Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz
KUALA LUMPUR: The approved investments of RM254.7 billion for the first nine months of 2024 (9M2024), underscores investors' unwavering confidence in Malaysia's economic policies and direction, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
In a statement today, Tengku Zafrul said the 10.7 per cent year-on-year growth and the creation of over 159,000 jobs speak volumes of Malaysia’s strategic frameworks and the government's concerted efforts to attract high-impact investments for sustainable growth.
He added that Malaysia’s policy consistency and adaptability have encouraged investors to implement longer-term commitments while equipping the country with the capacity to navigate evolving global challenges effectively.
"As we progress towards our goal of becoming one of the top 30 global economies by 2033, the MADANI Government is steadfast in its commitment to fostering an environment where both domestic and international investors can thrive.
"Our focus extends beyond achieving investment targets; we are laying the foundation for a sustainable and inclusive economy that will empower all Malaysians,” Tengku Zafrul said in a statement today.
On Tuesday, Prime Minister Datuk Seri Anwar Ibrahim announced that Malaysia has successfully recorded the total approved investments of RM254.7 billion in the 9M2024 involving 4,753 projects, which are expected to generate 159,347 new job opportunities.
Malaysian Investment Development Authority (MIDA) chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the agency is committed to ensuring these investments translate into tangible economic benefits, quality job opportunities, and long-term prosperity.
He added that MIDA had seen a remarkable value of approved investments in the 9M2024, reflecting its strategic commitment to building a thriving, innovation-driven economy.
"The continued growth in domestic investments highlights the strong confidence of local businesses in Malaysia's robust investment ecosystem. As we approach the end of the year, MITI and MIDA's priority remains focused on enhancing Malaysia's competitiveness in an ever-evolving global market," said Sikh Shamsul Ibrahim.
Domestic Investments Lead Malaysia's Growth with RM148.0 Billion
Domestic investments (DI) led the way, accounting for 58.1 per cent of the total approved investments, valued at RM148.0 billion, while foreign investors contributed RM106.7 billion, or 41.9 per cent.
MIDA said domestic businesses rose and displayed commendable resilience despite current challenging times.
"This healthy ratio between robust domestic participation and strong foreign interest forms a solid foundation for Malaysia’s future economic growth and resilience," it added.
Selangor, with RM66.8 billion in approved investments, Kuala Lumpur (RM63.9 billion), Kedah (RM34.0 billion), Penang (RM22.6 billion), and Johor (RM18.1 billion), were the top-performing states.
Germany (RM30.9 billion), China (RM10.8 billion), the United States (RM8.4 billion), the Netherlands (RM4.9 billion) and Singapore (RM4.4 billion) were the top five in foreign investments.
National Investment Aspirations Drive Transformative Growth
The National Investment Aspirations (NIA) sectors, comprising electrical and electronics (E&E), pharmaceuticals, digital economy, aerospace and chemicals, were the key catalysts for economic transformation.
The sectors secured RM119.9 billion involving 882 high-impact projects and are expected to create 55,892 skilled jobs.
Tengku Zafrul said the MADANI Government is steadfast in its commitment to fostering an environment where both domestic and international investors can thrive as Malaysia progresses towards becoming a top 30 global economy by 2033.
"Our focus extends beyond achieving investment targets; we are laying the foundation for a sustainable and inclusive economy that will empower all Malaysians,” he added.
Digital Economy Boost: ICT Investments Hit RM71.1 Billion in Malaysia
The services sector continues to drive Malaysia’s economic growth, with RM160.7 billion in approved investments, or 63.1 per cent of the total approvals. They are expected to create 100,914 new jobs.
Domestic investments were instrumental in this growth, contributing RM121.5 billion, or 75.6 per cent.
Foreign investments contributed RM39.2 billion, representing 24.4 per cent.
Top performers were information and communications (ICT) at RM71.1 billion, real estate (RM48.8 billion), support services (RM10.3 billion), distributive trade (RM8.0 billion) and utilities (RM6.8 billion).
Manufacturing Sector remains the cornerstone
The manufacturing sector remains the cornerstone of industrial growth, attracting RM88.8 billion in approved investments in 9M2024 with foreign investments leading the way, contributing RM66.9 billion (75.4 per cent), while DI accounted for RM21.9 billion (24.6 per cent).
MIDA said the sector has the twin ability to attract substantial foreign capital and nurture domestic entrepreneurship.
The approved investments involve 800 projects, poised to create 58,017 job opportunities, with 81.2 per cent (47,112 jobs) reserved for Malaysians.
Kedah, Kelantan, Perlis, Terengganu, Sabah, and Sarawak attracted 81 projects (RM41.9 billion), a 39.6 per cent y-o-y rise.
Meanwhile, the E&E industry dominates with RM47.0 billion in approved investments, with the semiconductor subsector accounting for over 90 per cent of E&E investments.
Other key industries are chemicals and chemical products (RM7.0 billion), transport equipment (RM7.0 billion), machinery and equipment (RM6.3 billion) and non-metallic mineral products (RM4.2 billion).
Primary Sector Reflects Positive Opportunities
The primary sector comprising mining, agriculture, and plantation and commodities recorded RM5.2 billion or 2.0 per cent of the total approved investments involving 44 projects. The breakdown is as follows, mining (RM4.5 billion), agriculture (RM675.7 million) and plantation and commodities (RM19.1 million).
MIDA Pursues RM62.0 Billion in New High-Value Investment Projects
To date, MITI and MIDA have conducted 15 high-level overseas missions and as of Nov 7 2024, MIDA is pursuing 1,477 proposed projects worth RM62 billion in the services and manufacturing sectors.
Additionally, MIDA is in discussions with prospective investors for high-potential leads valued at RM70.6 billion.
MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said: "We are committed to ensuring these investments translate into tangible economic benefits, quality job opportunities, and long-term prosperity." - Bernama
