Malaysia had approved investments of US$85.8 billion in 2024, a record figure and an increase of 14.9 per cent from the previous year, its trade minister said on Tuesday (Feb 25).
Malaysia received a slew of digital investments from major tech firms last year, including Alphabet’s Google, helping to propel its economy with growth beating market expectations in the second and third quarters and the ringgit currency becoming one of Asia’s top performers in 2024.
Minister Tengku Zafrul Aziz said of the total approved investments figure, RM208.1 billion (S$63.02 billion) came from domestic investors while RM170.4 billion came from foreign investment.
The United States was Malaysia’s top foreign investor with a combined RM32.8 billion, followed by Germany at RM32.2 billion, China at RM28.2 billion and Singapore at RM27.3 billion, he said.
The services sector received the bulk of the investments, at 66.8 per cent of the total figure, or RM252.7 billion.
Tengku Zafrul said while challenges in the global economy persist, businesses anticipate a relatively stable operating environment over the next three months in Malaysia, reflecting confidence in its economic resilience. REUTERS
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