PRIVATE INVESTMENT TARGET FOR 2011 LIKELY TO BE ACHIEVED- PM NAJIB

KUALA LUMPUR, March 8 (Bernama) -- Prime Minister Najib Razak said the RM83 billion (US$27.66 billion) private investment target for this year is likely to be achieved.
Under the 10th Malaysia Plan, the targeted private investment is an average of RM115 billion (US$38.33 billion).
This encompases foreign direct investment (FDI) and domestic direct investment (DDI) that requires assistance and FDIs and DDIs that do not require assistance.
"Consolidated, the upside of our total potential investment is RM127 billion (US$42.33 billion)
"This high level of investment commitment indicates that Malaysia offers a conducive investment ecosystem that encourages the private sector to invest," he said while unveiling nine new Entry Point Projects (EPP) under the Economic Transformation Programme.
Najib, who is also Finance Minister, said while these potential investments were planned for this year, not all of them may be realised.
However, given the high upside of the planned investment, Najib was confident the RM83 billion (US$27.66 billion) investment target for 2011 was within reach.
To track FDI and DDI that does not require assistance, 5,835 survey letters were sent to local and foreign companies in Malaysia and about 30 per cent responded stating that they were committed to invest RM50.6 billion (US$16.86 billion) this year.
Combined with EPP investments of RM76 billion (US$25.33 billion) this year, total potential investment for 2011 was estimated at RM127 billion (US$42.33 billion).