Malaysia approves RM254.7b in total investments from January-September, MIDA still chasing projects worth RM62b
11 Dec 2024
Malaysia has approved investments totalling RM254.7 billion in the first nine months of 2024, an increase of nearly 11% when compared to the same period last year, a government agency said.
A total of 4,753 new projects have been approved in the period of January-September 2024, Malaysian Investment Development Authority (Mida) said in a statement. The agency said it is still actively pursuing more than 1,400 proposals worth RM62.0 billion, and is in talks for high-potential leads valued at RM70.6 billion.
“We are committed to ensuring these investments translate into tangible economic benefits, quality job opportunities, and long-term prosperity for all Malaysians,” said Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid.
The services sector accounted for the bulk of approved investments at RM160.7 billion, followed by manufacturing at RM88.8 billion, and RM5.2 billion in the primary sector of the economy, a segment that typically covers raw commodity production and extraction, such as mining and plantation.
In terms of states, the approved investments went most into Selangor, followed by Kuala Lumpur, Kedah, Penang and Johor.
Domestic investments accounted for 58% of the approvals, while foreign investments contributed 42%, with the top five sources being from Germany, China, the US, the Netherlands, and Singapore.
“This healthy ratio between robust domestic participation and strong foreign interest forms a solid foundation for Malaysia’s future economic growth and resilience,” Mida noted.
Source: The Edge Malaysia
