Approved investments in 2022 to match pre-pandemic level of over RM200 billion yearly – MIDA
08 Nov 2022
The Malaysian Investment Development Authority (MIDA) expects the total approved investments in 2022 to recover to the pre-pandemic level of over RM200 billion annually.
Chief executive officer Datuk Arham Abdul Rahman said on average, domestic direct investment and foreign direct investment made up 60:40 of the country’s yearly approved investments, mainly for the services sector.
He said investments in semiconductors and electrical and electronics (E&E) would continue to make up the largest contribution to the total investment this year.
“The global disruptions in the E&E and semiconductor supply chains globally during the pandemic saw many chips and semiconductors being utilised in mobile phones and PC productions, (causing a shortage) for the automotive industry.
“Now the demand for chips and semiconductors in the automotive industry is on an uptrend,” he told a press conference after a panel discussion titled “Shifting the Paradigm: Enhancing DDI for Sustainable Economic Growth” here today.
In the first half of 2022, MIDA approved RM123.3 billion in total investment, largely in the services sectors, including for the data centre projects in Johor.
He declined to reveal the latest figure of approved investments but signalled that the trend is increasing, in tandem with growing interest in Malaysia as a preferred destination for investment among domestic and foreign investors.
In 2021, MIDA approved a record RM309.4 billion (US$74.2 billion) in investments in the manufacturing, services, and primary sectors despite the unique global calamities, thanks to several big ticket projects secured, especially in the E&E and semiconductor industry, including from Intel and Osram.