KUALA LUMPUR, 15 December 2022 – Malaysia has attracted a total of RM193.7 billion worth of approved investments in the services, manufacturing and primary sectors involving 2,786 projects from January to September 2022, said Malaysian Investment Development Authority (MIDA).
“The approved investments are expected to create 98,414 job opportunities in the country. This is a 2.5 per cent increase as compared to the RM188.9 billion investments approved in the same period last year,” MIDA said in a statement yesterday.
Minister of International Trade and Industry Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said that Malaysia’s success in attracting almost RM194 billion of approved investments in the first nine months of the year is 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,” he said.
Moving forward, he said MITI 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.
Foreign direct investment (FDI) remained the major contributor, at 67.5 per cent or RM130.7 billion (USD28.1 billion), while DDI contributed 32.5 per cent to RM63 billion (USD13.6 billion). It is to be noted that this is a 15 per cent increase as compared to the FDI approved in the same period in 2021, MIDA said.
According to MIDA, of the total investments approved, China dominated foreign investments totalling RM49.2 billion followed by the United States (RM16.9 billion), The Netherlands (RM16.5 billion), Germany (RM9.2 billion) and Singapore (RM8.7 billion).
Five states that have recorded significant approved investments included Johor (RM63.9 billion), Kuala Lumpur (RM26.1 billion), Selangor (RM25.7 billion), Sarawak (RM17.6 billion) and Kedah (RM12.1 billion), MIDA said.
“In this period, the services sector assumed a significant role towards driving the country’s economic recovery, accounting for 58.5 per cent of total approved investments with RM113.3 billion.
The stellar service sector performance exceeded expectations for January to September 2022, an increase of 60.9 per cent from the achievement attained in the same period in 2021. The manufacturing sector follows this at RM64.9 billion or 33.5 per cent and the primary sector at RM15.5 billion or eight per cent,” MIDA added.
Chief Executive Officer of MIDA Datuk Wira Arham Abdul Rahman said: “Malaysia enjoys a strong reputation internationally and investors have confidence in us. The nation has a solid foundation to provide opportunities for investors.
With its favourable business climate, the country is poised to become the next major economic hub. Malaysia offers companies what they need to succeed in the international marketplace by capitalising on its strategic location of the Straits of Malacca, comprehensive industrial ecosystem, dotted with abundant natural resources, and having a young, talented and vibrant population.”
Arham said the Government is working aggressively to attract more high-quality, high-impact, capital-intensive projects in the manufacturing and services sectors and these projects are expected to contribute to the country’s economic growth.
The Government focuses on digital economy, energy and high value manufacturing activities such as transport technology which include electric vehicle and its ecosystem that will have a significant economic potential and sustainable long-term growth, Arham said.
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