Johor exco says state continues to record positive investment numbers despite ringgit’s decline

Johor exco says state continues to record positive investment numbers despite ringgit’s decline

02 Apr 2024

Johor continues to record positive investment figures through the first quarter of this year, despite the recent decline of the ringgit against the US dollar.

Johor Investment, Trade and Consumer Affairs Committee chairman Lee Ting Han said the state recorded 200 high-impact projects, that included foreign investments, during the first quarter period.

“Until March 31, the state government has approved more than 200 projects.

“The four sectors that have received the most investment are electrical and electronics manufacturing, food processing, chemicals and petrochemicals.

“Despite the decline in the ringgit’s value, the rate of economic growth and investment in the state still showed an increase,” Lee told reporters after the Rahmah Ramadan Bazaar Walkabout Programme and breaking fast event at Taman Perling here yesterday.

Also present was the Domestic Trade and Cost of Living Ministry’s state director Lilis Saslinda Pornomo.

Earlier, Lee was commenting on Johor’s promising investment figures despite the ringgit’s depreciation which usually signals the likelihood of lacklustre economic growth.

The Paloh assemblyman said that Johor’s promising development shows that the state government is confident of surpassing the record of 751 approved investment projects worth RM43 billion recorded throughout the past year.

He added that the state government is also optimistic about a rapid economic recovery through several large infrastructure projects that are in the works, including the widening of the North-South Expressway which will start in June, followed by the widening of the Senai-Desaru Highway which will start in September.

“At the same time, we will also be co-signatories for the Malaysia-Singapore agreement on the Johor-Singapore Special Economic Zone and the special financial zone initiative in Forest City.

“With the various infrastructure development as well as private sector cooperation, we expect Johor’s economy to improve and to some extent contribute to the national economy,” he said.

Last month, it was reported that the recent depreciation of the ringgit was largely driven by the strengthening of the US dollar and the uncertainty of China’s economic growth.

The Finance Ministry said that this factor also affects other regional currencies.

Source: Malay Mail