In the first quarter of 2024, Malaysia exhibited robust economic performance with approved investments totaling MYR 83.7 billion (USD 18.2 billion) across various sectors, marking a 13% increase compared to the same period last year. This significant growth underscores Malaysia’s attractiveness as an investment destination, bolstered by strategic initiatives aimed at creating a conducive business environment and demonstrating strong international confidence in the country’s economic potential.
Foreign investments dominated, amounting to MYR 47 billion (USD 10.2 billion), or 56.2% of the approved investments. Austria emerged as the leading foreign investor, followed by Singapore, The Netherlands, China, and the USA. Regionally, Kedah recorded the highest value of approved investments, followed by Kuala Lumpur, Selangor, Sarawak, and Johor. These investments span 1,257 projects and are expected to generate 29,027 new job opportunities for Malaysians.
The manufacturing sector experienced significant momentum with approved investments of MYR 43 billion (USD 9.4 billion), registering a remarkable 174.9% increase compared to the first quarter of last year. Key projects in the manufacturing sector include Chery Corporate Malaysia, NovaAir Industrial Gases, and Industrial Concrete Products. Malaysia’s competitive edge is evidenced by the sustained influx of investments into crucial target sectors, including high-growth industries such as semiconductors, data centers, renewable energy, and electric vehicles.
(Source: Malaysian Investment Development Authority (MIDA))
