NCER WOOS US$2.3 BIL INVESTMENT IN JAN-JULY PERIOD

Resend with correction on oercentage in 5th paragraph



PENANG (Malaysia), Sept 7 (Bernama) -- The North Corridor Economic Region (NCER) has wooed RM6.89 billion (US$2,308 billion) worth of investments between January and July, surpassing RM6.08 billion, its full year investments last year.

Its Chief Executive Redza Rafiq said this year's investments showed
significant participation from foreigners, especially from Europe and the United States, as compared to last year.

"Of the RM6.89 billion investments, 86 per cent were from foreigners, while 14 per cent from locals," he said after a media tour to the NCER on Wednesday.

Redza said he saw a positive uptrend investment for the remaining months this year from the recent deals sealed with three foreign companies and a domestic company, as well as the positive economic outlook.

Last year, NCER's investments soared to RM6.08 billion compared to RM1.4 billion in 2009 and 2008, with 56 per cent foreigners' participation and 44 per cent local investors. (US$1=RM2.98)

Redza also announced that two Japanese automotive companies would invest in Malaysia and one of them by year-end.

"The companies will invest under our multi-sector transportation-based engineering cluster, along with other foreign companies like Peugeot and Hyundai," he said.

Redza however declined to comment further on the companies' background, saying that further announcement would be made soon.
-- BERNAMA