by RAHIMI YUNUS / pic by TMR
Malaysia’s foreign direct investment (FDI) in the first quarter of 2019 (1Q19) soared 73.4% year-on-year to RM29.3 billion from RM16.9 billion a year ago, mainly driven by a surge of investments in the manufacturing sector.
Finance Minister Lim Guan Eng (picture) said investments in the manufacturing sector jumped by 127% to RM20.2 billion compared to RM8.9 billion last year, despite uncertainties arose from the US-China trade war.
Lim also said the RM29.3 approved FDI is expected to create more than 41,200 jobs for Malaysians, of which 22,970 employment opportunities would be in manufacturing while 18,000 jobs in the services sector.
“Malaysia is reaping benefits from business relocation as well as trade and investment diversions caused by the trade war between China and the US.
“As a result, foreign FDI into Malaysia has increased drastically,” Lim said in a statement yesterday.
The US topped the approved manufacturing FDI chart in 1Q19 at RM11.5 billion, followed by China (RM4.4 billion) and Singapore (RM2.2 billion).