Tengku Zafrul says 984 proposed projects worth RM105.3b at negotiation stage

Tengku Zafrul says 984 proposed projects worth RM105.3b at negotiation stage

16 Oct 2023

A total of 984 proposed projects, involving estimated investments of RM105.3 billion, were under negotiation supervised by the Malaysian Investment Development Authority (Mida) as of August 31, 2023.

Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said foreign direct investments made up RM89.5 billion of the total while direct domestic investments comprised RM15.8 billion.

“They included 53 proposed manufacturing projects with investments worth RM73.6 billion and 931 proposed projects in the services sector involving RM31.7 billion in investments,” he said during the question-and-answer session in Parliament today.

He was replying to Datuk Seri Jalaluddin Alias (BN-Jelebu) who asked about the investment forecast for 2024 and measures undertaken to distribute investments evenly across the states to avoid a concentration only in the Klang Valley.

Tengku Zafrul said that to reduce the investment gap among states, the New Investment Policy based on the National Investment Aspirations has outlined the importance of balanced regional development.

He pointed out that the New Industrial Master Plan 2030 (NIMP 2030) has set a mission of safeguarding economic security and inclusivity (equitable participation in economic activities in all states).

According to the minister, the industrial clusters in the states will complement each other in terms of strengths and provide economic spillover benefits.

“As an example, Kedah and Perak can benefit from the economic spillover from the electrical and electronics (E&E) cluster in Bayan Lepas and Batu Kawan (in Penang).

“The economic spillover also will create new industrial clusters and supporting industries. For example, high-tech manufacturing and research activities in Kulim Hi-Tech Park (Kedah) and Perak can support the E&E cluster in Penang,” he said.

Tengku Zafrul said the government, through the National Investment Council, has agreed to review the investment promotion agency ecosystem starting with the phased streamlining of their roles and functions to ensure every state benefits from economic spillover.

He also said Mida will continue to support the promotion of corridors based on regional strengths and look at the needs of every state in line with the government’s aspiration of uplifting economic complexity. 

Source: NST