Selangor records RM29 bln in approved foreign investments from 2023 to June

03 Dec 2024

Selangor attracted RM29 billion in approved foreign investments from 2023 to June 2024, securing its position as the country’s fifth-highest recipient.

According to Deputy Investment, Trade and Industry Minister Liew Chin Tong, Penang led the rankings with RM65 billion, followed by Kedah (RM54 billion), Kuala Lumpur (RM43 billion) and Johor (RM38 billion).

Liew said nationwide, Malaysia recorded a total of RM489.5 billion in approved investments across the manufacturing, services and primary sectors during this period.

“Of this, RM262.9 billion (53.7 per cent) represented foreign investments, while RM226.5 billion (46.3 per cent) came from domestic sources,” he said during the question and answer session in the Dewan Rakyat here today.

Liew was responding to a question from Stampin MP Chong Chieng Jen on the number of approved investments the country has received in the past year.

The deputy minister said the Federal government is committed to working with international partners like the United States to ensure fair treatment for existing companies operating in Malaysia.

This is especially after US President-Elect Donald Trump reportedly said he wishes to impose tariffs on goods produced in China as well as countries participating in BRICS.

“We are prepared to engage with the US and work closely with both foreign and domestic companies already established in the country. However, our strategy goes beyond merely attracting foreign investments.

“This includes strengthening our semiconductor diplomacy and maintaining strong relationships not only with the US, but also with the European Union, Brazil, and other middle-power nations,” he said.

Source: Selangor Journal