KUALA LUMPUR: Malaysia has attracted a total of RM1.08 trillion worth of investments from 29,209 manufacturing projects approved from 1980 until June 2017, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.
Foreign investment accounted for 54 per cent or RM585.5 billion of the total investments, while the remaining 46 per cent or RM498 billion from domestic investment.
"The indirect result of these projects were from both big and small, foreign and local companies that have generated more jobs and business opportunities in the industrial and manufacturing sectors," Mustapa said at the launch of Malaysian Investment Development Authority’s (Mida) Open Day here today.
He said Mida has been at the centre of industrial development in the country since its operations in 1967.
"Currently, manufactured goods accounted for more than 80 per cent of total exports. In fact, these exports expanded by 19.1 per cent to RM368.12 billion in the first half of 2017," he added.
He pointed out the country's composition of exports for manufactured goods and its contribution to the gross domestic product (GDP) had increased in importance.
"The manufacturing sector is the second largest contributor to Malaysia's GDP at 22.8 per cent in the first quarter this year," he said.
Mustapa said the strong presence of foreign direct investment (FDIs) brought by Mida has helped the country to upgrade and diversify its range of products and services, while promoting the growth of local supply chain ecosystem and related services industry.
"Today, over 5,000 companies from more than 40 countries have made Malaysia their location for manufacturing and related services operations," he said.
The companies include B.Braun, Osram Opto Semiconductor, Samsung, Panasonic, Boston Scientific and HP.He said FDI has been driving technological change by nurturing Malaysian companies to jointly design and develop new products.
Mida chief executive officer Datuk Azman Mahmud said it is embarking on a talent initiative with some manufacturing companies to provide job opportunities, specifically to youths.
"The emphasis is now on embracing the digital future, nurturing local businesses to become global champion through integrating into the international supply chain, as well as to create more skilled job opportunities for our talents," he said.
The open day includes a career fair, featuring 58 companies which include local and foreign players from the aerospace, chemical, machinery and equipment, electrical and electronics and logistics and e-commerce industries.
"Leveraging on our close relationships with the industry and professional bodies. We join forces with our corporate partners to meet the growing demand for quality job opportunities," he said.