Malaysia meets 60% of 2023 RM220bil investment target

Malaysia meets 60% of 2023 RM220bil investment target

Malaysia meets 60% of 2023 RM220bil investment targetMalaysia’s Minister of Investment, Trade, and Industry, Tengku Zafrul Aziz, said that as of June, the country had reached 60.3% of its RM220 billion investment target for 2023.

Tengku Zafrul’s written reply to Dewan Rakyat said the country had cleared RM132.6 billion in investments from January to June 2023.

Malaysia has received RM132.6 billion in approved primary, manufacturing, and also service investments. These investments will go toward 2,651 projects, estimated to create 51,853 jobs in the country.

Approved investments worth RM69.3 billion (52.2%) came from domestic direct investment (DDI), while RM63.3 billion (47.8%) came from foreign direct investment (FDI).

According to Tengku Zafrul, RM58.8 billion in funding came from 10 countries. Those countries are Singapore, Japan, the Netherlands, China, the British Virgin Islands, Hong Kong, South Korea, the US, Italy, and the Seychelles.

Most of the money goes into industry (RM32.6 billion) and services (RM24.9 billion).

The information and communications business got RM23.1 billion in investments. Followed by electrical and electronics with RM11.9 billion, machinery and equipment with RM9.1 billion, transportation equipment with RM4.2 billion, and primary metal products with RM2.3 billion.

Tengku Zafrul also said that RM16.2 billion worth of investments happened in Kuala Lumpur, RM11.9 billion in Kedah, RM11.4 billion in Selangor, RM9.5 billion in Johor, and RM3.2 billion in Sarawak.


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