Economic Revival: RM132.6 billion new investments to generate over 50,000 jobs
17 Sep 2023
The Malaysian Investment Development Authority (Mida) revealed that Malaysia garnered an impressive RM132.6 billion (US$28.3 billion) in approved investments from January to June.
These investments, which span across the services sector (RM82.4 billion), manufacturing sector (RM44.9 billion), and primary sectors (RM5.3 billion), encompass 2,651 projects poised to generate 51,853 employment opportunities.
Mida’s data highlights that domestic direct investments (DDI) constitute a substantial 52.2 per cent of the total approved investments, amounting to RM69.3 billion, while foreign direct investments (FDI) contribute 47.8 per cent, totaling RM63.3 billion.
The five leading sources of FDI are Singapore (RM13.7 billion), Japan (RM9.1 billion), the Netherlands (RM9.0 billion), China (RM8.4 billion), and the British Virgin Islands (RM7.1 billion).
Simultaneously, the top five states that have recorded substantial investment values in proportion to the total approved investments include Kuala Lumpur (RM31.7 billion), Selangor (RM29.7 billion), Kedah (RM14.6 billion), Johor (RM14.2 billion), and Sabah (RM9.0 billion).
Mida reports that the 2,651 projects approved in this investment wave represent a remarkable increase of 34.8 per cent compared to the corresponding period in 2022.
In a statement, Mida expressed that these investments are a testament to Malaysia’s thriving economy, bolstered by pro-business policies and an ongoing commitment to enhancing the ease of doing business in the country.
The agency also attributes Malaysia’s success in attracting these significant investments to its burgeoning innovation capabilities, serving as a trusted hub for supply chains, capital, talent, and the smooth flow of goods and data.
Investment, Trade, and Industry minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz commended Malaysia’s ability to draw in investments despite global demand slowdowns and higher interest rates in key markets.
He expressed confidence in the nation’s ability to achieve its annual target, particularly with expectations of stronger growth in the second half of the year.