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How much of approved FDI is actually coming?

Development issues, Economy, Malaysian finance/business 15 Responses »

Mar 042009

Projects approved by state

State	2008				2007
State	No	Domestic Invest (RM mill)	Foreign Invest (RM mill)	Total Investment (RM mill)	No	Domestic Invest (RM mill )	Foreign Invest (RM mill)	Total Investment (RM mill )
Sarawak	39	1988.3	13180.5	15168.9	23	403	631.4	1034.5
Selangor	302	2866.2	9004.7	11870.9	318	6989.7	4191.7	11181.5
Johor	173	2315.1	9396.6	11711.7	188	2495.4	6747.4	9242.8
Penang	151	5068.7	5087.6	10156.3	134	1625.2	3143.4	4768.7
Melaka	41	182.3	3452.2	3634.5	38	1618.5	2219.2	3837.7
Perak	50	696.8	2433.2	3130	59	651.7	1382.9	2034.6
Kedah	46	288.1	2279.3	2567.3	46	7856.7	6133.6	13990.2
N Sembilan	26	821	294.8	1115.8	40	493.6	2181.9	2675.6
Pahang	23	1017.7	63.1	1080.7	28	406.9	1156.9	1563.8
T’ganu	9	636.8	355.5	992.3	11	2772.2	3391.1	6163.2
Sabah	40	620.6	343.8	964.4	41	1080.9	2176.7	3257.5
Perlis	2	63.3	107	170.3	2	7.1	0	7.1
KL	12	94	23.8	117.8	12	52.8	39.6	92.4
Kelantan	3	17.6	66	83.6	9	52.6	30.1	82.7
Labuan	2	9.8	10.7	20.5	-	-	-	-
Total	919	16686.2	46098.8	62785	949	26506.3	33425.9	59932.2

Source: MIDA

If you consider that RM17.4 billion is for foreign investments in the electronics sector (think Penang and Selangor) and RM20.4 billion for foreign investments in basic metal products (think aluminium smelters in Sarawak), then you begin to wonder how many of these approved projects will actually materialise.

The global electronics sector is in deep trouble; so the Penang government shouldn’t rely on these figures for comfort this year. The figures for Sarawak include the proposed aluminium smelter (notice the sharp jump from 2007), which is nowhere near to being implemented – though that would be a blessing given the environmental implications.

Malaysia’s economy takes a dive

Economy, Malaysian finance/business 22 Responses »

Feb 282009

gdp

Uh-oh, the bottom’s fallen out Source: Statistics Department

myr-3q07-4q08

Ringgit weakens against the US dollar and Yen

Buckle up, folks! We are in for some tough times.

Malaysia’s economy took a dive in the fourth quarter as GDP stood on the brink of negative territory, growing by just by 0.1 per cent, compared to 4.7 per cent in the third quarter.

Singapore sinks deeper into recession

Economy, Energy resources, Environment 9 Responses »

Feb 262009

The Singapore economy shrank 4.2 per cent in the fourth quarter of 2008 despite posting an annual growth of 1.1 per cent for last year.

For 2009, the Ministry of Trade and Industry is maintaining its forecast of minus 2-5 per cent, though others think it could be more than minus 5 per cent if the global economy worsens.

The IMF is projecting a global recovery next year – but that looks more than a little optimistic, perhaps wishful thinking. Truth be told, no one knows for sure how long this worldwide depression will last – certainly not the so-called economists who never saw all this coming 18 months ago. Any recovery is unlikely to be quick as the biggest consumers in the world by far are in the United States – and we all know they are in deep trouble.

Building bridges to create a socially just economy

Ethnic and inter-religious relations, Malaysian finance/business 4 Responses »

Feb 222009

Harnessing collective energy: Drummers rock the auditorium during the USM Kungfu Club’s annual performance yesterday

Global economy in free fall Source: IMF.org

The global economy is in terrible shape and it is obvious that our export-oriented economy will not be spared a mauling.

As Malaysians, we should be rallying together and cooperating to protect the local economy while all around us the system of global capitalism, neoliberalism and financial liberalisation is brought to its knees.

We need to find new ways of building a more sustainable, resilient and socially just domestic economy, which also protects the environment and respects indigenous cultures and livelihoods.

But the official criteria used to determine whether a listed company is ‘bumiputera controlled’ will make it difficult for meaningful business cooperation and partnerships to emerge. According to the Foreign Investment Committee’s 27 Feb 2007 guidelines, to be regarded as bumiputera-controlled, a listed company has to satisfy all the following criteria:

Alarm bells ring as manufacturing dives

Economy 13 Responses »

Feb 142009

ipp_dec08

Manufacturing hurtles down a cliff Source: Statistics Department, Malaysia

There are three components to our Industrial Production Index — manufacturing, mining and electricity. Manufacturing (see dotted line), the most crucial, appears to be in free fall by December.

Manufacturing accounts for 71 per cent of the Index and contributes 28 per cent of GDP. It also employs 20 per cent of workers. And then there’s the ‘multiplier effect’ on the rest of the economy.

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