Malaysia Approves RM61.6 Bln In Investments From Jan-Aug

PETALING JAYA (Selangor, Malaysia) Oct 25 (Bernama) -- Malaysia approved RM61.6 billion (US$14.7 billion) in investments from January-August 2018 in both foreign and domestic direct investments, up a whopping 52.47 per cent from RM40.4 billion recorded in the corresponding period last year. International Trade and Industry (MITI) Deputy Minister Dr Ong Kian Ming said of the total, foreign direct investment (FDIs) accounted for RM43.8 billion versus RM24.4 billion, previously. "The manufacturing sector continues to account for the largest share of investments approved, totalling RM49.8 billion - about 81 per cent of total investments," he told reporters here Thursday after attending a luncheon talk on 'Malaysia: A New Hope, A New Beginning' organised by the Malaysian International Chamber of Commerce & Industry (MICCI). Ong said the approved investments involved 411 projects with the potential to create over 34,000 jobs nationwide, mainly in the oil and gas, chemical products and electrical and electronics sectors. “This shows that investors' confidence for the country has not changed after the 14th General Election,” he said. On Malaysia’s FDIs, Ong said the top investing countries were China with RM9.5 billion, followed by Indonesia (RM8.99 billion), the Netherlands (RM7.67 billion), the United States (US) (RM2.94 billion), Japan (RM1.96 billion) and Singapore (RM1.18 billion). “Malaysia is well positioned to attract more quality, high value-added investments which are non-polluting and can provide ample opportunities to local small and medium enterprises (SMEs) in creating high-paying and good quality jobs. “We also need to focus on attracting new investments that can be part of the Industrial Revolution 4.0 (IR 4.0) framework and upgrade SMEs gradually, as not many of them will be able to achieve the true industry standards of IR 4.0 in the short-term,” said Ong. He was also optimistic that the government would be able to roll out new policies after the presentation of the 2019 Budget including increasing transparency and making Malaysia a business-friendly country. Meanwhile, on the ongoing US-China trade tensions, he said Malaysia is an attractive investment destination for companies from China following the trade tariffs imposed by the US, but noted that it would be selective as the country needed good quality investments. (US$1 = RM4.16) -- BERNAMA