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Key Highlights of the Services Sector in 2021
RM94.1 bil
Total Approved Investments
RM70 bil (2020)
3,803
Approved Projects
3,685 (2020)
29,909
Job Opportunities
33,728 (2020)
The Human Touch
Malaysia’s services sector accounts for over half of its GDP, making the services sector a major contributor to the country’s economic growth, productivity, and earnings. Open and well-regulated, the services market facilitate access to information, skills, technology, and funding whilst enabling the movement of skilled labour across borders.
Transformation is on-going with an emphasis on shifting towards high-value strategic activities. As Malaysia shifts to embrace the Fourth Industrial Revolution, our services sector is also evolving to become more knowledge-intensive and productivity-driven. Many global companies have seized the growing opportunities and cost-competitive business environment present here, and made Malaysia their hub, catering to their operations in the region and beyond.
The services sector assumes an increasing share of GDP as the economy matures, as is evident in the case of developed countries. As Malaysia moves towards becoming a developed nation, greater emphasis is placed on the development of the services sector to serve as the main engine of growth to propel and sustain the economy.
Going forward, do look out for the New Services Sector Blueprint that will chart the next phase of growth for the services sector for the period of 2021-2025. Currently, the government is in the midst of finalising the blueprint.
We continue to focus on promoting the services sub-sectors by encouraging investments in relatively high value-added activities that are marketable, have a high-knowledge intensity and the potential to generate high-income jobs. You can expect the overall services sector to move up the value chain and, thereby providing strong linkages to other main economic sectors.
Given its importance to the nation’s coffers, the services sector also plays a prominent role in the country’s goal to achieve sustainable growth with enhanced prosperity and ironed-out socioeconomic disparities.
