KUALA LUMPUR: Malaysia is anticipated to attract more approved investments from major economies in the upcoming quarters.
According to the Malaysian Investment Development Authority (MIDA), it is actively pursuing 1,775 proposed projects worth RM68 billion, comprising 1,709 in the services sector (RM44.7 billion) and 66 in manufacturing (RM23.3 billion), as of May 31, 2024.
It also said that negotiations are ongoing with prospect investors for high-potential leads totalling RM60.4 billion.
MIDA said that since the start of the year, the development authority and the Ministry of Investment, Trade, and Industry (MITI) had executed nine high-level overseas investment missions to Germany, France, Australia, Italy, Singapore, and Japan.
This is in addition to the numerous official overseas working visits led by the Prime Minister, Datuk Seri Anwar Ibrahim, to meet key global leaders.
MIDA said in a statement yesterday that these proactive efforts have helped Malaysia achieve a significant number of projects and approved investments.
During the first three months of 2024 (Q12024), the country registered approved investment totaling RM83.7 billion, a 13 per cent increase over the same period the previous year.
They comprise 1,257 projects, which are anticipated to create 29,027 new work opportunities for Malaysians.
Of the total approved investments, RM47.5 billion, or 56.8 per cent, fall under the jurisdiction of MIDA and MITI, covering 500 projects with 18,517 new job opportunities.
The approved investment comprises manufacturing (51.3 per cent or RM43 billion), services (47 per cent or RM39.3 billion), and primary (1.7 per cent or RM1.4 billion) sectors.
Foreign investments (FI) contributed 56.2 per cent or RM47 billion, while domestic investments (DI) contributed 43.8 per cent or RM36.7 billion.
Austria topped the list of foreign investors with RM30.1 billion (64 per cent) in approved investments, followed by Singapore (RM5.6 billion), The Netherlands (RM3.6 billion), the People's Republic of China (RM3.4 billion), and the United States of America (RM632.8 million).
Kedah recorded the highest value of approved investments (RM31.3 billion), followed by Kuala Lumpur (RM21.5 billion), Selangor (RM12.4 billion), Sarawak (RM4.2 billion), and Johor (RM4.1 billion).
MITI minister Tengku Datuk Seri Zafrul Abdul Aziz said that approved investments of almost RM84 billion for Q12024 reflect how Malaysia has earned investors' trust.
He said that, working closely with MIDA, MITI has delivered not just the investment numbers but also their speedy realisation to quickly translate these investments into business opportunities for SMEs and jobs for Malaysians.
"While we acknowledge the usefulness of short-term indicators of our business landscape, the real proof of Malaysia's competitiveness is in the actual, continuous inflow of investments into key target sectors outlined by NIMP 2030, including in high-growth industries such as semiconductors, data centres, renewable energy, and electric vehicles.
"This is why we will also continue to focus on longer-term industrial reforms and other strategic policy efforts to nurture a conducive investment ecosystem, to drive productivity as well as sustainable, inclusive growth that will pave the way for Malaysia to be one of the top 30 largest economies globally by 2033," he said.
Sikh Shamsul Ibrahim, the chief executive officer of MIDA, said that the stellar Q12024 investment performance is a testament to MITI and MIDA's tireless dedication to attracting investors and nurturing fertile ground for growth and innovation.
"With forward-thinking policies and bold initiatives, Malaysia stands as a premier destination for both global and local investors," he said.