International Trade and Industry Minister Dato' Seri Mustapa Mohamed said private investments again surpassed the RM148 billion average annual target set under the Tenth Malaysia Plan with a record RM181.45 billion in 2014.
“The record investments will fund 5,942 approved projects and are expected to create 178,365 new jobs,”he said, when releasing details of the annual investment performance by the Malaysian Investment Development Authority (MIDA).
Domestic investments contributed to a large chunk of investments versus foreign sources, with 72.6 per cent of the total.
The investments in 2014 underscore Malaysia’s transformation into a high-income economy, with several quality projects in advanced technologies and manufacturing services featuring prominently among the year’s biggest projects.
The services sector remains the biggest magnet for investments, attracting a total of 5,059 approved projects in 2014 with investments amounting to RM149.6 billion, and they are expected to create 98,543 job opportunities.
The manufacturing sector proved no less attractive to investors in 2014 as approved investments surged by 38 per cent to RM71.9 billion.
According to MIDA, the ASEAN region starred as a vibrant magnet .
“Many of Malaysia’s investments in 2014 stem from multinational businesses that are eager to be part of the economic powerhouse that the ASEAN Economic Community seems destined to become. “
About 73 per cent of approved foreign investments within Malaysia’s manufacturing sector came from Asian trading partners like Japan, China, Singapore and South Korea.
“Although the outlook for global FDI in 2015 is uncertain due to the volatile exchange rates, rock-bottom commodity and oil prices, “ bright spots of promising growth”may still be found in Asia and the ASEAN region in particular”.
Source : New Straits Times