Malaysia records RM80.6 bln approved investments for Q1 2021

KUALA LUMPUR: Malaysia recorded RM80.6 billion worth of approved investments in the manufacturing, services and primary sectors in the first quarter (Q1) of 2021, a surge of 95.6 per cent from the same period last year.

In a joint press statement, the Ministry of International Trade and Industry (MITI) and Malaysian Investment Development Authority (MIDA) said the continued aggressive strategies to attract high-level investments from both foreign and domestic investors were exhibiting promising results.

These approved investments involved 993 projects and were expected to generate 32,557 job opportunities, they said.

Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said as Malaysia continues the battle against the COVID-19 pandemic, the country remains a primary investment destination and strategic gateway for investors.

"The country is steadfast in providing investors with modern-day requirements and equipment. The unique value propositions as a high-tech investment and global operations hub will entice a sustainable stream of quality investment activities in the country.

"With our pro-business, prudent and pragmatic policies, Malaysia serves as the ideal partner for investors to do business in the region," he said.

He added that the government, through MIDA, would lend its expertise in executing the ongoing reform initiatives as well as the newly developed blueprints and policies, to enhance the country's competitiveness, promoting investments and accelerating national economic development in line with the National Investment Aspirations (NIA).

They said the total approved foreign direct investments (FDI) in the manufacturing, services and primary sectors increased by 383.4 per cent to RM54.9 billion for the period of January to March 2021 from RM11.4 billion in the same quarter last year.

Meanwhile, domestic direct investments (DDI) made up the rest of RM25.7 billion, contributing 31.9 per cent to the total approved investments in all the three sectors.

It said the manufacturing sector leads the investments for Q1 2021, recording RM58.8 billion from 246 manufacturing projects compared to RM25.9 billion from 226 manufacturing projects in the same period last year.

It is followed by the services sector at RM15.6 billion and the primary sector at RM6.2 billion.

As of March 2021, MIDA has in the pipeline, 988 projects with proposed investments of RM54.4 billion in the manufacturing and services sectors, it said.

-- BERNAMA