MALAYSIA attracted RM193.7 billion in approved investments from January to September this year, a 2.5% increase from the same period in 2021, Malaysian Investment Development Authority (Mida) said.
In a statement today, Mida said the approved investments consist of services (RM113.3 billion), manufacturing (RM64.9 billion), and primary sectors (RM15.5 billion).
The services sector’s investment has jumped 60.9% through securing projects amounting to RM113.3 billion from January to September 2022 compared to RM70.4 billion for the same period in 2021.
Mida said the manufacturing sector has received RM64.9 billion or 33.5% of investments followed by the primary sector at RM15.5 billion or 8%.
“Foreign direct investments remained the major contributor to the total approved investments at 67.5 % or RM130.7 billion, an increase of 15% compared to the same period a year ago, while domestic direct investments contributed 32.5% or RM63 billion,“ it said.
Mida said the five states that have recorded significant investment value of the total approved investments are Johor (RM63.9 billion), Kuala Lumpur (RM26.1 billion), Selangor (RM25.7 billion), Sarawak (RM17.6 billion), and Kedah (RM12.1 billion).
“The approved investments for this period will generate 98,414 new jobs in the country,” said Mida.
Newly-minted International Trade and Industry minister Tengku Zafrul Tengku Abdul Aziz said Malaysia’s success in attracting almost RM194 billion of approved investments in the first nine months of the year was a testament of its established standing as a gateway to Asean and an investment destination of choice in Asia.
“Our robust supply chain network, competitive cost structure, simplified business processes, cutting-edge innovation and technology capabilities, and good talent base are key ingredients in attracting investments and driving sustainable growth in this country.
“Moving forward, the Ministry of International Trade and Industry and its agencies will ensure that new investment opportunities will also build the appropriate capacity and talent base in targeted industries to develop the nation’s economy in a sustainable manner,” he said.
Of the total investments approved, China dominated foreign investments totalling RM49.2 billion followed by the US (RM16.9 billion), the Netherlands (RM16.5 billion), Germany (RM9.2 billion) and Singapore (RM8.7 billion).
Mida CEO Datuk Wira Arham Abdul Rahman said the government is working aggressively to attract more high-quality, high-impact, capital-intensive projects in the manufacturing and services sectors.
“These projects are expected to contribute to the country’s economic growth. The Government focuses on the digital economy, energy and high-value manufacturing activities such as transport technology which include electric vehicles and its ecosystem that will have significant economic potential and sustainable long-term growth” he said. ― TMR/graphic by TMR