US electronics investment in M'sia dropped last year

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Investment by US electronics firms in Malaysia plunged 30 percent year-on-year in 2002 and may suffer further this year amid weak global sentiment, an industry group said today.

Capital investment by the Malaysian American Electronics Industry (MAEI) fell to RM1.6 billion, down from RM2.3 billion in 2001, said American Malaysian Chamber of Commerce (Amcham) president Timothy Garland.

But annual export sales of MAEI, which groups 18 large US firms here, grew around 20 percent to exceed RM50 billion in 2002 according to preliminary figures, he said.

Export sales in 2001 fell six percent year-on-year to RM41.4 billion.

Garland said 2003 would be a challenging year for Malaysia as foreign direct investment (FDI) worldwide shrank due to heightened business risks due to an expected war in Iraq.

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