Malaysia has retained its standing as a gateway to Asean and investment destination of choice in Asia. (Bernama pic)
PETALING JAYA: Malaysia remains a top investment destination among global investors with the country attracting RM193.7 billion worth of approved investments in the services, manufacturing and primary sectors from January to September 2022.
This is a 2.5% increase as compared to the RM188.9 billion investments approved in the same period last year.
The proposed investments involve 2,786 projects and is expected to create 98,414 job opportunities in the country.
Minister of international trade and industry Tengku Zafrul Aziz stated Malaysia’s success in attracting the investments is a testament of its 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 added.
Moving forward, he said Miti and its agencies will ensure new investment opportunities will build the appropriate capacity and talent base in targeted industries to develop the nation’s economy.
Foreign direct investment (FDI) remained the major contributor at 67.5% or RM130.7 billion, while domestic direct investment (DDI) contributed 32.5% to RM63 billion. For FDI, this is a 15% rise compared to same period in 2021.
Of the total investments approved, China dominated foreign investments with RM49.2 billion. This is followed by the US (RM16.9 billion), the Netherlands (RM16.5 billion), Germany (RM9.2 billion) and Singapore (RM8.7 billion).
Five states that recorded significant approved investments include Johor (RM63.9 billion), Kuala Lumpur (RM26.1 billion), Selangor (RM25.7 billion), Sarawak (RM17.6 billion) and Kedah (RM12.1 billion).
During the period, the services sector assumed a significant role towards driving the country’s economic recovery, accounting for 58.5% of total approved investments with RM113.3 billion. This was an increase of 60.9% from the same period in 2021.
The manufacturing sector accounted for RM64.9 billion or 33.5% and the primary sector at RM15.5 billion (8 %).
MIDA CEO Abdul Rahman said with its favourable business climate, Malaysia 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,” he added.
He added the government is “working aggressively to attract more high-quality, high-impact, capital-intensive projects in the manufacturing and services sectors”.
“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, he added”.
