INVESTMENT MOMENTUM MAINTAINED
Malaysia approved RM 207.9b deals last year, which will fund 4,972 projects
MALAYSIA held up the investment growth momentum last year against a global backdrop fraught with risks and uncertainties.
For last year, Malaysia attracted RM207.9 billion in total approved investments that will fund 4,972 projects in the manufacturing, services and primary sectors, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
Potential investments in the pipeline this year are estimated at about RM35.3 billion — in manufacturing and services sectors.
Saudi Arabia’s state oil company Aramco’s US$7 billion (RM31.12 billion) investment in the Refinery and Petrochemical Integrated Development in Pengerang, Johor, marks a good start.
He warned this year would continue to see a challenging scenario, but local firms must move up the value chain or diversify into other lines of businesses.
Mustapa said approved investments by Malaysian Investment Development Authority last year in the manufacturing sector totalled RM58.5 billion from 733 projects, coming in below the RM74.7 billion investments from 680 projects in the previous year.
“In line with the government’s aspiration, domestic investments did assume the pivotal role of driving the investment agenda with 71.6 per cent from domestic sources,” he said at a media briefing on last year’s investment performance, here, yesterday.
Mustapa added that foreign investors continued to capitalise on the ecosystems and the regional synergies as foreign direct investments rose by 63.4 per cent from RM36.1 billion in 2015.
The United States, the Netherlands, China, Japan, Singapore, South Korea and the United Kingdom led the pack of foreign investors with 55.8 per cent of total foreign investments approved in the manufacturing, services and primary sectors.
Mustapa said Malaysia has been more selective in its investment agenda, preferring quality projects in targeted ecosystems that will have significant knockon effects throughout the domestic economy.
International Trade and Industry Minister Datuk Seri Mustapa Mohamed visiting a booth after a media briefing in Kuala Lumpur yesterday. With him are (from left) Mida chief executive officer Datuk Azman Mahmud, Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan and Mida deputy chief executive officer Datuk Phang Ah Tong.