Tengku Zafrul said Malaysia has accumulated a total of RM329.5bil in approved investments for the manufacturing, services and primary sectors in 2023.
PETALING JAYA: Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz says Malaysia can expect a minimum 8% to 10% growth in approved investments for 2024.
He said this targeted figure is yet to be finalised but is in line with the gross development product (GDP) growth of 4% to 5% forecast by Bank Negara.
“There has to be some form of correlation to the GDP. The GDP targeted growth is 4% to 5% for 2024, so it has to be doubled the percent of the GDP growth, and that is the minimum number,” he told the media after the Malaysian Investment Development Authority (Mida) Annual Media Conference 2024.
Announcing the overall investment performance for 2023, Tengku Zafrul said Malaysia has accumulated a total of RM329.5bil in approved investments for the manufacturing, services and primary sectors in 2023, marking a 23% jump year-on-year from RM267.7bil in 2022.
The services sector was noted to have dominated the investment landscape in Malaysia with a total of RM168.4bil worth of investments, followed by the manufacturing sector at RM152bil, while the primary sector accounted for RM9.1bil.
“Facilitated by 5,101 projects, these investments will generate more than 127,332 new job opportunities for Malaysians,” he added.
Tengku Zafrul said foreign investments (FI) recorded a value of RM188.4bil, equivalent to a 15.3% increase, while domestic investment (DI) grew 35.1% to RM141.1bil, reflecting domestic investors’ restored confidence.
Of total approved investments in 2023, FI contributed 57.2% of the total while DI the balance 42.8%.
According to Tengku Zafrul, the top five sources of FI were Singapore at RM43.7bil, the Netherlands at RM35.5bil, the United States at RM21.5bil, as well as Cayman Islands and China at RM17.5bil and RM14.5bil respectively.
Penang, which received RM71.9bil of investments, benefited the most from permitted investments, followed by Kuala Lumpur with RM58.3bil, Selangor with RM55.3bil, Johor and Kedah with RM43.1bil and RM28.7bil respectively.
“While these states registered a large proportion of the approved investments, we are working towards a more evenly distributed investment destination for other states nationwide, as outlined in the New Industrial Master Plan 2030,” he added.
Mida chairman Tan Sri Datuk Seri Sulaiman Mahbob said the group is determined to push forward into new markets and empower communities as there is still a large area of untapped opportunities in Malaysia.
He said Mida will continue to ensure comprehensive business support and facilitation services are available for investors, as well as nurturing investments that drive commercial success as well as bringing positive societal impact.
“As we embark on this journey towards sustainability, technology, and innovation, investors need a partner with a proven track record, and Mida is that partner.
“We are confident that with synergistic efforts of our stakeholders, we will achieve our investment aspirations and create a brighter and better tomorrow for Malaysia and the rakyat,” he said during his welcoming address.
