Malaysia is looking positive to hit RM1.2 trillion in export value in 2021 after record months throughout the year including the highest ever in October which generated RM114 billion. Minister of International Trade and Industries, Dato Seri Azmin Ali declared that the figures were heartening and the decision to open up borders at that time was the right move.
The goal of RM1.24 trillion was actually set under the 12MP but with the current figures, Malaysia is heading towards a record year achieving the target 4 years ahead. This latest export value by MITI shows a significant growth in the economy as recovery spurts can be seen across all sectors. In comparison, Malaysia’s 2020 export stood at RM980 billion which was a 1.4% decline from the preceding year.
Investment performance has also jumped since the last few months, the Minister added that the country had RM300 billion in investment exceeding the target set by Prime Minister Ismail Sabri of RM270 billion. This also shows that foreign investors are once again eyeing Malaysia as their preferred investment choice due to encouraging investment policies namely the National Investment Aspirations.
As for 2020, based on reports from the Malaysian Investment Development Authority, foreign direct investment was at RM64 billion while domestic direct was RM103 billion combined the investment totalled to RM167 billion.
The momentum is behind the country as the recovery agenda charges full steam with appealing statistics, however, caution must be administered with potential headwinds currently in the form of a new Omicron variant as another lockdown could derail all efforts in economic recovery.
