KUALA LUMPUR (XINHUA) – Malaysia has approved MYR254.7 billion (USD57.58 billion) of investments for the first nine months of 2024, marking a 10.7-per cent increase from the previous year, its investment agency said yesterday.
The strong performance reflects Malaysia’s sustained economic momentum, propelled by the services, manufacturing, and primary sectors, the Malaysian Investment Development Authority (MIDA) said in a statement.
According to the statement, domestic investments led the way in the period, accounting for a significant 58.1 per cent of the total approved investments, valued at MYR148 billion.
Foreign investors contributed MYR106.7 billion, 41.9 per cent of total approved investments.
The top five foreign investments came from Germany, China, the United States, the Netherlands and Singapore. Meanwhile, the services sector led the approved investments for the period, accounting for MYR160.7 billion or 63.1 per cent of the total approvals.
The manufacturing sector attracted MYR88.8 billion, while the primary sector recorded MYR5.2 billion.
According to MIDA, the outlook remains promising and the agency is still in discussions with prospective investors for high-potential leads valued at MYR70.6 billion.
