KUALA LUMPUR: International Trade and Industry Ministry (Miti) is on track to achieve its investment and trade targets for this year, Minister Datuk Seri Mustapa Mohamed said yesterday.

"Generally, we are on track in terms of either investment or trade. Trade will increase 18% compared with last year and national investment is also on track," he said.

His deputy, Datuk Mukhriz Mahathir, said Malaysia's external trade was expected to reach RM1 trillion this year after easing to RM900bil in 2009 due to the global economic slowdown.

"In 2007 and 2008, we achieved RM1 trillion in trade. That's why our trade was two times the size of GDP (gross domestic product)," he said, adding that the country's trade was still growing rapidly, especially after the signing of several free trade agreements recently.

"What's most encouraging is our trade with China where we have a substantial surplus. This is because Malaysia's exports to China are bigger than its imports," he said.

Mukhriz said the ministry was trying to strike a balance between domestic and foreign investments. The present investment make-up is 60% foreign and 40% domestic.

"We want to change it to 50:50 in 2011 and 2012 and after that, we want domestic investment to exceed foreign investment. We are identifying which countries, industries and companies to invest in Malaysia.

"Previously, we focused on solar industry but there are many other industries we consider important, for example, advance electronics."

Mustapa said Malaysia had received positive responses, particularly from Gulf countries like Saudi Arabia and Qatar, which were interested to invest in the country following a recent trade mission by Miti.

"They are keen on Malaysia. Saudi Arabia considers capital as one of its biggest exports and they have told us that Malaysia is not getting a fair share from this," he said.

He also said Miti would start underlining its plans and vision for next year from the second week of January.

- Bernama