MITI to streamline strategy, focus to ensure continued foreign investment in Malaysia

MITI to streamline strategy, focus to ensure continued foreign investment in Malaysia

13 Mar 2023

The Ministry of International Trade and Industry (Miti) will streamline its strategies and focus to ensure foreign investors continue to invest in Malaysia and not shift their investments elsewhere.

Deputy Minister of International Trade and Industry Liew Chin Tong said the government, via Miti, has always taken proactive steps to attract foreign investments.

Malaysia did well in 2021 with total approved investments of RM309.4 billion, and RM264.6 billion last year, he noted.

“Of the total investments in 2022, foreign investors contributed 61.7% or RM163.3 billion, while domestic investments comprised 38.3% or RM101.3 billion.

“The approved investments have the potential to generate 140,370 jobs,” he told Parliament on Monday (March 13).

Liew said Southeast Asia has been a beneficiary of the shift away by European and American firms from China through the “China+1” model, as the region is seen as an alternative to China.

Companies from China which are suppliers to US, and European firms have also chosen Southeast Asia as an investment destination, he added.

“This is an opportunity for Malaysia to be a high-income nation, with an economic ecosystem that is dynamic.

“Malaysia’s strategic location in Southeast Asia, which enables wide market access, is among factors supporting Malaysia as an investment destination,” Liew said.

Source: Bernama