RM58 bil investment target for 2020 achievable, says EAC

RM58 bil investment target for 2020 achievable, says EAC

03 Sep 2020

This year’s target of investments worth RM58 billion is achievable based on investors’ confidence in resuming their business operations in the country, said Economic Action Council (EAC) executive director Tan Sri Dr Noor Azlan Ghazali.

He said Malaysian Investment Development Authority (MIDA) data shows Malaysia has achieved 60 percent of the target to date.

“Although the economy has not fully recovered, we are seeing signs of recovery in domestic and foreign investment.

“Confidence that investors in the manufacturing and production sector will return to resume their activities after the COVID-19 pandemic has contributed to the nation’s economic recovery,” he told reporters after a working visit to Sepang Aircraft Engineering Sdn Bhd and Airbus Malaysia Customer Services Sdn Bhd today.

Noor Azlan said as of July 2020, there have been 94 licence applications in the manufacturing sector that would create 9,238 job opportunities, up from 16 applications in April 2020.

The sector’s transformation to automation and digitalisation would ensure it remains relevant, he said.

Sectors that have gradually recovered include electrical and electronics, food manufacturing, machines and equipment, transport and metal fabrication, he noted.

“These sectors are showing signs of recovery and the EAC will monitor and ensure they and other sectors will continue to grow,” he said.

The EAC has been holding discussions and engagement sessions with the manufacturing and production sector in a bid to better understand the challenges in reviving the nation’s economy amid the COVID-19 pandemic, he said, adding the findings from the sessions will be tabled at the EAC’s weekly meeting with the Prime Minister.

Source: Bernama