Malaysia has demonstrated strong investor confidence with approved investments totaling MYR 254.7 billion (USD 56.58 billion) for the first nine months of 2024, reflecting a 10.7% year-on-year growth and the creation of over 159,000 jobs. Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz emphasized that this growth is indicative of effective economic policies and strategic frameworks aimed at attracting high-impact investments. The government’s commitment to fostering a conducive environment for both domestic and international investors is central to its goal of becoming one of the top 30 global economies by 2033.
Domestic investments led the way, accounting for MYR 148.0 billion (USD 32.88 billion) (58.1% of total investments), while foreign investments contributed MYR 106.7 billion (USD 23.7 billion) (41.9%). Among the top foreign investors, Germany topped the list with MYR 30.9 billion (USD 6.67 billion), followed by China (MYR 10.8 billion/ USD 2.40 billion), the United States (MYR 8.4 billion/ USD 1.87 billion), the Netherlands (MYR 4.9 billion/ USD), and Singapore (MYR 4.4 billion/ USD 0.98 billion). The National Investment Aspirations (NIA) sectors, particularly electrical and electronics (E&E), pharmaceuticals, digital economy, aerospace, and chemicals, were key drivers of this growth, securing MYR 119.9 billion (USD 26.64 billion) and expected to create nearly 56,000 skilled jobs.
Looking ahead, MIDA is actively pursuing MYR 62 billion (USD 13.77 billion) in new high-value investment projects and engaging with potential investors for leads valued at MYR 70.6 billion (USD 15.68 billion). This proactive approach aims to ensure that these investments translate into tangible economic benefits and long-term prosperity for Malaysia, reinforcing its position as a resilient player in the global market while promoting sustainable and inclusive economic growth for all Malaysians.
(Source: The Star)