The National Committee on Investment (NCI), co-chaired by Minister of the International Trade and Industry (MITI), Datuk Darell Leiking and Minister of Finance (MOF), Lim Guan Eng kick-started the year 2020 with five approved manufacturing and services projects worth RM4.6 billion on 30 January 2020. These projects will be located in Pulau Pinang, Kedah, and Pahang.
These approved investments were in the electrical and electronics, machinery and equipment, and automotive industries. Upon realisation, these projects will add over 6,000 job opportunities for the country. The majority of these investments came from foreign sources, which contributed 97.3 percent of the total investments. These investments are from Singapore, Hong Kong and the United States of America (USA).
The remaining approved investment was from a Malaysian Integrated Circuit (IC) Design company. This high value-added project involves IC design for application-specific integrated circuit (ASIC) products for Artificial Intelligence (AI) deep learning and high-performance computing.
“Foreign investors remain active in Malaysia’s manufacturing and services sectors. The investment spending, private consumption and trade will keep the nation’s growth on track. To enhance the attractiveness of Malaysia as a preferred investment destination, MITI and all its agencies will continue to be proactive to accommodate the needs of stakeholders in creating sustainable prosperity for the rakyat,” said Darell.
The announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for the whole year of 2019 will be made at the Malaysian Investment Development Authority (MIDA) headquarters on 3 March 2020.