Govt approves RM5.4b manufacturing investments in 4 states

by AFIQ AZIZ/ pic by ARIF KARTONO

THE government, through the National Committee on Investment (NCI), has approved four projects in the manufacturing sector worth RM5.4 billion last week.

According to NCI in a statement last Friday, all of the projects were approved on Dec 12 and will be located in Sabah, Johor, Selangor and Pulau Pinang.

One of the approved investment projects is worth RM2 billion by a multinational glass manufacturer to produce float glass and photovoltaic functional glass at the Kota Kinabalu Industrial Park in Sabah.

NCI said the project is expected to create more than 1,000 new jobs, in which 80% of them would be filled by Malaysians.

NCI is co-chaired by the International Trade and Industry (MITI) Minister Datuk Darell Leiking and Finance Minister Lim Guan Eng.

Darell said for the first nine months of 2019 (9M19), Malaysia recorded RM149 billion worth of approved investments in the services, manufacturing and primary sectors.

This was 4.4% higher compared to RM142.6 billion approved in the same period last year.

As for this round, Darell said the investments would involve 4,025 projects and create an additional of 93,841 job opportunities.

He also noted that approved investments for global establishments saw an increase of 185.7% during the same period.

“We look forward to attract more investments in the near future,” Darell said.

As of now, Darell said the Malaysian Investment Development Authority (Mida) has secured 126 projects proposing to make Malaysia a principal hub, regional office or representative office.

“These activities are expected to create job opportunities for 884 knowledge-based or highly technical skilled workers.

“These projects will also position Malaysia on course for greater integration into the global supply chain,” he added.

On May 8 this year, the Cabinet had empowered NCI as the sole approving committee for investments, which was followed by the decision to make Lim and Darell co-chair the committee.

This, NCI said could enhance the deliberation process for the task force to make better decisions on investment projects received by all investment promotion agencies including Mida, Regional Corridors, Halal Development Corp, Malaysia Digital Economy Corp, BioEconomy Corp and the Ministry of Agriculture.