Malaysia attracts $27.5 billion in investment in first half of 2022, authorities say

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The Malaysian Investment Development Authority (MIDA) said Malaysia attracted 123.3 billion ringgit ($27.5 billion) of approved investment in the manufacturing, services and primary sectors in the first half of the year. of this year.

Foreign direct investment (FDI) remained the main contributor, accounting for 70.9% of approved investment with 87.4 billion ringgit ($19.5 billion), it added in a statement on Friday.

Meanwhile, investments from domestic sources contributed 29.1 percent, or 35.9 billion ringgit ($8 billion), Xinhua news agency reported.

The services sector played a major role in driving the country’s economic recovery, accounting for 63.3% of total approved investment with 78 billion ringgit ($17.4 billion), followed by the manufacturing sector with 43. 1 billion ringgit ($9.6 billion) and from the primary sector. with 2.2 billion ringgit ($491 million).

Mohamed Azmin Ali, Minister of International Trade and Industry, said Malaysia was on track to secure more high-quality, capital-intensive projects, with the service sector being the main driver of growth in economy and the largest contributor to approved investments. for the first half of this year.

Maintaining the momentum, he added that his ministry will continue its efforts to strengthen the country’s competitiveness by developing economic complexity, nurturing a strong industrial ecosystem with innovations, enhancing inclusiveness, creating high-income jobs. and promoting opportunities to participate in regional and global supply chains. .

“Driven by national investment aspirations, we will intensify our focus on sectors such as the digital economy, electrical and electronics (E&E), pharmaceuticals, chemicals and aerospace with significant economic potential and long-term sustainable growth,” he said.

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(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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