M'SIA WOOS OVER US$4 BIL FDIs IN SOLAR PHOTO-VOLTAIC INDUSTRY, SAYS PM NAJIB

KUALA LUMPUR, Oct 14 (Bernama) -- Malaysia has wooed over RM12 billion (US$4
billion) in foreign direct investments (FDIs) in the solar photo-voltaic
industry so far, said Prime Minister Najib Tun Razak.

Over the next decade, Malaysia intends to focus on increasing the flow of
foreign and domestic direct investments in green technology, he said.

"The government is determined to make Malaysia the regional centre for green
energy, specifically solar energy," he said when opening the International
Greentech and Eco Products Exhibition and Conference Malaysia (IGEM 2010)
Wednesday.

Najib said Malaysia's investment-friendly policies, coupled with the
availability of skilled human resource, have led to an increase in the number of
large investment projects in this field.

One key area of opportunity was in green technology research and development
between tertiary learning institutions and businesses, the prime minister said.

Najib said the government had also embarked on several initiatives to
encourage investments in green technology such as offering tax breaks and
financing for businesses that manufacture and supply green technology,
eco-products and services.

He said the government had also introduced RM1.5 billion (US$486.1 million)
investment fund for green technology financing under a scheme which would
provide soft loans to companies that supplied or used green technology.

The scheme is expected to benefit over 140 companies by 2012, he said.

Najib also said researches conducted showed green technology investments
would be able to reduce global greenhouse gas emissions by as much as 30 per
cent come 2020 without harming business profitability and economic growth.

"In pursuit of the envisioned green economy, investments in green technology
are critical," he said, adding that increased investments in this field would
thus make available a wider scope of eco-products and services.

The prime minister also called for proactive actions to slow down the
impact of climate change.

"We must make substantial changes, especially in the way we consumed energy,
in order to reverse the environment's downward spiral.

"A global revolution is needed in the way we source and use energy. The
world needs a new economic driver, one that is built on green technology," he
said.

Najib said transforming the way the society think and treat the environment
were also crucial to ensure sustainability.

"We need to foster green values that promote environmental sustainability.
We have to inculcate among us the new mindset that resources are finite, which
indeed they are.

"People must know we cannot continue to consume natural resources without
making efforts to conserve them," he added.

-- BERNAMA