Economy on the mend as factories start rehiring

Monday, September 7, 2009

JOHOR BARU: The economic situation in the country is on the mend with factories rehiring retrenched workers to cope with an increased demand.

Deputy International Trade and Industry Minister Datuk Mukhriz Mahathir said most of these factories were in the electronic and electrical sector.

“This is good progress and we hope the economic situation will recover by the end of this year or the latest, by early next year,” he told reporters after handing out financial assistance to orphans, the poor and religious schools at the Mulabar Association in Senai here on Saturday.

Mukhriz said foreign investments had been pouring into the country despite the economic crunch.

“Many foreign investors are still interested in investing here and as at June, a total of RM10.6bil foreign investments have been approved,” he said.

“Interestingly, chemical-based industries top the investments, with about RM7.3bil this year alone,” he said, adding that this was followed by basic metal industry, which pulled in RM1.9bil and electronic and electrical products which pulled in RM1.9bil and RM1.8bil respectively.

He added that the strong local banking system had helped Malaysia tide over the economic depression. - The Star


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