Funding an issue for Malaysia dev plan

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KUALA LUMPUR, Aug 21 (AFP): Malaysia has embarked on a huge development plan to spread growth and jobs to its Malay-majority hinterlands, but analysts said it faced tough competition for necessary foreign investment.
Prime Minister Abdullah Ahmad Badawi last month launched a 51-billion-dollar development initiative to cut poverty in northern Peninsula Malaysia, the country's Muslim heartland.
He had already unveiled the Iskandar Development Region in southern Johor state, which aims to attract 50 billion ringgit (14.2 billion dollars) over five years to turn the area into a new Asian metropolis.
But other Asian nations such as China, India and fast- growing Vietnam were luring away key foreign investment, analysts said.
Only one-third of the target of 51 billion dollars for Peninsula Malaysia is due to come from the government, so foreign funds are required for the plan to succeed, said Wan Suhaimi Saidie, an economist with K Kenanga Bhd.