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Azmin: MIDA identifies 325 foreign investment projects worth RM97.4b

Azmin: MIDA identifies 325 foreign investment projects worth RM97.4b

16 Aug 2021

The Malaysian Investment Development Authority (MIDA) has identified 325 foreign investment projects in the manufacturing and services sectors with a combined potential investment value of RM97.4 billion, said outgoing international trade and industry minister Datuk Seri Mohamed Azmin Ali.

In a statement today on Malaysia’s second quarter gross domestic product (GDP) data, Azmin said MIDA is also evaluating a total of 835 projects with proposed investments of RM76.7 billion in the manufacturing and services sectors.

“In terms of investment performance, Malaysia charted a jump in private investment in 2Q21 (second quarter of 2021) of 17.4% totaling RM59.3 billion compared to corresponding period last year.

“This is a positive reflection of enhancement in capital expenditure in the services and manufacturing sectors, which is crucial for not just the preservation of jobs but creation of new job opportunities,” Azmin said.

“Foreign direct investment (FDI) net inflow totalled RM8.2 billion in 2Q21 driven by larger reinvestment of earnings mainly in the manufacturing sector and higher equity injections, underscoring that Malaysia continues to remain as a preferred investment destination in the region.

“The manufacturing sector remains a key economic sector contributing 79.3% of the FDI inflow in 2Q21 and propelling it to be the largest recipient of FDI inflow in the first half of 2021,” he added.

In the first half of 2021, Azmin said Malaysia secured a total committed investment of RM35.97 billion with potential exports value of RM3.4 billion.

“Export performance in 2021 is forecast for further growth with the manufacturing sector ramping up production capacity to meet expansion in external demand.

“Performance in the E&E, rubber gloves and medical devices sectors is expected to be given a further boost on account of continued robust demand for these products arising from the pandemic,” he said.

Malaysia recorded a 16.1% year-on-year growth in GDP in 2Q21 amid a low base due to the Movement Control Order (MCO) in March to May last year. The headline figure however showed a quarter-on-quarter contraction of 2%, following the impostion of Full MCO in June 2021.

Source: The Edge Markets

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