Nine-month approved investments up 10.7% year-on-year to RM254.7 billion

Nine-month approved investments up 10.7% year-on-year to RM254.7 billion

11 Dec 2024

The approved investments of RM254.7 billion for the first nine months of 2024 (9M’24), underscore investors’ unwavering confidence in Malaysia’s economic policies and direction, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

In a statement today, Tengku Zafrul said the 10.7% year-on-year growth and the creation of over 159,000 jobs speak volumes of Malaysia’s strategic frameworks and the government’s concerted efforts to attract high-impact investments for sustainable growth.

He added that Malaysia’s policy consistency and adaptability have encouraged investors to implement longer-term commitments while equipping the country with the capacity to navigate evolving global challenges effectively.

“As we progress towards our goal of becoming one of the top 30 global economies by 2033, the Madani Government is steadfast in its commitment to fostering an environment where both domestic and international investors can thrive. Our focus extends beyond achieving investment targets; we are laying the foundation for a sustainable and inclusive economy that will empower all Malaysians,” Tengku Zafrul said.

Malaysian Investment Development Authority (Mida) CEO Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the agency is committed to ensuring these investments translate into tangible economic benefits, quality job opportunities, and long-term prosperity.

He added that Mida has seen a remarkable value of approved investments in the 9M’24, reflecting its strategic commitment to building a thriving, innovation-driven economy.

“The continued growth in domestic investments highlights the strong confidence of local businesses in Malaysia’s robust investment ecosystem. As we approach the end of the year, Miti and Mida’s priority remains focused on enhancing Malaysia’s competitiveness in an ever-evolving global market,“ said Sikh Shamsul Ibrahim.

Domestic investments led the way, accounting for 58.1% of the total approved investments in 9M’24, valued at RM148 billion, while foreign investors contributed RM106.7 billion, or 41.9%.

Mida said domestic businesses rose and displayed commendable resilience despite current challenging times.

“This healthy ratio between robust domestic participation and strong foreign interest forms a solid foundation for Malaysia’s future economic growth and resilience,” it added.

Selangor (RM66.8 billion in approved investments), Kuala Lumpur (RM63.9 billion), Kedah (RM34.0 billion), Penang (RM22.6 billion) and Johor (RM18.1 billion) were the top-performing states.

Germany (RM30.9 billion), China (RM10.8 billion), the United States (RM8.4 billion), the Netherlands (RM4.9 billion) and Singapore (RM4.4 billion) were the top five in foreign investments.

The National Investment Aspirations sectors, comprising electrical and electronics, pharmaceuticals, digital economy, aerospace and chemicals, were the key catalysts for economic transformation. The sectors secured RM119.9 billion involving 882 high-impact projects and are expected to create 55,892 skilled jobs.

Tengku Zafrul said the Madani Government is steadfast in its commitment to fostering an environment where both domestic and international investors can thrive as Malaysia progresses towards becoming a top 30 global economy by 2033.

“Our focus extends beyond achieving investment targets; we are laying the foundation for a sustainable and inclusive economy that will empower all Malaysians,” he added.

The services sector continues to drive Malaysia’s economic growth, with RM160.7 billion in approved investments, or 63.1% of the total approvals. They are expected to create 100,914 new jobs. Domestic investments were instrumental in this growth, contributing RM121.5 billion, or 75.6%.

Foreign investments contributed RM39.2 billion, representing 24.4%.

Top performers were information and communications at RM71.1 billion, real estate RM48.8 billion, support services RM10.3 billion, distributive trade RM8 billion and utilities RM6.8 billion.

The manufacturing sector remains the cornerstone of industrial growth, attracting RM88.8 billion in approved investments in 9M’24 with foreign investments leading the way, contributing RM66.9 billion (75.4%), while domestic investments accounted for RM21.9 billion (24.6%). 

Source: Bernama