Political stability, govt policies attracting global investors to Malaysia
03 Oct 2024
Malaysia’s political stability and the confidence-inspiring policies of the Madani government have successfully attracted major global technology companies to choose the country as their investment destination, said Digital Minister Gobind Singh Deo.
He noted that numerous discussions are underway with companies not only from within the region but also across the globe, adding that the details will be disclosed once the deals have been finalised.
“I’m confident that moving forward, we will see more investment announcements, not only in areas like data centres or cloud services but in various other sectors in Malaysia as well,” he told the media after launching the Malaysia Digital Content Festival (MYDCF) Biz Day 2024 here on Thursday.
He highlighted Oracle’s recent decision to invest over US$6.5 billion to set up its first public cloud region in Malaysia as a positive sign of foreign investors’ confidence in the country.
“I believe that this is a very positive development, and we will continue to work hard to attract more investments from around the world, positioning Malaysia as a prime destination for international industries looking to invest in the region,” he added.
Oracle’s announcement follows similar investments by other tech giants like Microsoft, Amazon Web Services and Google, reinforcing Malaysia’s position as a key investment destination.
In a post on X on Wednesday, Prime Minister Datuk Seri Anwar Ibrahim said the investments by these companies amounted to an estimated US$16.9 billion (RM70.3 billion) to date.
The Digital Ministry is confident that it will secure even more digital investments in the second half of this year (2H2024), after securing digital investments worth RM66.22 billion in 1H2024, surpassing the RM46.2 billion recorded for all of 2023.
This growth is attributed to the pro-business policies of the Madani government.
These investments created 25,498 job opportunities in 1H2024, exceeding the 22,258 jobs created in the same period in 2023.
Source: Bernama
