FDIs Of RM281.5 Billion Creates 86,880 Job Opportunities For Malaysians, Liew Says
Foreign Direct investments into Malaysia has contributed positively towards economic growth bringing an equally positive spillover effect to the country and the people through the generation of business opportunities, the transfer of knowledge, skills and technology as well as the new job creation and opportunities for Malaysians
Deputy Investment, Trade and Industry (MITI) Minister Liew Chin Tong told members of the Dewan Rakyat today (Mar 20) that from 2022 to 2023, a total of 898 foreign investment projects have been approved with a value of RM281.5 billion in the manufacturing and selected service sectors under the supervision of MITI through the Investment Development Board Malaysia (MIDA).
“The approved foreign investment projects will create 98,725 new job opportunities, of which 86,880 or 88% will be for Malaysians,” Liew said to a question raised by Datuk Larry Soon@Larry Sng Wei Shien [Julau] on how many job opportunities were created by the influx of Foreign Direct Investment (FDI) for local citizens and to which sector and industry for 2024.
The breakdown in terms of new job opportunities created for locals from foreign approved investments for the period from 2022 to 2023 is as follows:
i. For the manufacturing sector, a total of 78,033 new job opportunities are expected to be created. The five main industries that recorded the highest number of new job opportunities are the electrical and electronic industry (a total of 40,618 job opportunities), non-metallic mineral products (a total of 6,746 job opportunities), machinery and equipment (a total of 5,555 job opportunities), measurement and scientific equipment (a total of 3,791 job opportunities), as well as chemistry and chemical products (a total of 3,684 job opportunities); and
ii. As for the service sector, a total of 8,847 new job opportunities are expected to be created for the people. health (a total of 1,407 job opportunities) and information and communication (a total of 1,022 job opportunities).
Typically, investment projects take 18 – 24 months to be realised depending on the scale of the project and the current economic situation, Liew added.
