Malaysia has showcased its strong appeal to investors amid global economic uncertainties, recording an 18% year-on-year increase in approved investments to RM160 billion for the first half of 2024.
This surge, driven by 2,948 investment projects, is anticipated to create approximately 79,187 new job opportunities.
Domestic investments have led this growth, contributing 53.4% of the total approved investments, amounting to RM85.4 billion. This reflects local businesses’ confidence in the country’s economic policies. In contrast, foreign investments accounted for 46.6%, totaling RM74.6 billion.
The top five states attracting the most investments are W.P. Kuala Lumpur (RM37.6 billion), Selangor (RM35 billion), Kedah (RM31.9 billion), Pulau Pinang (RM13.1 billion), and Johor (RM12.9 billion).
Austria emerged as the leading source of foreign investments, contributing RM30.1 billion, followed by Singapore (RM16.5 billion) and the People’s Republic of China (RM9.8 billion).
The sectors aligned with the National Investment Aspirations (NIA) attracted RM81.6 billion, representing 51% of total approved investments from 562 projects. This aligns with efforts to enhance economic complexity and promote inclusivity, set to create 35,780 jobs.
Minister of Investment, Trade and Industry (MITI), Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, emphasised Malaysia’s commitment to fostering a pro-investment environment. He highlighted the importance of robust frameworks like the New Industrial Master Plan 2030 in attracting high-quality investments.
The services sector, a cornerstone of Malaysia’s economy, received RM97.2 billion in approved investments, constituting 60.7% of the total. This sector is expected to create 45,249 new jobs, primarily driven by domestic investments.
Notable projects within the services sector include a RM200.4 million solar project by Asiabina Solar Sdn. Bhd. and a RM150 million expansion by President Hotel Sdn. Bhd. in Kuala Lumpur.
The manufacturing sector also showed significant growth, attracting RM60.1 billion in approved investments, up 34.1% from the previous year. This sector is projected to generate 33,887 job opportunities, with 80% of these roles reserved for Malaysians.
As Malaysia continues to attract substantial investments, the focus remains on implementing these approved projects to drive economic growth and create a more prosperous future for all Malaysians.
