KUALA LUMPUR, May 27 (Xinhua) -- Malaysia is targeting investments worth at least 40 billion ringgit (11.76 billion U.S. dollars) this year, up from 32.6 billion ringgit (9.59 billion U.S. dollars) approved last year.

Malaysian International Trade and Industry Minister Mustapa Mohamed told reporters here on Thursday after the ministry's monthly gathering that the ministry will focus on quality investments as Malaysia is transforming itself into a high-income economy.

Mustapa said that his ministry was leading a trade mission to Japan, also Malaysia's top investor, in June to encourage Japanese investors to reinvest in Malaysia, while wooing new investments.

According to the minister, Malaysia has received more than 50 billion U.S. dollars worth of investments from Japan in the past three decades, with most of the funds parked in the electrical and electronics, chemical, as well as machinery and equipment sectors.

In order to boost investments, the Malaysian Industrial Development Authority was not only renamed as Malaysian Investment Development Authority (MIDA), but also granted more room to deal directly with local and foreign investors to facilitate investment activities.

Mustapa said that MIDA would set up an office in Singapore to assist Singaporean investors to invest in Malaysia following Malaysian Prime Minister Najib Razak's recent visit to the republic.

He also said that the soon-to-be released 10th Malaysia Plan would place much emphasis on attracting more private investments as they would be a major engine to drive the country's economic growth.

A Malaysia plan is a five-year plan implemented by the Malaysian government to develop various sectors in the country, laying foundation to raise the well-being of the country and its people.