Malaysia achieved historic investment performance in 2023, says MIDA
08 Mar 2024
Malaysia’s significant advancement in the world competitiveness ranking, climbing from 32nd place to 27th last year, underscores the trust and confidence instilled in the country by the global investment community, said the Malaysian Investment Development Authority (MIDA).
According to MIDA, Malaysia achieved a historic investment performance in 2023, with RM329.5 billion of approved investments across various economic sectors.
MIDA said that this is a testament to the strength of the country’s policies designed to foster growth and investment opportunities.
It said that within the manufacturing sector alone, which accounted for RM152 billion of the total approved investments, 62.9 per cent, or RM95.5 billion, originated from existing businesses expanding and diversifying their operations.
“This indicates a strong vote of confidence from established companies in Malaysia’s economic stability and growth prospects,” it said in a statement.
MIDA’s analysis of annual project implementation reveals a consistent and noteworthy trend: over 85 per cent of approved manufacturing projects in 2021 and 2022 have been implemented.
For approved projects in 2023, it said that 50.1 per cent of these have reached the implementation stage.
“It is to be noted that this is highly encouraging, considering that manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of each project.
“Such achievements reflect Malaysia’s substantial potential for delivering attractive returns amidst its journey towards becoming a developed and inclusive economy,” it said.
It said that the government, through MITI and MIDA, remained steadfast in their dedication to advancing the goals under the MADANI Economy Framework, driving quality job creation and economic benefits for the rakyat.
“Our emphasis on innovation and sustainability positions Malaysia as a global model of progress and environmental stewardship, ensuring a prosperous and responsible future for all,” it said.
Source: NST
