Malaysia records 350% increase in FDI this year in first nine months

Finance Minister Lim Guan Eng says Malaysia will find it challenging to meet its 3% fiscal deficit target for next year due to uncertainties around the US-China trade war.

GEORGE TOWN: Malaysia recorded a 350% increase in foreign direct investments (FDI) within the first nine months of the year compared with the same period last year.

Finance Minister Lim Guan Eng, said FDI growth was "very evident" in the last five months and was encouraging for the economy and the country's leadership.

"We recorded RM14bil in FDI in the first nine months of last year.

"Within the same period this year, we recorded RM49bil in FDI, which is a huge amount.

"This demonstrates the increase in confidence from investors in the new leadership of the country under Prime Minister Tun Dr Mahathir Mohamad, the world's oldest prime minister.

"We are hoping that the resurgence of Malaysia is reflected in the increase of FDI," said Lim, who is also Air Putih assemblyman, during a press conference in Rifle Range here Saturday (Dec 1).

Lim, who thanked investors for their confidence in the country, said this growth in FCI would also lead to increase in job opportunities for the people.