KUALA LUMPUR (May 21): The country's investment record is expected to jump further this year compared to 2023, evidenced by potential foreign investments totalling RM76.1 billion that have been successfully attracted as of March 2024, said Prime Minister Datuk Seri Anwar Ibrahim.
He said the amount was recorded through traditional investors such as the US and China, and included investments from Australia worth RM24.5 billion as well as Germany and France (RM46 billion).
“This year's record will be increased even more with the participation of Saudi Arabia, the United Arab Emirates (UAE) and Qatar.
“So these investments will guarantee increased employment and comfort for the people,” he said in a national address broadcast live on Tuesday night.
In 2023, Malaysia managed to record total investments of RM329.46 billion, including foreign investments of RM188.37 billion and domestic investments of RM141.09 billion.
Madani government’s efforts to realise investments
Anwar said the Madani government always makes every effort to ensure that all national investments are realised on time. He cited the progress of previously approved investments that are on the right track, including 75.5% of approved manufacturing projects from 2021 to 2023 that have been completed or are being implemented.
In addition, the value of early stage construction work is also high, which is RM31.5 billion in 2023 compared to RM26.3 billion in 2022.
“The result of these investments symbolises the new confidence of investors in driving the country’s economy at the moment, guided by the Madani Economy,” he said.
Anwar added that Malaysia is already considered a major investment centre for microcomputer chips that attracts tens of billions (of ringgit) of investments from major companies from Europe, the US and China.
He emphasised that the business ecosystem should support new industries that are competitive, capable of growing and of high value so that investments can be increased in the local economy.
“The local industry [needs] to be given added value, especially the semiconductor sector which is gaining a place in the eyes of the world,” he added.