Malaysia Kick Starts 2020 with RM4.6 Billion Of Approved Investments

The National Committee on Investment (NCI), co-chaired by YB Datuk Darell Leiking, Minister of the International Trade and Industry (MITI) and YB Tuan Lim Guan Eng, Minister of Finance (MOF) kick-started the year 2020 with five approved manufacturing and services projects worth RM4.6 billion on 30 January 2020. These projects will be located in Pulau Pinang, Kedah, and Pahang.

These approved investments were in the electrical and electronics, machinery and equipment, and automotive industries. Upon realisation, these projects will add over 6,000 job opportunities for the country. The majority of these investments came from foreign sources, which contributed 97.3% of the total investments. These investments are from Singapore, Hong Kong and the United States of America (USA).

The remaining approved investment was from a Malaysian Integrated Circuit (IC) Design company. This high value-added project involves IC design for application-specific integrated circuit (ASIC) products for Artificial Intelligence (AI) deep learning and high-performance computing.

“Foreign investors remain active in Malaysia’s manufacturing and services sectors. The investment spending, private consumption and trade will keep the nation’s growth on track. To enhance the attractiveness of Malaysia as a preferred investment destination, MITI and all its agencies will continue to be proactive to accommodate the needs of stakeholders in creating sustainable prosperity for the rakyat,” said YB Datuk Darell Leiking.

The announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for the whole year of 2019 will be made at the Malaysian Investment Development Authority (MIDA) headquarters on 3 March 2020.

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About MIDA

MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook.

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