The First Half of 2024 Sees Malaysia Approving Up to RM160 Billion Worth of Investments
From January to June 2024 (1H 2024), Malaysia approved RM160 billion in investments. This is equivalent to an 18% year-over-year increase across the services, manufacturing, and primary sectors. The statement was made official by the Malaysian Investment Development Authority (MIDA).
The substantial 2,948 investment projects are estimated to generate 79,187 new job opportunities.
Of the total investments from 1H2024, 53.4% are from domestic investments. The rest were from foreign investments, accounting for 46.6% of the total approved investments worth RM74.6 billion.
Although foreign and domestic investment contributes significantly to Malaysia’s economic growth, the notable rise in the domestic investment share of the growth is a sign of the confidence that local firms have in the nation. Experts see this as encouraging for the economy’s future.
The states in Malaysia that attracted the most investments were W.P. Kuala Lumpur (RM37.6 billion), Selangor (RM35.0 billion), Kedah (RM31.9 billion), Pulau Pinang (RM13.1 billion), and Johor (RM12.9 billion).
Key selling points for Malaysia to keep luring in international investment include a business-friendly solid climate and a stable government. Austria accounted for RM30.1 billion of the permitted investments. Similarly, Singapore at RM16.5 billion came in at second. The countries were followed by the People’s Republic of China (PRC) at RM9.8 billion, the Netherlands at RM4.0 billion, and Taiwan at RM2.4 billion.
The services and manufacturing sectors drew the majority of investments, with real estate services, information and communications, and electrical and electronics manufacturing leading the charge in attracting the most significant funding.
According to Trade Minister Tengku Datuk Seri Zafrul Abdul Aziz, Malaysia desires to capitalise on its reputation as a regional manufacturing and services powerhouse to attract high-quality investments.