MALAYSIA approved five manufacturing and services projects worth RM4.6 billion on January 30.

The National Committee on Investment (NCI), co-chaired by International Trade and Industry Minister Darell Leiking and Finance Minister Lim Guan Eng, approved the investments in Penang, Kedah and Pahang.

The investments are in the electrical and electronics, machinery and equipment, and automotive industries. The projects are likely to generate more than 6,000 jobs.

A majority of the investments are from Singapore, Hong Kong and the United States, which contributed 97.3% to the total investments.

The remaining is from a Malaysian integrated-circuit (IC) design company.  This high value-added project involves IC design for application-specific integrated circuit (ASIC) products for artificial intelligence (AI) deep learning and high-performance computing.

“Foreign investors remain active in Malaysia’s manufacturing and services sectors. The investment spending, private consumption and trade will keep the nation’s growth on track. To enhance the attractiveness of Malaysia as a preferred investment destination, MITI and all its agencies will continue to be proactive to accommodate the needs of stakeholders in creating sustainable prosperity for the rakyat,” said Leiking.

Malaysia’s investment performance in the manufacturing, services and primary sectors for 2019 will be revealed at the Malaysian Investment Development Authority (MIDA) headquarters on March 3. – Bernama, February 7, 2020.