Malaysia attracts $27.5 bn investment in first half of 2022: Authorities

Foreign direct investment (FDI) remained the major contributor, accounting for 70.9 per cent of the approved investments with 87.4 billion ringgit ($19.5 billion)

Ismail Sabri Yaakob
Ismail Sabri Yaakob, Prime Minister of Malaysia
IANS Kuala Lumpur
2 min read Last Updated : Sep 03 2022 | 11:54 AM IST

The Malaysian Investment Development Authority (MIDA) has said that Malaysia has attracted 123.3 billion ringgit ($27.5 billion) in approved investments in the manufacturing, services and primary sectors in the first half of this year.

Foreign direct investment (FDI) remained the major contributor, accounting for 70.9 per cent of the approved investments with 87.4 billion ringgit ($19.5 billion), it added in a statement on Friday.

Meanwhile, investments from domestic sources contributed 29.1 per cent, amounting to 35.9 billion ringgit ($8 billion), Xinhua news agency reported.

The services sector played a major role in driving the country's economic recovery, accounting for 63.3 per cent of the total approved investments with 78 billion ringgit ($17.4 billion), followed by the manufacturing sector with 43.1 billion ringgit ($9.6 billion) and the primary sector with 2.2 billion ringgit ($491 million).

Mohamed Azmin Ali, the Minister for International Trade and Industry, said Malaysia is on the right trajectory to secure more high-quality and capital-intensive projects, with the services sector being the key growth driver for the economy and the largest contributor to approved investments for the first half of this year.

In maintaining the momentum, he added that his Ministry will continue efforts to strengthen the country's competitiveness by developing economic complexity, nurturing a strong industrial ecosystem with innovations, enhancing inclusiveness, creating high-income jobs and promoting opportunities to participate in regional and global supply chains.

"Driven by the National Investment Aspirations, we will intensify our focus towards sectors such as digital economy, electrical and electronics (E&E), pharmaceutical, chemical and aerospace with significant economic potential and sustainable long-term growth," he said.

--IANS

int/khz/

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :MalaysiaInvestments

First Published: Sep 03 2022 | 11:54 AM IST

Next Story