Kuala Lumpur: Malaysia’s investment momentum, which has seen strong growth since the first quarter of 2023 (Q1 2023), is expected to maintain its upward trajectory in Q2 2023, said Minister of Investment, Trade and Industry (Miti) Tengku Datuk Seri Zafrul Abdul Aziz.
He said in Q1 2023 Malaysia had secured RM71.4 billion of approved investments in various economic sectors, an increase of 60 per cent from RM44.7 billion registered in the same quarter last year.
“The momentum in Q2 2023, which will be announced soon, is also positive. We are on track and this is a good sign considering the uncertainties surrounding the global market,” he said.
However, Tengku Zafrul said Malaysia’s total trade will likely moderate in Q2 2023 on the back of the global trade slowdown and is forecast to grow around 1.6 to 1.7 per cent this year in tandem with global economic growth.
He noted that Malaysia is an open economy with its trade to gross domestic product (GDP) ratio for 2022 standing at 141 per cent, thus it is relying heavily on what is happening globally.
Moving forward, Tengku Zafrul hoped Malaysian companies will continue to focus on growing their exports by expanding into new markets as well as exploring opportunities in the halal market to mitigate the decline in trade figures, following the fall in commodities prices seen since last year.
