Illustrative image (Source: Internet) 
 
Kuala Lumpur (VNA) - Malaysia's new approved direct investments in the services, manufacturing and primary sectors rose 17.7 percent year-on-year to 80.2 billion ringgit (about 19.18 billion USD) in the first half of 2018, according to data released by the Malaysian Investment Development Authority (MIDA) on October 29.

The MIDA said that the money comes from 2,346 projects which are expected to generate 60,181 job opportunities for Malaysians.

The domestic investments which contribute 67 percent to the total approved investments, expanded 10.5 percent year-on-year to 53.7 billion ringgit.

Meanwhile, foreign investments grew 35.3 percent year-on-year to 26.5 billion ringgit, mainly driven by investments in the manufacturing and primary sectors.

The services sector remains a key driver, with its approved investments standing at 50.9 billion ringgit.

The approved investments for the manufacturing industry increased 21.2 percent year-on-year to 20.2 billion ringgit.

The foreign investments in approved manufacturing projects surged 63.1 percent annually to 15.2 billion ringgit, mainly from Chinese investment which amounted to 6.5 billion ringgit, or 43 percent of the total.

Earlier, the Bernama news agency quoted a source from the World Bank (WB) as saying that Malaysia will become a high-income country in the period of 2020 and 2024.

Malaysia’s economy is forecast to grow 4.7 percent next year and 4.6 percent in 2020, despite challenges. In 2018, the Southeast Asian country’s economy will expand 4.9 percent thanks to a sharp increase in private consumption. The nation posted an economic growth of 5.9 percent last year.-VNA