Malaysian foreign investment up 35 percent

Malaysia approved foreign investments of 15.6 billion ringgit ($4.1 billion) in 2003, up 35 percent on the year before despite a sluggish global economy and effects from Sars, according to official data out on Tuesday.
"Malaysia continued to attract a fairly sizeable amount of foreign investments in 2003 despite negative developments at the international level during the first half of the year," according to a report issued by the Malaysian Industrial Development Authority.
Authorities also cleared manufacturing projects worth 29.1 billion ringgit versus 2002's 17.9 billion, the report added.
Recent data showed export-dependent Malaysia's industrial output grew at its fastest pace in three years in the 12 months to December 2003, topping market estimates and reinforcing expectations of an upswing in global electronics demand.