MIDA: Investment approvals in 1Q nearly double to RM80.6b

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Malaysia recorded investment approvals of RM80.60bil in the first quarter ended March 31, 2021, which was a surge of 95.6% from the RM41.20bil a year ago.

The investments were for the manufacturing, services and primary sectors and involved 993 projects and they were expected to generate 32, 557 job opportunities, the Malaysian Investment Development Authority said on Wednesday.

It also pointed out the continued aggressive strategies to attract high-level investments from both foreign and domestic investors is exhibiting promising results. MIDA said Investments from Singapore include one 100% Chinese owned mega project, where the source of funding is made through its affiliate located in the country.

Malaysia’s manufacturing sector recorded approved investments of RM58.8bil from 246 manufacturing projects for 1Q compared to RM25.9bil from 226 manufacturing projects a year ago. “The approved manufacturing projects will create 26,689 job opportunities. The new workforce includes 943 managerial positions and 1,042 engineers in the electrical and electronics, mechanical and chemical disciplines, reflecting the higher value chain transition of the manufacturing sector.

 

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