Industry News

RM71.4bil in investments approved, nearly 60% up on 2022

Some RM71.4 billion in investments in various economic sectors have been approved in the first quarter of 2023, says Prime Minister Anwar Ibrahim.

In a statement, he said this was a 59.7% increase compared to the RM44.7 billion during the corresponding period in 2022.

Anwar, who is also finance minister, said these investments involved 1,265 projects which had the potential of creating nearly 24,000 jobs for Malaysians.

He also announced that Putrajaya will be streamlining the government’s various investment promotion agencies, to ensure more orderly and efficient efforts to attract foreign investors.

After chairing the national investment council’s first meeting earlier today, Anwar said the council had agreed that the Malaysian Investment Development Authority would be the government’s main investment promotion agency.

The decision was to overcome the duplication of responsibilities between the various investment promotion agencies.

“The governance of these agencies is also a crucial factor for investors as they evaluate and decide on Malaysia as their investment destination of choice,” he said.

Anwar said the national investment council will meet four times a year to monitor and evaluate the effectiveness of the different investment initiatives and programmes held by Putrajaya.

The council comprises the finance minister; investment, trade and industry minister; economy minister; Bank Negara Malaysia governor; and Treasury secretary-general.

“The government is committed to ensuring that every investment that has been approved is implemented, to yield a positive impact on the nation’s economic growth,” the prime minister said.



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