Malaysia attracts RM193.7 bln approved investments in January-September 2022
Bernama
Disember 14, 2022
Malaysia attracts RM193.7 bln approved investments in January-September 2022
Tengku Zafrul Abdul Aziz said 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. - BERNAMA/Filepic
KUALA LUMPUR: Malaysia has attracted a total of RM193.7 billion approved investments in the services, manufacturing and primary sectors involving 2,786 projects from January to September 2022.
In a statement today, Malaysian Investment Development Authority (MIDA) said the total approved investments are expected to create 98,414 job opportunities in the country.
"This is a 2.5 per cent increase compared to the RM188.9 billion investments approved inthe same period last year," it said.
Minister of International Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said 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.
"Moving forward, 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," he said.
Meanwhile, MIDA said foreign direct investment (FDI) remained the major contributor, at 67.5 per cent or RM130.7 billion, while domestic direct investment (DDI) contributed 32.5 per cent or RM63 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.
"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)," it added.
It said five states that have recorded significant approved investments include Johor (RM63.9 billion), Federal Territory of Kuala Lumpur (RM26.1 billion), Selangor (RM25.7 billion), Sarawak (RM17.6 billion) and Kedah (RM12.1 billion).
MIDA said that 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, which exceeded expectations from January to September 2022 with an increase of 60.9 per cent against the same period in 2021.
This was followed by the manufacturing sector at RM64.9 billion or 33.5 per cent and the primary sector at RM15.5 billion or eight per cent, it said.
MIDA chief executive officer Datuk Wira Arham Abdul Rahman said Malaysia enjoys a strong reputation internationally and investors have the confidence in investing in the country.
"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 on the Straits of Malacca, comprehensive industrial ecosystem, dotted with abundant natural resources, and having a young, talented and vibrant population," he said.
Arham said the government is working aggressively to attract more high-quality, high-impact, capital-intensive projects in the manufacturing and services sectors, which 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 vehicle and its ecosystem that will have a significant economic potential and sustainable long-term growth," he added.
-- BERNAMA