Malaysia Sets Record with $86 Billion in Approved Investments for 2024

Malaysia recorded a historic approval of 378.5 billion ringgit ($85.8 billion) in investments for 2024, marking a 14.9% increase from the previous year. Major contributions came from both domestic and foreign investors, with the services sector receiving the largest share. The United States topped foreign investments, reflecting strong confidence in Malaysia’s economic resilience despite global challenges.

In 2024, Malaysia achieved a remarkable milestone by approving investments totaling 378.5 billion ringgit (approximately $85.8 billion), representing a 14.9% increase from the previous year. The Minister of Trade, Tengku Zafrul Aziz, emphasized that this is a record figure for the country, driven largely by substantial digital investments from prominent technology firms, including Google.

The investment landscape in Malaysia showcased a balanced contribution from domestic and foreign investors, with 208.1 billion ringgit originating from local entities and 170.4 billion ringgit from international stakeholders. The United States emerged as the leading foreign investor, contributing 32.8 billion ringgit, followed closely by Germany, China, and Singapore, which invested significant amounts of 32.2 billion, 28.2 billion, and 27.3 billion ringgit, respectively.

Notably, the services sector captured the largest share of investments, accounting for 66.8% of the total, translating to 252.7 billion ringgit. Despite ongoing global economic challenges, Minister Tengku Zafrul expressed optimism regarding Malaysia’s economic prospects, suggesting that businesses are anticipating a relatively stable operating environment in the coming months, which indicates a strong confidence in the nation’s resilience.

In conclusion, Malaysia’s record-breaking approval of 378.5 billion ringgit in investments for 2024 reflects significant economic growth and confidence among both domestic and foreign investors. The United States, Germany, China, and Singapore lead in foreign investments, especially in the services sector. Despite global economic challenges, the outlook for Malaysia remains positive, reinforcing its strength in attracting substantial investment.

Original Source: money.usnews.com