Continued Investor Confidence Sees Approved Investments Up 18% To RM160 Billion For Malaysia, Generating Over 79,000 New Jobs For 1H 2024

Malaysia has demonstrated its continued appeal to investors and resilience in the face of global economic uncertainty by attracting a substantial 18-per cent year-on-year increase in approved investments to RM160.0 billion across the services, manufacturing, and primary sectors from January to June 2024 (1H 2024). This surge in investment is backed by a substantial 2,948 investment projects, which is expected to create a significant 79,187 new job opportunities.

Domestic investments (DI) have taken the lead for 1H2024, making up a significant 53.4% of the total approved investments, valued at RM85.4 billion.

The top five (5) states that have recorded significant investment value include:

In contrast, foreign investments (FI) accounted for 46.6% of total approved investments, worth RM74.6 billion. The top five (5) sources of FI were:

It is significant to note that sectors aligned with the National Investment Aspirations (NIA) brought in RM81.6 billion, representing 51.0% of total approved investments from 562 projects, set to create 35,780 jobs. This reflects how clear efforts have been expended to attract NIA-aligned investments that enhance economic complexity, create high-value jobs, expand domestic linkages, foster new clusters, and promote inclusivity.

Under the stewardship of MITI and MIDA, 42.0% of the total approved investments, valued at RM67.2 billion from 978 approved projects, will create 35,499 new job opportunities.

The services sector, a cornerstone of Malaysia’s economy, has not only weathered the storm but continues to thrive, underpinning the nation’s economic resilience. Its dominance in approved investments from January to June 2024, accounting for a substantial RM97.2 billion or 60.7% of the total approvals, is a testament to its enduring appeal to investors. It is expected to create 45,249 new jobs.

One of the standout ventures is Asiabina Solar Sdn. Bhd. The Malaysian company is investing RM200.4 million in a 50 MW Large Scale Solar (LSS) Project in Parit Buntar, Perak, as part of its expansion into the renewable energy sector.

Malaysia’s manufacturing sector has emerged as a bright spot in the country’s economic landscape, attracting RM60.1 billion in approved investments in the first half of 2024. This represents a significant 34.1% increase from the RM44.9 billion recorded in the same period last year, indicating a strong rebound in investor confidence. The approved investments are spread across 519 projects, poised to generate an estimated 33,887 job opportunities with 80.0% of the jobs (27,121) reserved for Malaysians.

The primary sector sees RM2.7 billion in approved investments, constituting 1.7% of the total approvals. Driven by 25 projects, it anticipates creating 51 new jobs, with a focus on mining (RM2.4 billion), and agriculture (RM0.3 billion).

Since beginning of the year, MITI and MIDA have executed 11 High-Level Overseas Investment Missions to key countries such as Germany, France, Australia, Italy, Singapore, India and Japan. This is in addition to the numerous official Overseas Working Visits led by the Prime Minister of Malaysia, YAB Dato’ Seri Anwar Ibrahim to meet key global business leaders.

As of 31 August 2024, MIDA is actively pursuing 1,562 proposed projects worth RM54.8 billion, comprising 1,493 projects in the services sector (RM44.8 billion) and 69 projects in the manufacturing sector (RM10.1 billion). While negotiations are ongoing between MIDA and prospect investors for high-potential leads totalling RM53.8 billion.

MITI and MIDA’s focus remains on ensuring that every investment contributes to a more prosperous and inclusive future for all Malaysians, forging a path towards innovation and economic resilience, further strengthening our industrial ecosystem and domestic supply chains.