China remains Malaysia’s largest foreign partner for manufacturing sector, says MIDA
22 Feb 2021
The Malaysian Investment Development Authority (MIDA) senior deputy director of foreign investment promotion May Lim Ming Yee said from January to September 2020, MIDA has approved 58 manufacturing projects with China’s participation amounting to RM16.77 billion.
KUALA LUMPUR: China remains Malaysia’s largest foreign investor for four consecutive years since 2016 and topped the rank of foreign direct investment (FDI) for the manufacturing sector for the first nine months of 2020.
The Malaysian Investment Development Authority (MIDA) senior deputy director of foreign investment promotion May Lim Ming Yee said from January to September 2020, MIDA has approved 58 manufacturing projects with China’s participation amounting to RM16.77 billion.
“Despite the adverse effects of the Covid-19 pandemic seen on the global investment patterns, China continues to be our top FDI.
“During these four years, MIDA has approved 172 projects with a total investment of RM43.6 billion, providing more than 40 thousand jobs opportunities,” she said at the virtual MIDA Online Webinar today.
Meanwhile, MIDA assistant director of foreign investment promotion division Por Yee Yun said Malaysia has recorded a total of RM31.3 billion worth of investments in the manufacturing sector for the first nine of months of 2020.
China, Singapore, Switzerland, US and Netherlands were the top five sources of approved FDI in the manufacturing sector during this period, Por said.
“We can observe that China emerged as the largest FDI in manufacturing sectors in Malaysia.
“Whereas for the implemented projects as of June 2020, 320 manufacturing projects with the participation from China amounted to RM26.6 billion.
“China is Malaysia’s seven largest investors in terms of implementing projects and this has created more than 48,000 job opportunities in Malaysia,” she said.
Apart from that, Lim said in facilitating companies and business communities including investors, the government through MIDA is committed to further strengthen Malaysia’s position as a top destination for FDI.
She said the government has come up with various initiatives to attract FDI including the establishment of one-stop-centre (OSC) to evaluate and approve applications by eligible business travellers to enter Malaysia as well project acceleration and coordination unit (PACU) to facilitate speedy approval and implementation of investment projects in the country.
“Malaysia through MIDA will continue to welcome high quality FDI from around the world, including china.
“This investment assumes an important role in the development of Malaysia due to the multiplayer impact on the economy and this will continue to do so in the post pandemic era,” she added.
Source: NST
