Kedah ranks 5th highest in investment value in 2019 – Mukhriz

Kedah took the fifth place in terms of investment value achieved last year, behind Selangor, Penang, Johor and the Federal Territory of Kuala Lumpur, said Menteri Besar Datuk Seri Mukhriz Tun Dr Mahathir.

He said when the world is grappling with a slowing economic growth, Malaysia continued to attract investment interests during 2019 and Kedah was among the selected investment destinations.

“The value of foreign direct investment (FDI) and domestic (investment) approved for operations in the state amounted to RM14.7 billion in various economic sectors,” he said after chairing the executive council meeting here, today.

He said out of the RM14.7 billion investments, RM11.5 billion were in the manufacturing sector, of which RM8.09 billion were FDIs and the rest constituted domestic investments.

He said the FDIs in Kedah were from the United States, China, Germany, Hong Kong and Taiwan, involving the manufacturing of electronics and electrical products, as well as in the paper and aerospace sectors.

“These investments are projected to offer some 4,800 jobs. Moving forward, our focus is not only on how many investors are present in the state, but focusing more on investment in high-impact activities that would resuscitate and revitalise the state economy.

“Besides that, it is the state government’s aspiration to attract investors who will bring in the latest technology that offer high-skilled jobs and lucrative salaries for the residents,” he said.

Mukhriz said the state government would also forge a close cooperation with the Federal government especially the Malaysian Investment Development Authority (MIDA) in facilitating the investors and ensuring the approval for the implementation of the projects.

“All stakeholders, including the local authorities, must coordinate and facilitate the investors in implementing their operations,” he added.

Source: Bernama