223% rise in FDI this year, says Azmin

 

In the manufacturing, services and primary sectors, Malaysia recorded RM107.5 billion of total approved FDI and DDI – almost 70% higher compared to the same period last year. (Bernama pic)

PETALING JAYA: Despite the pandemic, foreign direct investments into Malaysia in the first half of this year soared 223.1% compared to the same period last year, international trade and industry minister Azmin Ali said.

In the manufacturing, services and primary sectors, Malaysia recorded RM107.5 billion of total approved FDI and DDI – almost 70% higher compared to the same period last year.

“These investments involved 2,110 projects and are expected to generate 45,000 job opportunities,” he said during the Invest Malaysia 2021 virtual series today.

He said both foreign direct investments (FDI) and direct domestic investments (DDI) were among the country’s top priorities as they had a positive impact on the economy’s growth.

Azmin said total trade in August this year saw a steady increase with exports growing 18.4%, reaching RM95.6 billion.

“Since February 2021, total trade recorded double-digit growth for seven consecutive months. Bank Negara has projected that our export growth for 2021 is at 8.2%, driven mainly by increased external demand from major trading partners like Asean, China and the United States.”

“An increasing number of capital-intensive projects approved by the Malaysian Investment Development Authority (MIDA) will help create a wide spectrum of high-value and skilled employment opportunities.

“Malaysia continues to attract high value, high-tech investments because of our pool of high-skilled talents and readiness to adopt advanced technology,” Azmin said.

He added that the government would continue to strengthen the country’s economic fundamentals through the implementation of open, transparent, and business-friendly trade and investment policies.

This includes the ongoing efforts by the government to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Regional Comprehensive Economic Cooperation Agreement (RCEP).

“Malaysia will continue to target high quality, technology-oriented investments in new growth areas that also focus on long-term sustainability that is compatible with the environmental, social and governance (ESG) goals,” he said. - FMT