KUALA LUMPUR (June 21): Malaysia recorded approved investments amounting to RM83.7 billion in the first three months of 2024, marking a 13% increase on the previous year's corresponding period, according to the Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

The total approved investment comprises manufacturing (51.3% or RM43 billion), services (47% or RM39.3 billion) and primary (1.7% or RM1.4 billion) sectors, Zafrul said while officiating Bursa Malaysia’s Centralised Sustainability Intelligence (CSI) Solution at the exchange here on Friday.

Foreign investments (FI) contributed 56.2% or RM47 billion, while domestic investments (DI) contributed 43.8% or RM36.7 billion.

“Both categories have shown growth compared to 1Q2023 with FI notably increasing by 23.8%, while DI rose by a modest 1.6%,” said Zafrul

“This clearly demonstrates that investors are increasingly confident in various efforts undertaken by both the public and private sectors,” he said.

Malaysia has also approved 1,257 projects, which is expected to generate 29,027 new jobs in the country, he noted.

The Malaysian Investment Development Authority (Mida) said that Austria topped the list of foreign investors by 64% of RM30.1 billion in approved investments, followed by Singapore (RM5.6 billion), Netherlands (RM3.6 billion), China (RM3.4 billion), and the United States (RM632.8 million), according to its statement on Friday.

Back home, Kedah recorded the highest value of approved investments of RM31.3 billion, followed by Kuala Lumpur (RM21.5 bilion), Selangor (RM12.4 billion), Sarawak (RM4.2 billion) and Johor (RM4.1 billion).

Under the manufacturing sector with RM43 billion worth of approved investments, the electrical and electronics (E&E) segment alone contributed about RM34.3 billion to the sector.

Other key industries contributing to the manufacturing sector including transport equipment at RM2.2 billion, chemicals and chemical products (RM2.1 billion), fabricated metal products (RM986.7 million) and food manufacturing (RM692.3 million)

Within the service sector, the top-performing sub-sectors was information and communications at RM17.3 billion, followed by real estate (RM13.6 billion), global establishments (RM3.4 billion), financial services (RM2.3 billion) and utlities (RM1.8 billion).

For the primary sector, the total RM1.4 billion in approved investments were contributed across 11 projects mainly in mining.

Meanwhile, Mida chief executive officer Sikh Shamsul Ibrahim said that Mida together with the government are envisioned to shape Malaysia into a leader in technological prowess, sustainable practices and a thriving investment landscape.

“With forward-thinking policies and bold initiatives, Malaysia stands as a premier destination for both global and local investors, driving prosperity for the rakyat, SMEs (small and medium enterprises), and the wider business community," Sikh Shamsul said.