Malaysia attracts nearly 60 billion USD in investment last year

Illustrative photo (Photo: thestar.com.my)

Kuala Lumpur (VNA) – Malaysia approved a total investment of about 265 billion ringgit (58.53 billion USD) last year, the second largest of its kind after 2021 and estimated to create over 140,000 new jobs, according to International Trade and Industry Minister Zafrul Tengku Abdul Aziz.

Speaking to the media after an event on investment on March 8, Zafrul Aziz said that the services sector is the major contributor with 154 billion ringgit, followed by an 84.3 billion ringgit boost in the manufacturing sector and 26.3 billion ringgit in the primary sector.

Foreign direct investment (FDI) remained the major contributor to the total approved investments at 61.7% or 163.3 billion ringgit, while domestic direct investment (DDI) contributed 38.3% or 101.3 billion ringgit.

Last year, China was Malaysia’s biggest foreign investor with an investment of 12.5 billion USD. Other major investors in Malaysia included the US with 6.26 billion USD, the Netherlands with 4.51 billion USD, Singapore with 2.99 billion USD, and Japan with 2.52 billion USD.

Malaysia targets a 20% increase in approved investments in 2023 compared to 2022, said Minister Zafrul.

The official acknowledged that this is a difficult goal, especially in the context of many challenges including the UK's interest rate hike, the Russia -Ukraine conflict, and the competition to attract foreign investors in the region.

He emphasised that Malaysia needs to ensure a favourable investment environment and long-term investments./.