Malaysia beats target with RM225 billion of approved investments in first 9 months

MALAYSIA attracted RM225 billion (S$64.6 billion) of approved investments in the first nine months of 2023, a 6.6-per cent rise from the same period last year and exceeding its annual target, the investment promotion agency said on Wednesday (Dec 6).

The investments were set to create nearly 90,000 new job opportunities, and was the country’s best achievement for the corresponding period over the past decade, government’s Malaysia Investment Development Agency (Mida) said in a statement.

The majority of the investments came in the services sector, which secured RM117.7 billio or 52.3 per cent of the total investments, Mida said.

Foreign direct investment accounted for 55.9 per cent, with top investors coming from the Netherlands, Singapore, the US, China and Japan, Mida said.

Malaysia is scouting for foreign investors in high-value industries such as electric vehicles, semiconductors and carbon capture, its trade and investment minister said last month.

Malaysia is long known to be a manufacturing hub, and is now hoping to move up the value chain on well-established industries such as energy and electricals. REUTERS