Malaysia's approved FDI leaps 223.1% in 1H2021


KUALA LUMPUR: An increase in approved foreign direct investment (FDI) in the first half of 2021, which leapt 223.1% year-on-year, signals the confidence of foreign investors in the country's stable and conducive economic climate and business ecosystem, said senior minister Datuk Seri Azmin Ali.

In a statement issued on Monday, he said the positive performance augurs well for Malaysia's path to vibrant and sustainable economic recovery.

"The stellar performance also demonstrates that Malaysia’s strategy of positioning the country as an attractive investment destination of choice and a supply chain hub in ASEAN, particularly for manufacturing operations, is showing positive results," added the International Trade and Industry (MITI) minister.

FDI was the main driver of the manufacturing sector during this period with a contribution of RM58.2bil in approved investments while domestic sources of investment came to RM8.7bil.

In terms of total approved investment, Malaysia recorded RM107.5bil of FDI and domestic direct investments (DDI) in the manufacturing, services and primary sectors, representing a jump of 69.8% compared to the same period last year.

The investments involved 2,110 projects and are expected to generate 44,994 job opportunities in the country.

Azmin said Malaysia continues to attract high-value and high-tech investments, bolstered by its high-skilled talents and adoption of advanced technology for value-added industries.

Meanwhile, in tandem with the National Investment Aspirations (NIA), Malaysia consistently pursues more capital-intensive projects and those that support the development agenda of the nation, consistent with environmental, social and governance (ESG) goals.

There is an emphasis on job creation with the 367 manufacturing projects worth RM66.9bil approved in 1H2021 creating 32,220 job opportunities.

Azmin revealed that the workforce required for the approved investments include 1,367 managerial positions and 4,031 technical professionals such as engineers in the field of E&E, mechanical, chemical and other disciplines, reflecting the higher value chain transition of the manufacturing sector.

In addition, the approved manufacturing projects will also require 4,144 skilled craftsmen.

Notable projects approved in 1H2021 include South Korea's SK Nexilis project for a new copper foil manufacturing plant, Risen Energy’s proposed project to produce bi-facial technology solar products, and OCIM’s proposed investment to expand the capacity of its solar grade polysilicon plant.

"Going forward, from the strategic vantage point of the NIA, we will continue to pursue high quality investments to bring value to the nation and people, not just in preserving jobs but in creating new high value-added employment.

"We are committed towards positioning Malaysia as the ideal partner for investors in the region, enhancing our economic complexity and propelling long term growth for Malaysia through the flow of sustainable quality investments in new and complex growth areas," said Azmin.
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Foreign direct investment , FDI , MITI , Azmin Ali

   

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