Malaysia Achieves Record $86 Billion in Approved Investments for 2024
Malaysia recorded approved investments of 378.5 billion ringgit ($85.8 billion) in 2024, an increase of 14.9% from 2023. Key contributions stemmed from both domestic and foreign investors, particularly in the services sector. The United States topped foreign investments, indicating strong confidence in Malaysia’s economic prospects.
In 2024, Malaysia achieved a historic milestone by approving investments totaling 378.5 billion ringgit (approximately $85.8 billion), marking a year-on-year increase of 14.9%. This impressive figure reflects a significant inflow of digital investments, notably from major technology companies, including Alphabet’s Google, which have contributed to robust economic growth that surpassed market expectations in the latter half of the year.
Trade Minister Tengku Zafrul Aziz announced that domestic investors contributed 208.1 billion ringgit to the total approved investments, while foreign investments stood at 170.4 billion ringgit. Notably, the United States emerged as Malaysia’s leading foreign investor with 32.8 billion ringgit, followed closely by Germany, China, and Singapore.
The services sector was the primary recipient of these investments, receiving 66.8% of the total, equivalent to 252.7 billion ringgit. Minister Tengku Zafrul commented on the current environment, noting that despite ongoing global economic challenges, businesses in Malaysia remain optimistic, expecting a stable operational climate in the upcoming months.
In summary, Malaysia’s record investment approvals in 2024 showcase the nation’s economic resilience and attractiveness to both domestic and foreign investors. With significant contributions from diverse sectors and strong interests from foreign nations, Malaysia’s growth trajectory appears promising amid global uncertainties. The government’s efforts in fostering a conducive business environment are yielding positive results, enhancing investor confidence.
Original Source: money.usnews.com
