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Categories
| Manufacturing approvals last year highest ever at RM63b |
| Written by Surin Murugiah | |||
| Friday, 03 July 2009 00:05 | |||
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The contributing factors included proactive public policies, a favourable investment environment, structural reforms, and prompt government economic stimulus response to the economic crisis as well as a liberal policy on foreign direct investments (FDIs), it said. Miti said the government's priority would be to improve the delivery system and foster a conducive environment for doing business, apart from various measures including review and further liberalisation of policies, improving public infrastructure and utilities and reducing the cost of doing business. "These initiatives will be undertaken in collaboration and consultation with the private sector," it said, adding that the government would promote investments in new growth areas and capital-intensive, knowledge-based, high value-added and technology intensive projects. The government will also focus on enhancing support to industries and investors through trade facilitation measures, adoption of new technologies, including ICT, and promoting standards and research and development activities for product and process improvement. Miti said the manufacturing sector contributed 29.1% to the real gross domestic product (GDP) last year compared with 30.1% in 2007. The industrial production index for the sector rose 0.6% to 112.1 from 111.4 due to a higher global demand in the first three quarters of 2008, while sales rose 7.9% to RM579.3 billion from RM536.8 billion. Exports of manufactured goods were valued at RM464.5 billion and accounted for 70% of Malaysia's total exports. Electrical and electronics (E&E) products were the largest contributors, accounting for 38.3% or RM253.8 billion of total exports. Chemicals and chemical products contributed RM40.5 billion (6.1%), machinery and equipment (RM21.9 billion), metal products (RM19.6 billion and wood products (RM16.6 billion). Imports of manufactured goods rose 0.3% to RM419.8 billion in 2008 from RM418.5 billion in 2007, accounting for 80.5% of the country's total imports.
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