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Approved investments in Q1 2024 surge 13% to RM83.7bil
Published on: Friday, June 21, 2024
By: FMT
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Approved investments in Q1 2024 surge 13% to RM83.7bil
Investment, trade and industry minister Tengku Zafrul Aziz said the approved investments in Q1 2024 reflect how Malaysia has earned the trust of investors. (AP pic)
PETALING JAYA: Malaysia secured RM83.7 billion in approved investments in Q1 2024, a 13% increase from the same period last year, investment, trade and industry minister Tengku Zafrul Aziz said today.

He added that 1,257 projects from the approved investments were expected to generate more than 29,000 new job opportunities.

“Approved investments of almost RM84 billion for Q1 2024 reflect how Malaysia has earned investors’ trust.

“While we acknowledge the usefulness of short-term indicators of our business landscape, the real proof of Malaysia’s competitiveness is in the actual, continuous inflow of investments into key target sectors outlined by the new industrial master plan 2030.

“This is why we will also continue to focus on longer term industrial reforms and other strategic policy efforts to nurture a conducive investment ecosystem, boosting productivity and sustainable growth that will pave the way for Malaysia to be one of the top 30 largest economies globally by 2033,” he said.

Tengku Zafrul added that from January to March 2024, the manufacturing sector secured RM43 billion in approved investments, while RM39.3 billion went into the services sector and RM1.4 billion into the primary sector.

Meanwhile, RM47 billion (56.2%) was foreign investments, with domestic investments comprising the remaining RM36.7 billion.

By state, Kedah led with RM31.3 billion in investments, followed by Kuala Lumpur (RM21.5 billion), Selangor (RM12.4 billion), Sarawak (RM4.2 billion), and Johor (RM4.1 billion).

Earlier this year, Prime Minister Anwar Ibrahim said the country had seen a record-high of RM330 billion in approved investments last year.

Anwar, who is also the finance minister, said last year’s figure was a 23% increase on the RM265 billion secured in 2022.

In a statement, he said that more than 5,000 projects approved in 2023 could potentially generate more than 127,000 new job opportunities.

The services sector contributed 51.1% of total approved investments (RM168 billion), followed by the manufacturing sector at 46.1% (RM152 billion) and the primary industries sector at 2.8% (RM9.1 billion).

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