Malaysia is known to have approved RM61.6 billion in the investment from January-August, 2018 in domestic and foreign direct investments. It has increased by 52.47% from RM40.4 billion which had been recorded in the last year’s corresponding period.
The Deputy Minister of the International Trade and Industry, Ong Kian Ming have said of the total that foreign direct investment for RM43.8 billion against the previous, RM24.4 billion. The manufacturing sector is still continues to account of the biggest share of investment which have been approved amounting to RM49.8 billion. This is about 81 of the total investment as told by Ong Kian Ming. He also said that the approved investment include 411 projects that has the potential to create 3,400 jobs throughout the nation, particularly in gas and oil, electrical and electronics sectors, and the chemical sector.
He said that this show that confidence of the investor for the country hasn’t changed even after the 14th general election. In the FDI of Malaysian the top investing countries were China contributing RM9.5 billion which was followed by Indonesia, Netherlands, the United States, Japan, and Singapore. Malaysia is properly positioned to attract high-quality investments that are non-polluting, more quality, and will be able to offer many opportunities to medium and small enterprises to create quality and high-paying jobs.
Ong said that they will also have to focus on attracting greater investment which can be a part of the Industrial Revolution upgrade and framework SME’s as many of them can achieve the true industry standards of IR 4.0 in short. He is optimistic that the government will be able to roll out new politics after the presentation of the Budget of 2019 that increases the transparency and makes it a business friendly country.