KUALA LUMPUR  More needs to be done to promote the regional economic corridors to attract investments, says Minister of International Trade and Industry, Datuk Seri Muhyiddin Yassin.

More specific missions must be organised to promote the respective states, he said.

"While there are substantial investments going into Iskandar (Malaysia) region, we like to see more investments going into the North, Eastern, Sabah and Sarawak corridors," Muhyiddin said at a news conference during the announcement of the investments the US-based National Instruments was making in the country.

In the promotions, emphasis could be made on tailor-made incentives, such as the availability of land at much more affordable prices, he suggested.

In his opening remarks during the event today, Muhyiddin said Malaysia's credentials as an offshore location for manufacturing and services related operations has been further exemplified by the country's international rankings.

Despite challenges from the external environment and intense global competition for investments, he said, Malaysia has continued to attract substantial inflow of investments into the manufacturing sector.

From January to August 2008, investments amounting to RM49.8 billion were approved in Malaysia's manufacturing sector.

Of this, foreign investments totalled RM36.8 billion or 73.9 percent of the total investments approved.

Foreign investments for the first eight months of 2008 have also surpassed the record for the whole of 2007, which was RM33.4 billion.

Muhyiddin said American companies have continued to show their confidence in Malaysia's manufacturing sector through their investments across a broad spectrum of industries.

During the period January to August 2008, the US was the second largest foreign investor in Malaysia's manufacturing sector, with investments totalling RM6.28 billion.

Investments from US for the first eight months of this year also surpassed the amount approved for the whole of 2007, which totalled RM3 billion.

In taking consideration of the country's long term development and global competitiveness, Muhyiddin said, the government, will proceed with the planned expenditure for next year.

Among the economic initiatives that have been taken to buffer the Malaysian economy from external challenges, he said, include reviewing some Foreign Investment Committee guidelines aimed at drawing foreign investors and liberalising the services sector to ensure Malaysia remained competitive.

On November 4, the government is expected to announce more measures it will be taking to soften the effects of a slowdown in the world economy.

BERNAMA