Govt approves four projects worth RM5.4bil

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.

Of the over 1,000 job opportunities, 80% will be Malaysians, says to the International Trade and Industry Ministry.

The Ministry 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 is 4.4% higher than the RM142.6bil approved in the previous corresponding period.Leiking added that 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, ” Leiking said.

On May 8, the Cabinet empowered NCI as the sole approving committee for investments.

“To further strengthen the governance of NCI, the Cabinet has also agreed for the Trade and Industry Ministry and Finance Ministry to co-chair the committee.”

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