister Datuk Seri Rafidah Aziz said more than half of these new jobs would fall under the managerial, technical, supervisory and the skilled manpower categories.
The sector saw the number of local and foreign investment applications in 2002 increase by 13.7 per cent to 841 with proposed investments of RM18.8 billion, from 837 applications (RM16.6 billion) the previous year.
At the same time, a total of 663 investments worth RM16.5 billion were approved by the Government last year. Of this, foreign investments made up 68 per cent or RM11.2 billion, while local investments made up the rest.
"We continued to fare relatively well in terms of attracting investments in the manufacturing and related services sectors," Rafidah said at the Malaysian Industrial Development Authority annual media conference on the performance of the manufacturing sector in 2002 here today.
"Foreign investors already operating in Malaysia in particular, have remained keen to invest further in the country," Rafidah said.
"They are looking to further expand and diversify their operations into higher value-added, capital-intensive as well as higher-technology and skills-intensive projects and activities," she added.
The top five sources of foreign investment applications were Germany, the UK, the US, Singapore and Japan. Other key sources were Australia, Taiwan, China, the Nether-lands and South Korea.
Rafidah said Germany was the leading foreign source due to its proposed investment in a single project worth RM4.7 billion. The project involves production of synthetic rubber powder, thermoplastic elastomers and recovered metal as well as textile materials from shredded tyres. It will be undertaken in three phases.
The UK was second, thanks to a RM1.9 billion project to manufacture "high altitude airships".
The number of applications from US investors remained strong (39 in 2002 versus 31 in 2001).
Rafidah said it was also heartening to see active participation from Malaysian investors.
Their applications constituted 497 of the total 841 and these investments are both in the form of whollyowned projects (more than twothirds) as well as joint ventures with Malaysian-majority ownership.