KUALA LUMPUR, June 22 — Malaysia has achieved a significant milestone with RM83.7 billion in approved investments across various sectors from January to March 2024, marking a 13 percent increase compared to RM74.1 billion in the same period last year. Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, highlighted that this growth reflects the strong confidence investors have in Malaysia. He emphasized the need to maintain this momentum despite potential challenges, such as geopolitical trade issues between China and the US.
Working closely with the Malaysian Investment Development Authority (MIDA), Tengku Zafrul noted that these investments are swiftly translating into business opportunities and jobs for Malaysians, particularly in key sectors like semiconductors, data centers, renewable energy, and electric vehicles. MIDA CEO Sikh Shamsul Ibrahim added that the performance in 1Q 2024 underscores the dedication to fostering a conducive investment ecosystem, aiming to position Malaysia among the top 30 largest economies globally by 2033. The approved investments for 1Q 2024 span 1,257 projects, expected to generate 29,027 new jobs, with foreign investments accounting for 56.2 percent and domestic investments making up 43.8 percent.
The manufacturing sector showed significant growth, with RM43 billion in approved investments, a 174.9 percent increase from 1Q 2023. Electrical and electronics (E&E) were the main contributors, securing RM34.3 billion in investments. Austria led the foreign investors with RM30.1 billion, followed by Singapore, the Netherlands, China, and the United States. Kedah recorded the highest value of approved investments at RM31.3 billion, followed by Kuala Lumpur, Selangor, Sarawak, and Johor. These achievements align with Malaysia’s National Investment Aspirations (NIA), which contributed RM53.7 billion and are expected to create 17,056 new job opportunities, supporting Malaysia’s vision of becoming a leader in technological prowess and sustainable practices.
