Govt approves 4 manufacturing projects worth RM5.4b

International Trade and Industry (MITI) Minister, Datuk Darell Leiking said:“We look forward to attract more investments in the near future. For the first nine months of 2019, Malaysia recorded RM149bil worth of approved investments in the services, manufacturing and primary sectors."

KUALA LUMPUR: The government has approved four manufacturing projects worth RM5.4bil in Sabah, Johor, Selangor and Penang which will create over 1,000 job opportunities.

One of the approved projects was an investment worth RM2bil by a multinational glass manufacturer to produce float glass and photovoltaic functional glass at the Kota Kinabalu Industrial Park.

“This investment is expected to create over 1,000 job opportunities, whereby 80% will be Malaysians, ” according to the Ministry of International Trade and Industry statement issued on Friday.

MITI said the National Committee on Investment (NCI), co-chaired by its minister Datuk Darell Leiking and Finance Minister Lim Guan Eng approved the projects on Thursday.

“We look forward to attract more investments in the near future. For the first nine months of 2019, Malaysia recorded RM149bil worth of approved investments in the services, manufacturing and primary sectors, ” Leiking said.

This was 4.4% higher than the RM142.6bil approved in the previous corresponding period.

He said these investments involved 4,025 projects and will create an additional of 93,841 job opportunities. Notably, approved investments for global establishments saw an increase of 185.7% during the period.

The Malaysian Investment Development Authority (MIDA) has secured 126 projects proposing to make Malaysia the Principal Hubs, regional offices or representative offices.

“These activities are expected to create job opportunities for 884 knowledge-based or highly technical skilled workers. These projects will also position Malaysia on course for greater integration into the global supply chain, ” Leoking said.

On May 8,2019, Cabinet empowered NCI as the sole approving committee for investments. To further strengthen the governance of NCI, the Cabinet has also agreed for MITI and MOF to co-chair the committee.

This enhanced NCI deliberates and make decisions on investment projects received by all investment promotion agencies including MIDA, Regional Corridors, Halal Development Corporation (HDC), Malaysia Digital Economy Corporation (MDEC), BioEconomy Corporation and the Ministry of Agriculture.