This post was originally published on this site
International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali waves as he leaves Istana Negara after taking his oath of office, loyalty and secrecy in Kuala Lumpur August 30, 2021. — Picture by Yusof Mat Isa

KUALA LUMPUR, Sept 13 — Malaysia recorded RM107.5 billion in foreign and domestic investments for the first half of 2021, signalling strong investor confidence in the country, said Senior Minister for International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

Total investment — primarily in the manufacturing, services and primary sectors — soared 69.8 per cent compared to the same period last year, which showed that the country was on its way to vibrant and sustainable economic recovery, said Azmin.

Azmin also said domestic investments played an important role, especially in the services and primary sectors, which made up for RM45 billion or 41.9 per cent of the total approved investments.

Overall, the investment will involve 2,110 projects and is expected to generate 44,994 job opportunities in the country, said Azmin

Malaysia’s impressive economic performance is also reflected by foreign direct investment (FDI) soaring to 223.1 per cent compared to the same period last year, with the bulk of investment going to the manufacturing sector, said Azmin.

“The stellar performance also demonstrates that Malaysia’s strategy of positioning the country as an attractive investment destination of choice and a supply chain hub in Asean, particularly for manufacturing operations, is showing positive results.

“FDI drove the strong and vibrant performance of the manufacturing sector during the period, registering RM58.2 billion in approved investments. The remaining RM8.7 billion approved investments in this sector were from domestic sources,’’ he said in a statement today.

Notable investments included the Republic of Korea’s SK Nexilis project for a new copper foil manufacturing plant, Risen Energy’s proposed project to produce bi-facial technology solar products, and OCIM’s proposed investment to expand its solar-grade polysilicon plant, all of which will create high-skill work opportunities and allow local firms to scale the value chain, he said.

Investments attracted to the country will also be used to create jobs across a wide spectrum of skills for the rakyat, such as 367 manufacturing projects worth RM66.9 billion that are expected to create 32,220 openings, said Azmin.

This includes 1,367 managerial positions and 4,031 technical professionals such as engineers in the field of electrical and electronics, mechanical, chemical, among others.

All the investments were done in tandem with the National Investment Aspirations (NIA) and consistent with environmental, social and governance goals, he said.