MITI says 426 projects involving RM107.6b investments in active negotiation stage

28 Mar 2023

The government is in active negotiations to secure 426 potential projects involving aggregate domestic direct investment and foreign direct investment (FDI) of RM107.6 billion, said the Ministry of International Trade and Industry (Miti).

These projects are expected to be sealed this year, the ministry said.

Apart from this, the government — through Miti and its agency the Malaysian Investment Development Authority — had succeeded in obtaining FDI commitments via trade missions to several countries, it said.

“This includes the mission to Milan, Italy from Jan 20 to 23, which obtained investment commitments totalling RM3.25 billion, [followed by] the mission to Singapore from Jan 28 to 31 (RM13 billion), as well as the South Korean mission from March 14 to 17 (RM24 billion),” Miti said in reply to a question from Senator Mohd Apandi Mohamad on the number of mega investors being targeted and total funds promised by them.

Although the world is currently facing economic uncertainties and geopolitical conflicts, Malaysia remains a competitive FDI destination, Miti said.

It said that among the factors that make Malaysia a preferred investment destination for foreign investors and a main supply chain hub in the region are a conducive business ecosystem comprising aspects such as economic growth, infrastructure development and quality transportation networks, investment incentives, telecommunications and utility services, as well as quality and supply of labour.

Source: Bernama