Malaysia recorded approved investments worth RM225 billion in January-September 2023, marking a 6.6 percent increase -MIDA

Malaysia recorded approved investments worth RM225 billion in January-September 2023, marking a 6.6 percent increase -MIDA

KUALA LUMPUR: Malaysia has attracted approved investments totaling RM225 billion in the services, manufacturing, and primary sectors during the period of January-September 2023, a 6.6 percent increase from the RM211 billion approved investments in the same period last year.

The Malaysian Investment Development Authority (MIDA) stated that the services sector contributed RM117.7 billion, followed by the manufacturing sector at RM99.8 billion and the primary sector at RM7.5 billion.

A total of 3,949 approved investment projects are expected to provide 89,495 new job opportunities, demonstrating Malaysia’s resilience amidst ongoing global operational uncertainties across various industries, as stated in a Wednesday release.

Foreign direct investment (FDI) contributed 55.9 percent, or RM125.7 billion, of the total approved investments, while domestic direct investment (DDI), which saw a 45.2 percent year-on-year increase, accounted for 44.1 percent or RM99.3 billion.

According to MIDA, the Netherlands emerged as the leading source of FDI, contributing RM35.0 billion, with other notable sources including Singapore (RM20.4 billion), the United States (RM18.9 billion), China (RM11.6 billion), and Japan (RM11.2 billion).

“The diversity in the investor base highlights Malaysia’s regional attractiveness as a strategic hub, particularly for the ASEAN region,” it said.

The five states with significant investment values are Kuala Lumpur (RM48.9 billion), Penang (RM44.9 billion), Selangor (RM41.6 billion), Kedah (RM22.6 billion), and Johor (RM20.0 billion).

Commenting on the performance, Minister of Investment, Trade, and Industry (MITI), Tengku Datuk Seri Zafrul Abdul Aziz, stated that the growth in approved investments is evidence of Malaysia’s sustained appeal as an investment destination. It also reflects the collaborative efforts of the entire government and country in attracting, facilitating, and retaining investments while enhancing business facilitation under the MADANI Economic framework, he said.

“Investment inflows from countries such as the Netherlands, Singapore, the United States, China, and Japan reflect the type of strategic and high-tech investments that Malaysia targets from global players. MITI and its agency, MIDA, will continue to position Malaysia as a highly advanced and stable destination to capture more strategic inflows amidst the restructuring of supply chains in the global investment landscape, in line with the industrial transformation outlined in the New Industrial Master Plan 2030,” he added.

MIDA noted that as of November 2023, there were a total of 1,428 projects with proposed investments of RM72.3 billion in its planning. Out of these proposed investments, 1,352 projects are from selected service sectors (RM31.8 billion), while 76 projects are from the manufacturing sector (RM40.5 billion), all falling under MIDA’s jurisdiction.
MIDA added that it is actively negotiating potential high-value investments amounting to RM161.6 billion.

– BERNAMA

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