Steady Growth Momentum As Approved Investments Reach RM254.7 Billion, Up 10.7% Year-On-Year, Generating Over 159,000 New Jobs In 9M2024

Malaysia approved RM254.7 billion of investments for the first nine months of 2024 (9M2024), marking a steady 10.7% increase from the previous year. The strong performance reflects Malaysia’s sustained economic momentum, propelled by the services, manufacturing, and primary sectors. A total of 4,753 new projects have been approved during this period, set to create 159,347 new jobs for Malaysians.

Domestic investments (DI) led the way in 9M2024, accounting for 58.1% of the total approved investments, valued at RM148.0 billion. The top five (5) states that have recorded significant investment value include:

Foreign investors contributed RM106.7 billion, or 41.9% of total approved investments. This healthy ratio between robust domestic participation and strong foreign interest forms a solid foundation for Malaysia’s future economic growth and resilience.

The National Investment Aspirations (NIA) sectors have become key catalysts for Malaysia’s economic transformation, securing RM119.9 billion across 882 high-impact projects. These strategic investments are expected to create 55,892 skilled jobs for Malaysians, reflecting a seamless alignment of investment strategies and national development priorities.

Of the total approved investments, RM97.8 billion or 38.4% falls under MITI and MIDA’s purview, encompassing 1,516 projects and 60,132 new job opportunities.

The services sector continues to drive Malaysia’s economic growth, showcasing resilience and attracting significant investments. From January to September 2024, the sector led approved investments, accounting for RM160.7 billion or 63.1% of the total approvals – a strong indication of its sustained appeal to investors. These investments are expected to create 100,914 new jobs.

One of the standout ventures is Nur Renewables Sdn. Bhd. Based in Kulim, Kedah, the company invests RM250.0 million to build, own, and operate a large-scale solar farm, supplying renewable energy to the distribution licensee. This initiative supports Malaysia’s green energy goals and demonstrates the integration of advanced technologies in line with Industry 4.0 principles.

The manufacturing sector remains the cornerstone of Malaysia’s industrial growth, attracting RM88.8 billion in approved investments in the first nine months of 2024. Foreign Investments (FI) led the way, contributing RM66.9 billion (75.4%), while Domestic Investments (DI) accounted for RM21.9 billion or 24.6%. This underscores the sector’s dual ability to attract substantial foreign capital while nurturing domestic entrepreneurship.

The approved investments span 800 projects, poised to generate about 58,017 job opportunities, with 81.2% (47,112 jobs) reserved for Malaysians.

The primary sector adds depth to Malaysia’s investment landscape, recording RM5.2 billion or 2.0% of the total approved investments, spanning across 44 projects. This sector focuses on mining (RM4.5 billion), agriculture (RM675.7 million) and, plantation and commodities (RM19.1 million). These approved projects will create 416 new jobs.

The drive to attract quality and sustainable investments into Malaysia continues to span across borders. Over the first nine months of 2024, MITI and MIDA have spearheaded 15 high-level overseas missions, complemented by strategic working visits led by the Prime Minister, YAB Dato’ Seri Anwar Ibrahim. These initiatives have created pathways for new investment opportunities worldwide.

The outlook remains promising. As of 7 November 2024, MIDA is actively pursuing 1,477 proposed projects worth RM62.0 billion, comprising 1,413 projects in the services sector (RM48.8 billion) and 64 projects in the manufacturing sector (RM13.2 billion). Additionally, MIDA is in discussions with prospective investors for high-potential leads valued at RM70.6 billion.

The approved investments for 9M2024 align with Malaysia’s impressive Q3 GDP growth of 5.3%, driven by robust investment activities. MIDA emphasises that successful project implementation will enhance the country’s macroeconomic performance and create positive ripple effects for communities nationwide.