by Fatima Badawi
Malaysia’s Deputy Minister of Investment, Trade, and Industry, Liow Chin Tong, has announced a significant economic milestone. Between 2022 and 2023, the country approved 898 foreign investment projects valued at 281.5 billion Malaysian ringgit, equivalent to approximately US$59.4 billion, in the manufacturing and services sectors.
Tong highlighted that these investments resulted in the creation of 98,725 new jobs, with 86,880 or 88% of them going to local residents. This showcases the Malaysian government’s commitment to providing employment opportunities for its citizens and driving economic progress.
Attractive Investment Sectors:
- Manufacturing: Accounting for 50.4% of total investments.
- Services: Constituting 49.6% of total investments.
Top Source Countries for Investment:
- China: Contributing 35.1% of total investments.
- Singapore: Accounting for 13.8% of total investments.
- Netherlands: Making up 8.7% of total investments.
- Japan: Representing 7.4% of total investments.
Positive Impacts:
- Creation of New Jobs: With 98,725 new jobs generated, predominantly for local residents.
- Boosting Economic Growth: Stimulating growth in the manufacturing and services sectors and providing avenues for further development.
- Attracting More Foreign Investment: Enhancing investor confidence in Malaysia’s economy.
Future Plans:
- Infrastructure Development: Investing in infrastructure to attract more foreign investment.
- Enhancing the Business Environment: Simplifying regulations and offering additional incentives to attract investors.
- Workforce Development: Focusing on upskilling the workforce to meet the demands of the market.
Conclusion:
These figures represent a significant accomplishment for Malaysia, underscoring its ability to draw foreign investment and generate employment opportunities. The outlined future plans demonstrate the government’s dedication to fostering economic growth and improving the quality of life for its citizens.
Note: The original Arabic text indicates “2022 إلى 2023,” which translates to “2022 to 2023.” Considering today’s date is March 21, 2024, it is likely referring to the period ending in 2023.
