Malacca secures RM5b worth of investments in 1H 2023 - MIDA | Malaysian Investment Development Authority
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Malacca secures RM5b worth of investments in 1H 2023

Malacca secures RM5b worth of investments in 1H 2023

07 Jul 2023

The state government has secured RM5 billion worth of investments for the first six months of this year (1H 2023) as compared to RM8.2 billion last year, said Malacca Chief Minister Datuk Seri Ab Rauf Yusoh.

He said that the RM5 billion worth of investments shows that Malacca is on track to exceed its 2023 target of RM6 billion.

“We believe we can get more investments by the end of this year compared to RM8.2 billion for the whole of last year.

“The state will announce the number of investments from time to time until December,” Ab Rauf told the media after the Texas Instruments Incorporated factory expansion groundbreaking ceremony in Batu Berendam today.

The ceremony was also attended by the United States Ambassador to Malaysia, Brian D. McFeeters.

The chief minister said besides the influx of investors, the positive development is also based on foreign investors’ confidence in the state which has led to various factory expansions.

Ab Rauf noted that according to the Malaysian Investment Development Authority (MIDA), investments in Malacca continue to rise yearly in the industrial and manufacturing sectors and remain the backbone of the state’s development.

“Therefore, we hope more American conglomerates will invest here and existing companies can continue with their business expansion,” he said.

Texas Instruments’ new factory will include more than 400,000 square feet of cleanroom space and will connect to its existing factory.

With a potential investment of up to RM5 billion, this new factory will support up to 500 local jobs at full build and is also expected to begin production as early as 2025.

Source: Bernama