PRIORITY TO HIGH TECH BASED INVESTMENTS

KUALA LUMPUR, May 26 (Bernama) -- Minister of International Trade and Industry Tan Sri Muhyiddin Yassin said Malaysia now gave priority to foreign investors with high technology and expertise based industries when promoting the country as a strategic investment destination in the Asian region.

Apart from ensuring that the country does not face a deficit in its balance of trade, the move is also expected to reduce the unemployment problem in the country.

"The kind of investments we are taking into the country now is no longer like before where any form of investment was taken in, so much so we need untrained labour from neighbouring countries. We don't need this anymore," he told the Dewan Rakyat Monday.

"What we need now is the high technology industries requiring expertise and high level of skills," he said.

"This is where we need to train our youth at the local education centres so that we can fulfill the needs of the high technology industries. The government is taking measures towards this, he said.

"The measures are to ensure that the country will not face a situation where its trade and investments come down and compounded with the problem of unemployment as well," he said.

Muhyiddin said this in reply to a question from Datin Seri Dr Wan Azizah Wan Ismail (PKR-Permatang Pauh) on the measures taken by the government in facing the increasing level of unemployment if there are no new investments in the manufacturing and services sector.

The government admits there is high competition now, especially from Asean in the aeas of trade and investment, he said, adding that this was why Malaysia should have its own unique charm when compared with neighbouring countries in its quest for investments.