KUALA LUMPUR (Feb 20): Approved foreign investments (FI) in various economic sectors totalled RM254.7 billion between January and September 2024, according to the Investment, Trade and Industry Ministry (Miti).

This involved 4,753 projects which are expected to generate 159,347 new job opportunities, the ministry said.

"This overall performance is 10.7% higher versus RM230.2 billion in the same period in 2023," it said.

According to Miti, the services sector recorded the highest amount at RM160.7 billion, contributing more than half of the total approved investment amount, or 63.1% with 3,909 projects.

Investments in the manufacturing sector totalled RM88.8 billion (34.9%) with 800 projects, while the primary sector had RM5.2 billion (2%), involving 44 projects, Miti said.

"These projects are expected to create 100,914 job opportunities in the services sector, 58,017 in the manufacturing sector, and 416 in the primary sector," according to Miti in a written response in the Dewan Rakyat on Wednesday in response to Muhammad Ismi Mat Taib (PN-Parit) who asked for 2024 total approved investments and foreign direct investments (FDIs) statistics.

Miti also clarified that there is a difference in FDI as used by the Statistics Department (DOSM) and FI used by Miti and the Malaysian Industrial Development Authority (Mida).

"DOSM’s FDI refers to investments in the context of inflow and outflow of foreign capital, focussing on financial transactions conducted by foreign companies.

"Meanwhile, the term FI by Miti/Mida refers to proposed private investment projects put forward by investors across various sectors of the national economy, including the primary, manufacturing, and services sectors, with the breakdown of FI and domestic investment (DI) being calculated through the distribution of foreign or domestic equity," Miti explained.

Comparing total approved investment for FI and DI between January and September 2024, the ministry said FI recorded RM106.7 billion, or 41.9%, while DI contributed RM148 billion, or 58.1%.

Approved investments in various economic sectors for the entire 2024 will be announced during the annual Mida press conference at end-February 2025, Miti said.

It is also optimistic that investment momentum can be maintained based on its performance and the current economic situation.

"The government will also continue to intensify efforts in developing new strategies and initiatives, including introducing investment policy reforms to further enhance investor confidence and strengthen Malaysia's position as a competitive investment destination globally," Miti added.

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