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The services sector accounted for 60.7% of approved investments from January to June, and is expected to create 45,249 new jobs.
Malaysia saw an 18% year-on-year increase in approved investments from January to June 2024 (H1 2024), recording a total of RM160bn across the services, manufacturing, and primary sectors.
This surge in investment is a culmination of 2,948 investment projects, which in turn is expected to create 79,187 new job opportunities in the country.
Breaking this down further, domestic investments (DI) have taken the lead for the first half of 2024, comprising 53.4% of the total approved investments, valued at RM85.4bn. In contrast, foreign investments (FI) accounted for 46.6% of the total approved investments, worth RM74.6bn.
By state and territory, Kuala Lumpur attracted the most investment in Malaysia, totalling RM37.6bn. This was followed by:
- Selangor (RM35bn),
- Kedah (RM31.9bn),
- Pulau Pinang (RM13.1bn), and
- Johor (RM12.9bn).
Notably, Austria led the approved investments with RM30.1bn, followed by Singapore (RM16.5bn), China (RM9.8bn), the Netherlands (RM4bn), and Taiwan (RM2.4bn).
Taking a deeper look, the services sector accounted for a substantial RM97.2bn, or 60.7%, of approved investments from January to June 2024, and is expected to create 45,249 new jobs.
The top five sub-sectors under the services sector are:
- Information and communications (ICT) (RM45.bn)
- Real estate (RM31.0bn)
- Transport services (RM4.9bn)
- Utilities (RM4.0bn)
- Global establishments (RM3.6bn)
Meanwhile, the manufacturing sector experienced a growth of 34.1% in approved investments in the first half of 2024, reaching RM60.1bn from the RM44.9bn the same period last year.
The approvals spread across 519 projects, and are projected to generate an estimated 33,887 job opportunities, with 80% of the jobs (27,121) reserved for Malaysians.
As the Malaysian Investment Development Authority (MIDA) explains, the majority of new jobs are concentrated in high-value fields, with 42.7% in management, professional, technical, supervisory, and skilled labour roles. This trend highlights a strong emphasis on upskilling and reskilling the local workforce.
Moving forward, MIDA is actively pursuing 1,562 proposed projects worth RM54.8bn as of 31 August 2024. Of these, 1,493 projects are in the services sector (RM44.8bn) and 69 projects in the manufacturing sector (RM10.1bn).
Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of MIDA commented: "For the first half of 2024, we have witnessed a remarkable value of approved investments that underscore Malaysia’s commitment to inclusivity and national prosperity.
"These investments are not just figures on paper; they represent our dedication to creating a more equitable and thriving economy."
He also noted that the approvals recorded align with the country's achievement of 5.9%, driven by enhanced investment activities, among others.
Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Abdul Aziz also affirmed in a Facebook post: "This increase reflects not only investors' confidence in Malaysia's policy and political stability, but also the effectiveness of the strategic policies we implement, including the New Industrial Master Plan 2030, National Semiconductor Strategy, and Green Investment Strategy."
Lead image / Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Abdul Aziz's Facebook
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