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Malaysia: Investments worth RM64.8bil approved in H1
KUALA LUMPUR: Malaysia received RM64.8bil worth of investments in the manufacturing, services and primary sectors for the first six months of the year despite multiple headwinds on the global front.
The Malaysian Investment Development Authority (Mida) said the investments involved 1,725 projects, creating 37,110 jobs locally.
“Of the total investments approved, domestic direct investments accounted for 69.8%, or RM45.3bil, while foreign direct investments (FDI) made up the rest at RM19.5bil, ” it said in a statement.
The top five sources of FDI for the manufacturing, services and primary sectors during the period were Singapore (RM4.9bil), Switzerland (RM2.8bil), China (RM2.2bil), the United States (RM2.2bil) and Thailand (RM1.8 bil). Meanwhile, for approved projects according to states; Sabah, Selangor, Penang, Kuala Lumpur and Johor accounted for RM47.1bil (72.6%) of the total approved investments for January to June 2020.
The manufacturing sector attracted the largest portion of total approved investments for the six months, accounting for 55.1% or RM35.7bil, followed by the services sector with 44.2% or RM28.6bil, and the primary sector at 0.7% or RM0.5bil.
The services sectors recorded 1,316 approved projects, which are expected to create 10,114 jobs.
As of July, Mida has a total of 732 projects with proposed investments of RM35.9bil in the pipeline for the manufacturing, services and primary sectors.
Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali (pic) said that while foreign investments are essential in the country’s development, greater emphasis is being placed on driving domestic investments and turning more domestic companies into global players.
“We will continue to prioritise technology adoption in all economic segments by harnessing the Industry 4.0’s potential to boost Malaysia’s productivity and competitiveness, ” he said.
Mohamed Azmin said the government, through the Economic Recovery Plan (Penjana), will continue to enable investors to implement their projects in Malaysia efficiently and effectively by easing bureaucratic processes.
He highlighted the establishment of the Project Acceleration and Coordination Unit (Pacu) in Mida to facilitate the approval of businesses, particularly manufacturing and related services, and to ensure the successful implementation of approved projects within 24 months.
“Both foreign and local companies should fully leverage the facilities available to grow their businesses in the country, ” he added. — Bernama
Source: https://www.thestar.com.my/business/business-news/2020/09/25/investments-worth-rm648bil-approved-in-h1