MIDA eyes 23 high-profile projects with potential investment value of RM75.4b for 2021, Dewan Rakyat told

30 Nov 2020

The Malaysian Investment Development Authority (MIDA) has identified 23 high-profile foreign investment projects in the manufacturing and services sectors, with a combined potential investment value of RM75.4 billion, which are targeted to be brought into Malaysia in 2021.

Deputy International Trade and Industry Minister Datuk Lim Ban Hong said as of Oct 31, 2020, MIDA had evaluated 786 investment projects in the two sectors before bringing them to the National Committee on Investment (NCI) for approval.

“The Ministry of International Trade and Industry (MITI), through MIDA, will continue its endeavour to bring in a high level of investments as in previous years,” he told Dewan Rakyat today.

The Covid-19 pandemic has reshaped consumer banking behaviour in Malaysia and highlighted a greater need for connectivity and technology to ease the lives of those struggling to cope with the new normal.

He was replying to questions from Datuk Ahmad Nazlan Idris (Barisan Nasional-Jerantut) about the projection for foreign direct investment (FDI) in 2021 and efforts to increase foreign investments in the country.

Lim said such a forecast would be guided by several data, including the RM109.8 billion investments approved for the manufacturing, services and primary sectors in the first nine months of this year.

He said the manufacturing sector was the biggest contributor to the approved investment value during that period at RM65.3 billion, followed by the services sector (RM42.8 billion) and the primary sector (RM1.7 billion).

Of that, FDI contributed 38.8%, or RM42.6 billion, while the rest comprised domestic investments.

He said the approved investments comprised 2,935 projects that were expected to create 64,701 job opportunities.

Source: Bernama