KUALA LUMPUR, 29 May 2023 – Malaysia attracted RM71.4 billion in approved investments for the period of January to March 2023 (Q12023), once again proving its value as a preferred investment destination, said Malaysian Investment Development Authority (MIDA).
With an impressive number of 1,265 projects approved, it is expected that these projects will generate 23,977 new job opportunities across the manufacturing, services, and primary sectors, MIDA said in a statement today.
“With its conducive investment landscape, Malaysia continues to capture more Foreign Direct Investments (FDI) than Domestic Direct Investments (DDI). FDI contributed RM37.5 billion, representing 52.5 per cent of the total approved investments,” it said.
According to MIDA, Singapore took the lead with RM11.5 billion, and the British Virgin Islands was second at RM7.1 billion, followed closely by the People’s Republic of China (PRC) at RM6.5 billion. Hong Kong SAR and the Republic of Korea contributed RM2.9 billion and RM2.5 billion, respectively.
Notably, DDI accounted for RM33.9 billion, representing 47.5 per cent of the total approved investments, clearly reflecting domestic investors’ renewed confidence in Malaysia’s economic progress and prospects.
For approved projects by state, the top five states that attracted a significant portion of the approved investments for Q12023 were W.P. Kuala Lumpur with RM21.8 billion, followed by Johor (RM10.6 billion), Selangor (RM7.4 billion), Perak (RM7.1 billion), and Sabah (RM6.3 billion).
Minister of Investment, Trade and Industry Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said that Malaysia’s ability to attract RM71.4 billion in approved investments for the first quarter of 2023 underscores the country’s continued appeal as an investment powerhouse.
“Both foreign direct investments and domestic investments almost match each other in value. From a domestic perspective, this clearly reflects renewed confidence in Malaysia’s growth prospects.
All these will have a positive spillover impact, particularly on the small and medium-sized enterprises (SMEs) in our domestic supply chain, and on the rakyat in terms of better-paying jobs, which will help support our economy in the face of various global challenges this year,” he said.
The services sector surpassed all other sectors in terms of approved investments in Q1 2023, registering RM53.6 billion, which accounted for 75.1 per cent of the total approved investments. This represented an impressive 226.8 per cent year-on-year growth over the previous year’s figure of RM16.4 billion for Q12022. The RM53.6 billion represents an impressive 1,058 approved projects, expected to create 12,051 new job opportunities.
In Q12023, Malaysia continued to attract a healthy level of investments in the manufacturing sector, with a substantial value of RM15.6 billion or 21.8 per cent of the total approved investments. This commitment was evident through the approval of 192 manufacturing projects, slated to generate over 11,900 new job opportunities.
Malaysia’s investment landscape presents bright prospects with a pipeline of proposed investments and lead projects overseen by MIDA. There are currently a total of 878 projects and proposed investments amounting to RM35.9 billion for pipeline projects, and RM150.4 billion for lead projects, reflecting businesses and investors’ confidence in Malaysia’s potential.
The manufacturing sector took the lead with 78.8 per cent (RM28.3 billion) of pipeline projects, while the services sector accounted for 21.2 per cent (RM7.6 billion), showcasing a diversified investment portfolio.
Chief Executive Officer of MIDA Datuk Wira Arham Abdul Rahman said the robust pipeline and lead project portfolio solidify Malaysia’s reputation as an attractive and thriving investment destination, fueled by its strategic location, robust infrastructure, skilled workforce, and supportive business policies.
“As the main investment promotion agency in Malaysia, MIDA remains committed to fostering a conducive environment for businesses and investors, and these impressive figures reflect the confidence they have in Malaysia’s potential for long-term growth and success,” Arham said.
— Akses Malaysia
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