KUALA LUMPUR: Malaysia has recorded RM15.3 billion in approved petrochemical investments from January to April this year and aims higher than ten investments worth RM26 billion recorder last year.
International Trade and Industry secretary-general Datuk Isham Ishak said the country expects higher investments this year as the first four months have already recorded a significant amount of investments.
"With the completion of the Pengerang Integrated Complex (PIC), we expect investments to be higher than last year.
"As we get closer to full production in Pengerang, we hope it will be impetus and a magnet for other investors using Pengerang as their supply of inputs to produce more downstream products especially in the plastics production," he told reporters on the sidelines of the Asia Petrochemical Industry Conference 2018 (APIC 2018) earlier today.
Currently, the PIC is at 93 per cent completion as of July 2018 and is on track for start-up by the first quarter of 2019, he said.
Isham said MITI is confident that the investments will be moving towards a more progressive and interesting cycle as the new administration is strengthening focus on transparency and providing support for industries to grow.
He also disclosed that MITI will be launching new blueprint on Industry 4.0 in the second week of September.
"We do not want to be left out of this because if we maintain the level of technology that we have, we will be left behind.
“We intend to introduce Industry 4.0 Blueprint in the second week of September to boost the manufacturing sector and provide the platform for industry players to embrace this technology," he added.