‘OVER RM1 TRIL FOREIGN INVESTMENTS SINCE 1980’
Mustapa says 29,209 manufacturing projects approved until June this year
MALAYSIA has attracted a total of RM1.08 trillion worth of investments from 29,209 manufacturing projects approved from 1980 until June this year, said International Trade and Industry Minister Datuk Seri Mustapa Mohamed.
Foreign investment accounted for 54 per cent or RM585.5 billion of the total investments while the remaining 46 per cent, or RM498 billion, were from domestic investment.
“The indirect result of these projects were from both big and small, foreign and local companies that have generated more jobs and business opportunities in the industrial and manufacturing sectors,” said Mustapa at the launch of Malaysian Investment Development Authority’s (Mida) Open Day, here, yesterday.
He said Mida had been at the centre of industrial development in the country since its operations in 1967.
“Currently, manufactured goods accounted for more than 80 per cent of total exports. In fact, these exports expanded by 19.1 per cent to RM368.12 billion in the first half of the year,” Mustapa added.
He said the country’s composition of exports for manufactured goods and its contribution to the gross domestic product (GDP) had increased in importance.
“The manufacturing sector is the second largest contributor to Malaysia’s GDP at 22.8 per cent in the first quarter this year,” said Mustapa.
He said the strong presence of foreign direct investment (FDIs) brought by Mida had helped the country to upgrade and diversify its range of products and services, while promoting the growth of local supply chain ecosystem and related services industry.
“Today, more than 5,000 companies from more than 40 countries have made Malaysia their location for manufacturing and related services operations,” said Mustapa.
The companies include B.Braun, Osram Opto Semiconductor, Samsung, Panasonic, Boston Scientific and HP.
He said FDIs had been driving technological change by nurturing Malaysian companies to jointly design and develop new products.
Meanwhile, Mida chief executive officer Datuk Azman Mahmud said it was embarking on a talent initiative with some manufacturing companies to provide job opportunities, specifically to youths.
“The emphasis is now on embracing the digital future, nurturing local businesses to become global champion through integrating into the international supply chain, as well as creating more skilled job opportunities for our talent,” he said.
The open day includes a career fair featuring 58 companies that include local and foreign players from the aerospace, chemical, machinery and equipment, electrical and electronics and logistics and e-commerce industries.
“Leveraging our close relationships with the industry and professional bodies, we join forces with our corporate partners to meet the growing demand for quality job opportunities,” said Azman.