Malaysia attracted a total of RM42.8 billion (US$10.2 billion) in approved investments in the manufacturing, services and primary sectors for 910 projects between January and March 2022.
In a statement, the Malaysian Investment Development Authority (Mida) said foreign direct investments (FDIs) remained the major contributor at 65% or RM27.8 billion (US$6.6 billion), while investments from domestic sources contributed 35%, amounting to RM15 billion (US$3.6 billion).
“The approved investments for this period will create 24,906 new jobs in the country,” it added.
The manufacturing sector continued to assume an important role in driving the country’s economic recovery during the period, accounting for more than half (70.1%) of total approved investments of RM30 billion (US$7.1 billion), followed by the services sector at RM12.7 billion (US$3 billion, 29.7%) and the primary sector at RM100 million (US$40.4 million, 0.2%).
“Of the total FDIs approved, Germany dominated with investments totalling RM8.9 billion (US$2.1 billion, 32%), followed by Brunei at RM5.1 billion (US$1.2 billion, 18.3%), the US at RM3.9 billion (US$900 million, 14%), Hong Kong at RM3.3 billion (US$800 million, 11.9%), and Japan at RM3.2 billion (US$800 million, 11.5%),” Mida said.
For projects approved by state, it said five major states – Kedah, Penang, Selangor, Sabah and Johor – contributed RM31.8 billion (US$7.6 billion, 74.3%) of the total investments approved from January to March 2022.
International Trade and Industry Minister Mohamed Azmin Ali said Malaysia remained an attractive investment destination for global investors with the manufacturing sector maintaining its position as a key pillar of the economy for 2022, generating significant multiplier effects on the nation’s growth.
“Today, we are proud to have over 5,000 companies from more than 40 countries that have made Malaysia their location for manufacturing and related services operations,” he said.
He said Malaysia would continue to focus on high growth and high value-added sectors which offer Malaysians exciting job opportunities.
“Aligned with the 12th Malaysia Plan, Malaysia has been securing new investments that position well with the country’s national investment aspirations and environmental, social and governance principles.
“This will put us in good stead to capture more economic opportunities. We look forward to seeing more significant growth for the second quarter of 2022,” he said.