Malaysia identifies high-profile projects worth 18.5 mln USD in manufacturing, services

Kuala Lumpur (VNA) – The Malaysian Investment Development Authority (Mida) has identified the 23 potential high-profile projects in the manufacturing and service sectors which have an investment value of 75.4 billion ringgit (about 18.5 billion USD), the Star reported.

This foreign investment will come from several countries and is targeted to be brought into Malaysia in 2021, the Malaysian newspaper quoted Deputy International Trade and Industry Minister Lim Ban Hong as saying.

He added that the two sectors attracted the largest investment in the country. From January to September this year, the manufacturing sector contributed the largest amount with 65.3 billion ringgit, followed by the service sector (42.8 billion ringgit) and main industries (1.7 billion ringgit).

Of Malaysia’s total investment, foreign direct investment made up 38.8 percent or 42.6 billion ringgit while 67.2 billion ringgit or 61.2 percent was from local investors, he said.

Lim added that a total of 2,935 projects were approved in the same period which would help create 64,701 job opportunities.

He said that several measures have been implemented to ensure that the country remains an attractive and competitive destination for foreign investors.

He said that some of the measures were fast-track approvals for factory licenses through the Mida's e-ML online portal for non-sensitive industries which will take two working days for an approval.

A Project Acceleration and Coordination Unit (Pacu) was set up under Mida to speed up approval applications at related agencies for the implementation of investment projects, he noted.

Lim added that a one-stop centre was also set up to evaluate and approve applications for business travellers./.