Malaysia records RM37.3b investments in Q1

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KUALA LUMPUR: Malaysia recorded RM37.3 billion worth of approved investments in the services, manufacturing and primary sectors during the first quarter of 2016, involving 1,271 projects that will create 39,990 job opportunities.

Minister of International Trade and Industry Mustapa Mohamed said the country remained a competitive investment location for foreign investors, with foreign direct investments up to RM12.8 billion in the first quarter this year from RM10 billion in the corresponding period of 2015.

“Domestic investments led with RM24.5 billion, or 65.7% of total approved investments during the quarter under review,” he said in a joint statement by the ministry and the Malaysian Investment Development Authority here today.

The services sector attracted RM27.6 billion worth of investments from a total of 1,088 projects, creating 20,200 employment opportunities.

Investments in the manufacturing sector, on the converse, amounted to RM8.9 billion from 170 projects, expected to generate about 19,650 employment opportunities.

Malaysia continued to register lower investment in the primary sector of RM874.9 million due to the challenges in global crude oil prices.

On prospects, Mustapa said 2016 was expected to be another challenging year for the country.

“We believe we can overcome them especially with the continued inflow of foreign investments into the country. We are definitely doubling our efforts to achieve the country’s investment target,” he said.

BERNAMA