KUALA LUMPUR, June 9 — A weaker ringgit will benefit Malaysia in terms of boosting exports and foreign investments but imports will be expensive, Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said today.

“However, this situation won’t be long,” he told reporters when asked on the ringgit depreciation that touched a nine-year low against the US dollar yesterday.

As the Malaysian economic fundamentals remain strong, the local currency would continue to strengthen, he said after attending a meeting with the National Associations and Chambers of Commerce here.

Yesterday, the ringgit closed at a nine-year low against the greenback at 3.7660/7690 from Friday’s close of 3.7170/7200.

However, the local note recovered to close higher at 3.7515/7545 against the US dollar today, benefiting from a sudden depreciation of the greenback.

Meanwhile, Mustapa said not only Malaysia but other foreign countries too were facing the economic downturn, including the world’s second biggest economy, China.

He, however, said Malaysia continued to be one of the top destinations for investors to park their businesses, and this could be seen from the total approved investments secured in the first quarter of this year as well as the total trade recorded.

“Malaysia has successfully attracted high level approved investments in the manufacturing sector in the first quarter of 2015 compared with the corresponding period in 2014.

“We have recorded an increase of 152.6 per cent to RM33.6 billion worth of investments in the first quarter of this year from RM13.3 billion in 2014,” he said, adding the figures were contributed mainly from 189 manufacturing projects.

Earlier, Mustapa held a meeting with seven associations that discussed four issues to further assist local businesses, namely cost of doing business, human resources, incentives and funding and free trade agreements. — Bernama