Sunday 14 Jul 2024
main news image

KUALA LUMPUR (April 24): A meeting with 70 financial fund investors and corporate members at the recently concluded joint investors meeting in London has touched on the Madani government’s immediate action to stimulate strategic investment in important technologies, according to the Ministry of Finance (MOF).

In a statement on Wednesday, it said that the government is serious about making investments a national agenda through the establishment of a high-level investment facilitation platform, to ensure the implementation of potential and approved strategic investments through a “whole of government” approach.

Minister of Finance II Datuk Seri Amir Hamzah Azizan, who led the Malaysian delegation to the joint investors meeting from April 20 to 22, said that the National Investment Council (MPN) chaired by the prime minister is an integrated action that reflects how serious the government is in making Malaysia an investment hub in the region.

Among immediate actions taken by the government is establishing the National Semiconductor Strategic Committee (NSSTF) to facilitate cooperation between the government, industry players, universities and relevant stakeholders, to place the Malaysian semiconductor industry at the forefront and ensure continued growth of the electronics & electrical industry, especially the semiconductor sector, as a major contributor to the Malaysian economy.

The government also aims to empower Malaysia as a preferred green investment destination, as well as remove barriers and bureaucracy in the provision of and accessibility to renewable energy, especially for the new technology industry, including data centres, said Amir Hamzah.

He also said that the country’s investment prospects have reached an extraordinary level, with approved investments surging to RM329.5 billion in 2023, from RM268 billion in 2022. 

He said about 74% of manufacturing projects approved between 2021 and 2023 have been completed, or are in process of completion.

In addition, Amir Hamzah said the greater initial-stage construction works completed in 2022 (RM26.3 billion) and 2023 (RM31.5 billion) show a positive trend for future investment opportunities.

“From a total of 5,101 investment projects approved in 2023, as many as 81.2% or 4,143 projects are in the services sector, 883 projects in the manufacturing sector, and 75 projects in other related sectors,” he said.

Before this, Amir Hamzah met with international investors in New York and Washington to clarify the direction of the implementation of the Madani Economy framework, to improve investors’ confidence in Malaysia’s economic level and strengthen the perception and investment sentiment of foreign investors towards the country.

      Text Size