Manufacturing investment in Malaysia hits M$46bn

14 February 2007 05:21  [Source: ICIS news]

SINGAPORE (ICIS news)--Malaysia’s approved manufacturing investment reached a record in 2006 as high energy costs attracted investment in the chemical and petroleum industries.

The value of the 1,077 projects approved in 2006 totalled Malaysian ringgit (M$) 46bn ($13.1bn), compared with 1,027 approved projects worth M$31bn a year earlier, recently issued statistics from the Malaysian Industrial Development Authority (MIDA) showed.

Investment in the chemical and chemical products industries grew more than fivefold to M$9.1bn, boosted by the biodiesel industry. Malaysia is the world’s largest producer of palm oil.

Still, the bulk of the approved projects were in the petroleum products sector, which attracted M$11.4bn worth of investment in 2006, compared with M$735m a year earlier. The increase was largely due to the approval of a methanol project worth M$2bn and a petroleum refinery project worth M$7.7bn, MIDA said.

($1 = M$3.5)

By: Cheok Soh Hui
+65 6780 4359

< previous article(VIDEO - ICIS news Europe Lunchtime Bulletin 2 November 2009)

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly