KUALA LUMPUR: Malaysia aims to maintain approved investments this year at around the RM200 billion level given the challenging economic environment currently, after registering marginal growth to RM201.7 billion last year, says the Malaysian Investment Development Authority (Mida).
“We want to have as much as possible but we need to be realistic on the current economic scenario and challenges. We target the approved investments (in 2019) to be around RM200 billion (level),” Mida CEO Datuk Azman Mahmud said at a press conference in conjunction with the Miti Annual Media Conference 2019 today.
To date, Mida has 399 manufacturing and services projects with investments totalling RM23.7 billion in the pipeline.
Earlier, International Trade and Industry Minister Datuk Darell Leiking disclosed that Malaysia attracted a total of RM201.7 billion worth of investments in the manufacturing, services and primary sectors in 2018, up 0.55% from RM200.6 billion approved in 2017.
In the first half of 2018, investments approved were valued at RM86.1 billion, while a total of RM115.6 billion investments were approved in the second half of the year.
The manufacturing sector registered an increase of 37.2% in approved investments totalling RM87.4 billion in 2018, compared with RM63.7 billion in the previous year.
Leiking said petroleum products, including petrochemicals, with approved investments of RM32.9 billion contributed the lion’s share to the overall performance in the manufacturing sector.
This is in addition to investments by Pengerang Energy Complex and Petronas Chemicals Isononanol that will be located in Johor.
Other industries with high levels of approved investments include basic metal products, electrical and electronic products, chemicals and chemical products, as well as machinery and equipment.
Foreign direct investments in 2018 increased 47.8% to RM80.5 billion from RM54.4 billion in 2017, and accounted for almost 40% of the approved investments.
Meanwhile, domestic direct investments assumed 60.1% of the share at RM121.2 billion.
This year, Leiking said, the Malaysian economy is likely to remain on a steady path as the country’s macroeconomic fundamentals remain strong despite domestic and external challenges.
“Miti and Mida trust that with the existing policies in place, Malaysia will continue to spark confidence in investors and business owners, and attract more quality investments this year.
“We look forward to the realisation of these projects and many more towards a dynamic economy for Malaysia,” he added.
Source: The Sun Daily