The National Committee on Investment (NCI), co-chaired by YB Datuk Darell Leiking, Minister of the International Trade and Industry (MITI) and YB Tuan Lim Guan Eng, Minister of Finance (MOF), approved five manufacturing and services projects in Pulau Pinang, Kedah, and Pahang worth RM4.6 billion.
The approved investments are for the electrical and electronics, machinery and equipment, and automotive industries. The majority of these investments comes from foreign sources, which contributed 97.3 percent of the total investments. These investments are from Singapore, Hong Kong and the United States of America (USA).
Upon realisation, these projects will bring in over 6,000 job opportunities for the country.
“Foreign investors remain active in Malaysia’s manufacturing and services sectors. The investment spending, private consumption and trade will keep the nation’s growth on track. To enhance the attractiveness of Malaysia as a preferred investment destination, MITI and all its agencies will continue to be proactive to accommodate the needs of stakeholders in creating sustainable prosperity for the rakyat,” said YB Datuk Darell Leiking.
The remaining approved investment is from a Malaysian Integrated Circuit (IC) Design company. This high value-added project involves IC design for application-specific integrated circuit (ASIC) products for Artificial Intelligence (AI) deep learning and high-performance computing.
The announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for the whole year of 2019 will be made at the Malaysian Investment Development Authority (MIDA) headquarters on 3 March 2020.
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era.