MALAYSIA approved RM61.6 billion in investments from January to August this year in both foreign and domestic direct investments, up a whopping 52.47% from RM40.4 billion recorded in the corresponding eight months of 2017. 

Deputy International Trade and Industry Minister Ong Kian Ming said the investments approved were in the manufacturing and non-manufacturing sector.

Out of the RM61.6 billion approved, foreign direct investment (FDIs) accounted for RM43.8 billion versus RM24.4 billion previously.

“The manufacturing sector continues to account for the largest share of investments approved, totalling RM49.8 billion, which is about 81% of total investments,” he said today after attending a luncheon talk on Malaysia: A New Hope, A New Beginning organised by the Malaysian International Chamber of Commerce & Industry (MICCI) in Petaling Jaya.

Ong said the approved investments involved 411 projects with the potential to create more than 34,000 jobs nationwide, mainly in the oil and gas, chemical products, and electrical and electronics sectors.

“This shows that investors’ confidence for the country has not changed after the 14th general election,” he said. 

On Malaysia’s FDIs, Ong said the top investing countries were China with RM9.5 billion, followed by Indonesia (RM8.99 billion), the Netherlands (RM7.67 billion), the United States (RM2.94 billion), Japan (RM1.96 billion) and Singapore (RM1.18 billion). 

“Malaysia is well positioned to attract more quality, high value-added investments that are non-polluting and can provide ample opportunities to local small and medium enterprises (SMEs) in creating high-paying and good quality jobs.

“We also need to focus on attracting new investments that can be part of the Industrial Revolution 4.0  framework and upgrade SMEs gradually, as not many of them will be able to achieve the true industry standards of IR 4.0 in the short term,” said Ong. 

He was also optimistic that the government would be able to roll out new policies after the presentation of Budget 2019, including increasing transparency and making Malaysia a business-friendly country.

Meanwhile, on the ongoing US-China trade tensions, he said Malaysia was an attractive investment destination for companies from China following the trade tariffs imposed by the US, but noted that it would be selective as the country needed good quality investments. – Bernama, October 25, 2018.