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PM: Domestic investment growing despite lower FDI

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(Reuters) - Magic, a U.S. startup developing artificial-intelligence models to write software, is in talks to raise over $200 million in a funding round valuing it at $1.5 billion, just several months after its last capital raise, three sources told Reuters.

KUALA LUMPUR: Despite lower foreign direct investment last year, there is no reason for concern by the government because the overall investments in Malaysia have recorded an increase, says Prime Minister Datuk Seri Anwar Ibrahim.“FDIs did decrease last year, but the overall investment was the highest because there was a drastic increase in domestic investments.

He added Malaysia recorded RM83.7bil in approved investments across various sectors in the first quarter, representing a 13% increase from RM74.1bil in the same period last year. On a separate note, Anwar said Malaysia is becoming a semi-conductor hub in the region, and the government is focusing on attracting more investments into the country.

Meanwhile, Anwar said the Kerian Integrated Green Industrial Park announced in Budget 2024 last year was to help improve the livelihood of locals in north Perak and also south Penang.

 

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