RM132.6 billion investment creates over 50,000 jobs

RM132.6 billion investment creates over 50,000 jobs

RM132.6 billion investment creates over 50,000 jobsThe Malaysian Investment Development Authority (MIDA) said that from January to June, approved projects brought in a huge RM132.6 billion (US$28.3 billion) for Malaysia.

These investments are in the services (RM82.4 billion), manufacturing (RM44.9 billion), and primary (RM5.3 billion) sectors. They include 2,651 projects that are expected to create 51,853 jobs.

MIDA’s data shows that domestic direct investments (DDI) make up a big chunk (52.2%, or RM69.3 billion) of all accepted investments. While foreign direct investments (FDI), which make up 47.8%, add up to RM63.3 billion.

Singapore (RM13.7 billion), Japan (RM9.1 billion), the Netherlands (RM9.0 billion), China (RM8.4 billion), and the British Virgin Islands (RM7.1 billion) are the five countries that send the most FDI.

At the same time, Kuala Lumpur (RM31.7 billion), Selangor (RM29.7 billion), Kedah (RM14.6 billion), Johor (RM14.2 billion), and Sabah (RM9.0 billion) are the top five states with the most investments compared to the total permitted investments.

ALSO READ: Cyberjaya Has The Potential to Attract Tech Investment

Mida says that the 2,651 projects cleared in this investment wave are an impressive 34.8%. It is more than during the same time in 2022.

In a statement, MIDA said that these investments show that Malaysia’s economy is doing well. Thanks to policies that are good for business and a commitment to making it easier to do business there.

The agency also says Malaysia’s success in attracting these large investments is due to its growing innovation skills. Malaysia is a trusted hub for supply chains, capital, talent, and the smooth flow of goods and data. These are the reasons why it has attracted these large investments.

Tengku Datuk Seri Zafrul Tengku Abdul Aziz, who is in charge of Investment, Trade, and Industry, praised Malaysia’s ability to attract investments despite global demand slowing. Interest rates in key markets are going up.

He was sure the country could reach its annual goal. Especially since growth is expected to improve in the second half of the year.

SOURCE: New Straits Times

Anisa is a writer who focuses on career and lifestyle topics in an effort to motivate both job searchers and employers towards greater fulfillment in their professional lives.

Reach me at anisa@jobstore.com.

Leave a Reply

Your email address will not be published. Required fields are marked *