KUALA LUMPUR (Feb 29): The Ministry of Investment, Trade and Industry (Miti) is targeting a minimum 8 to 10% year-on-year (y-o-y) increase in total approved investments for 2024, according to its Minister Tengku Datuk Seri Zafrul Abdul Aziz.  

“The target [for total approved investments] must be higher than 2023. There has to be some form of correlation with GDP (gross domestic product), so total approved investments have to be double the GDP growth of 4-5% targeted for this year.

“I think 8-10% should be the minimum growth target,” he told reporters at a Malaysia's Investment Performance in the Manufacturing, Services, and Primary Sector for 2023 event by the Malaysian Investment Development Authority (Mida).  

Malaysia’s total approved investments increased by 23% year-on-year to a record high of RM329.5 billion in 2023. Out of the total approved investments, foreign investments contributed 57.2%, and domestic investments 42.8%.  

The services sector attracted some RM168.4 billion, followed by the manufacturing sector at RM152 billion.

Meanwhile, in his opening remarks at the event, Tengku Zafrul disclosed that Malaysia has 1,710 projects in the pipeline, with potential investments amounting to RM87.8 billion.  

Also present at the event was Mida chairman Tan Sri Dr Sulaiman Mahbob who pointed out that there remains large untapped opportunities in Malaysia.

“Malaysia has seen immense success over the past five decades, and as we step into 2024, we are determined to continue pushing forward for new markets and empowered communities,” he said.

Currently, Miti and the Mida are in the midst of discussions with an important Chinese institution on a collaborative agreement pertaining to two-way foreign investment (FI) promotion.  

“We are in the advanced negotiations stage, aiming to cement a cooperative agreement focused on FI promotion enhancement, to bolster investment flows, encouraging Chinese firms to explore opportunities in Malaysia while similarly facilitating Malaysian enterprises to expand into China,” said Tengku Zafrul.  

“This potential partnership is targeted at fostering investments in high-value sectors, meticulously chosen to reflect the strategic priorities of both nations, thereby promising to fortify economic ties and promote mutual growth,” he added.