Only 1.6 pct approved investments have not been implemented between 2021 and March 2024 - Zafrul

In a post on Instagram and X, previously Twitter, he said on Tuesday that 98.4 per cent of the investment projects have either been completed, are work-in-progress, or are in their planning stage.

"What does this statistic mean? It means that once an investment is approved, it's as good as done -- it is just waiting to be implemented. Rarely, an approved investment is not carried out.

"Approved investments mean the companies' applications to invest in Malaysia have been approved by the Malaysian Investment Development Authority (MIDA)," he said.

He emphasised that memoranda of understanding (MoUs) are not considered approved investments.

"Applications from companies to carry out business activities are approved under the Industrial Co-ordination Act 1975. If a company has a shareholder capital of at least RM2.5 million or employs at least 75 full-time workers, it must first apply for a manufacturing licence," he explained.

Tengku Zafrul also said companies need to submit company details, the industry it is involved in, project location, products produced, its implementation period, annual costs, and shareholder details to MIDA.

"Additionally, applications to invest in Malaysia also require information on the number of jobs to be created, and the percentage of workers in management, technical, and skilled worker categories.

"We want to create high-paying jobs for the people. If the majority of workers are unskilled, how will Malaysia progress in the long term?" he added.

Tengku Zafrul emphasised the importance for companies intending to invest in Malaysia to declare their sources of raw materials and components used in the production of their main products or projects.

"We are a country that encourages the use of locally produced components. Why? Because when new factories use local components, existing local companies can raise output.

"Additionally, new companies can be established to meet the needs of these factories. Only in this way can our country's ecosystem be developed. We also want to know the markets for their products, if they are to be exported or for domestic use. If they are meant to be exported, the country's national income will rise. Companies must also provide their projected revenue," he said.

"Therefore, the process of approving investments is not as easy as it seems. It must meet all the stipulated aspects before a manufacturing licence is granted. If it is just an MoU submission, the application will not be approved.

"That's why when certain parties undermine the approved investment data, they do not understand how complicated the process is. Many conditions must be met, and this shows the seriousness of those who truly want to invest in our country," he said.

-- BERNAMA