According to the UOB Global Economics and Markets Research, the state of Sarawak in East Malaysia has attracted the highest investments of MYR 15.8 billion (USD 3.9 billion) in the manufacturing sector during the first nine months of 2020. This was followed by Sabah (MYR 11.9 billion, USD 2.9 billion), Penang (MYR 10.6 billion, USD 2.6 billion), Selangor (MYR 7.3 billion, USD 1.8 billion), and Johor (MYR 5.7 billion, USD 1.4 billion).
Sarawak’s Chief Minister Datuk Patinggi Abang Johari Tun Openg highlighted the state’s harmony, political stability, and inclusive policies as the major contributing factors in attracting investors. Meanwhile, the Sabah state government plans to set up a one-stop center to boost in-flow of domestic and foreign investments. It is further aiming to upgrade and optimize the capabilities of Sabah’s ports as part of the state’s latest action plan. Overall, East Malaysian states drew more than one-third of the manufacturing investment in the country.
Malaysia recorded a total of MYR 109.8 billion (USD 27.2 billion) worth of approved investments in the first nine months of 2020. Its manufacturing sector consistently took in investments despite the global economic downturn, rising to MYR 65.3 billion (USD 16.18 billion) by 16.6% year-on-year. China, Singapore, and Switzerland are among the top leading investors for the manufacturing industry in Malaysia, while its main subsectors are petrochemicals, basic metal products, electrical & electronics, machinery & equipment, chemical & chemical products, food manufacturing, transport equipment, as well as scientific & measuring equipment.
(Sources: Borneo Post; Edge Markets; Malay Mail)