Record RM329.5bil in approved investments last year, says Anwar

 

Prime Minister Anwar Ibrahim said last year’s approved investments involves 5,101 projects and has the potential to create more than 127,000 new job opportunities. (Bernama pic)

PETALING JAYA: Malaysia saw a record-high of RM329.5 billion in approved investments last year, said Prime Minister Anwar Ibrahim.

Anwar, who is also the finance minister, said last year’s figure was 23% higher than 2022’s total of RM264.6 billion.

In a statement, he said the approved investments in 2023 involves 5,101 projects and has the potential to create more than 127,000 new job opportunities.

The services sector contributed more than half (51.1%) of the total approved investments with RM168.4 billion, followed by the manufacturing sector at RM152.0 billion (46.1%) and the primary industries sector at RM9.1 billion (2.8%).

Overall, foreign investment contributed 57.2% while domestic investment made up the remaining 42.8%.

Anwar also said domestic investment and foreign investment increased by 35.1% and 15.3%, respectively, last year.

“Indirectly, this is an indication that the investor-friendly and pro-business policies implemented through the whole-of-government approach have begun to bear fruit in boosting investor confidence,” he said.

“The country’s impressive investment landscape reflects the economy’s recovery during the Madani government’s administration.”

Digital sector investments

Anwar said the figures were presented during today’s National Investment Council (NIC) meeting, which also discussed the direction of the country’s digital investments in line with the rapid development of the digital economy sector.

He said the sector is among the most crucial in strengthening the country’s investment targets.

Malaysia’s digital economy, which contributed 23.2% to the GDP in 2021, is projected to increase to 25.5% by 2025, he said, adding that investments in digital projects are expected to create 36,553 job opportunities for Malaysians.

Among the approved digital investments are those in data centres, cloud computing, data hosting, big data analytics, and artificial intelligence.

“The presence of leading global digital companies and market leaders in Malaysia also indicates that Malaysia has an attractive investment ecosystem for digital investment,” he said.

“Therefore, the government needs to facilitate potential digital investment as best as possible without compromising on data security and national sovereignty.” - FMT