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At RM4.3b, Perak sees almost double foreign investments compared to last year, state assembly told

At RM4.3b, Perak sees almost double foreign investments compared to last year, state assembly told

27 Sep 2023

Perak recorded foreign investment of RM4.398 billion in the first quarter of the year, the state’s highest since 2020, the state assembly was told today.

Perak Corridor of Tourism, Industry, Investment and Development Committee chairman Loh Sze Yee said the amount of foreign investment recorded this year was impressive as the state only managed to record RM2.283 billion in the same period last year.

“Meanwhile, for the years 2021 and 2020, the amount of foreign investment recorded was at RM4.311 billion and RM1.220 billion respectively,” he said.

The Jalong assemblyman was replying to an oral question by Keranji assemblyman Angeline Koo Haai Yen on the amount of foreign investment recorded in Perak since 2020.

Loh also pointed out that the state had received an encouraging amount of investment since 2020 based on the investment statistics approved and announced by the Ministry of Investment, Trade and Industry (Miti).

“However, each approved investment takes time to process. These investment projects are currently being realised and the Malaysian Investment Development Board (Mida) has been assigned to monitor the status and ensure that each approved project is implemented successfully,” he explained.

On the matter of investors deciding not to invest in Perak, Loh said it was due to global market pressures where changes in terms of supply and demand occur.

“For example, the decrease in demand for rubber gloves,” he added.

Loh also said that changes at the management level for large investor companies that are outside the control of the state government are also among the reasons why investors are giving the state a miss. “Investors who intend to invest in Perak will consider many criteria. The main criteria are basic infrastructure facilities such as access roads, electricity supply, water and gas.

“In addition, investors also appreciate the incentives offered by a country and a state. Therefore, it is not surprising if a change in the location of the investment project also occurs at the last minute when the project site selection decision is finalised,” he said.

Loh added that pressure from global inflation in increasing Capex (Capital Expenditure) and Opex (Operating Expenditure) also plays a part in investors’ decision to bypass the state.

Source: Malay Mail