MIDA approves 1,725 projects worth RM64.8 bln in H1 2020 - MIDA | Malaysian Investment Development Authority
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MIDA approves 1,725 projects worth RM64.8 bln in H1 2020

MIDA approves 1,725 projects worth RM64.8 bln in H1 2020

24 Sep 2020

Malaysia garnered a total of RM64.8 billion worth of investments in the manufacturing, services and primary sectors for the first six months of 2020 (H1 2020), despite multiple headwinds on the global front.

The Malaysian Investment Development Authority (MIDA) said the investments involved 1,725 projects which will create 37,110 jobs locally.

“Of the total investments approved, domestic direct investments accounted for 69.8 per cent, or RM45.3 billion, while foreign direct investments (FDI) made up the rest at RM19.5 billion,” it said in a statement today.

The top five sources of FDI for the manufacturing, services and primary sectors during the period were Singapore (RM4.9 billion), Switzerland (RM2.8 billion), China (RM2.2 billion), the United States (RM2.2 billion) and Thailand (RM1.8 billion).

Meanwhile, for approved projects according to states; Sabah, Selangor, Penang, Kuala Lumpur and Johor accounted for RM47.1 billion (72.6 per cent) of the total approved investments for January to June 2020.

The manufacturing sector attracted the largest portion of total approved investments for H1 2020, accounting for 55.1 per cent or RM35.7 billion, followed by the services sector with 44.2 per cent or RM28.6 billion, and the primary sector at 0.7 per cent or RM0.5 billion.

The services sectors recorded 1,316 approved projects in H1 2020, which are expected to create 10,114 jobs.

As of July 2020, MIDA has a total of 732 projects with proposed investments of RM35.9 billion in the pipeline for the manufacturing, services and primary sectors.

Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said while foreign investments play an essential role in the country’s development, greater emphasis is being put in place to drive domestic investments and turning more domestic companies into global players.

“We will continue to prioritise accelerating technology adoption in all economic segments by harnessing the Industry 4.0’s potential to boost Malaysia’s productivity and competitiveness.

“Ensuring business continuity and growth will be a priority with business activities going back to normal levels,” he said.

Mohamed Azmin said the government, through the Economic Recovery Plan (Penjana), will continue to enable investors to implement their projects in Malaysia efficiently and effectively by easing bureaucratic processes, especially during this time.

He highlighted the establishment of the Project Acceleration and Coordination Unit (PACU) in MIDA to facilitate the approval of businesses, particularly manufacturing and related services, and to ensure the successful implementation of approved projects within 24 months.

“Both foreign and local companies should fully leverage the available facilities to grow their businesses in the country,” he added.

Source: Bernama