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Malaysia's geographical location and access to a vast market of over 600 million people make it a great business place. Since its borders were opened at the start of the year, Malaysia has seen a surge of progress and now presents an opportune moment to capitalise on the potential that awaits and remain resolute in anticipation of a brighter future.
Given its attractive investment environment, Malaysia has become a top choice for global and regional businesses. For the period of January to September 2022, the country approved $41.7 billion worth of approved investments in services ($24.4 billion), manufacturing ($14 billion) and primary sectors ($3.3 billion) an increase of 2.5 per cent as compared to the same period in 2021. Foreign Direct Investments (FDI) once again proved to be the major driver of total approved investments in the first nine months of the year, with a remarkable $28.1 billion being invested or 67.5 per cent, which is a 15 per cent increase from the same period last year. Domestic Direct Investment (DDI) accounted for the remaining 32.5 per cent or $13.6 billion.
The approved investments over this period are projected to create 98,414 new jobs in our nation, offering a much-needed boost to the post-pandemic economic recovery The Malaysian domestic industry has seen great benefit from the presence of global companies that have extended their operations to the country, as Malaysian businesses strive to provide high-quality products and services. This has been a major boon for the economy, allowing for greater development and growth.
Datuk Wira Arham Abdul Rahman, Chief Executive Officer at MIDA, said: "Malaysia is a thriving business hub with a solid business ecosystem that offers the perfect environment for investors. It is well-equipped with various incentives and facilities to support and promote business growth. Malaysia is poised to become the next major economic hub."
Malaysia has been identified as the third most attractive Global Business Services location by the 2021 Kearney Global Services Location Index. However, it is taking strides to achieve higher quality, impactful, and capital-intensive projects that will drive economic growth. The services sector has been the predominant contributor to approved investments during the first nine months of this year, showing that the nation is on the right path towards success.
Malaysia's Strength in the Manufacturing Sector Continues
Malaysia's booming electrical and electronic industry produced an impressive$4.9 billion for the period January to September 2022, demonstrating Malaysia's remarkable capabilities in this sector. The transport equipment followed closely with $1.6 billion in revenue, while the production of petroleum products (including petrochemicals) brought in $1.2 billion.
The evidence presented by these investment opportunities demonstrates that MIDA is still eager to accomplish more. As of November 2022, there are 285 projects in MIDA's investment pipeline with a combined proposed investment of $4.4 billion. MIDA oversees 247 projects from the services sector with a collective value of $3 billion and 38 projects from the manufacturing sector with an estimated worth of $1.4 billion.
Malaysia's New Economy Direction
Malaysia seeks to establish itself as a leading digital hub in the region because the digital ecosystem is experiencing a surge of investment due to the worldwide shift to digitalisation and Industry 4.0, with projects such as data centres, submarine cables, dark fibre, 5G broadband, cloud computing, big data analytics, artificial intelligence (AI), augmented reality (AR), internet of things (IoT), and additive manufacturing all playing a part. The Digital Investment Office (DIO) was jointly established by MIDA and the Malaysia Digital Economy Corporation (MDEC) to bring greater efficiency to digital investments in Malaysia. This fully digital platform offers investors a streamlined, one-stop solution for their venture capital needs.
Malaysia has strong economic and industrial capabilities and a strategic position in the global economy. The government is determined to fulfil its election promises and increase regional and international trade and cooperation. This includes developing innovative policies and strategies to create a more competitive and dynamic business environment and reforming its taxation system, making it easier for businesses to operate. The government's plans to strengthen the country's human capital, infrastructure and the digital economy are helping to attract more foreign direct investments.
Malaysia is emerging as a premier destination for Middle Eastern investments as the region's investors reorient their resources to the dynamic Asian sphere. The investment from companies like Ajlan & Bros, alongside other UAE companies, is a sign that Gulf region investors' sentiment towards Malaysia's economic values, cost-effectiveness, policies and global destination status is on an upswing. Malaysia beckons Middle Eastern investors with a myriad of lucrative investment opportunities ripe for the taking. From the booming technology sector to the flourishing property, finance, Halal market which include food processing, hospitality, education and training, Malaysia is an ideal destination for those seeking to maximise investment returns. Malaysia has also offered the UAE to carry out the investment in agriculture projects for food security, pointing out that Malaysia has vast tract of land which are suitable for agriculture.
Hence, MIDA invites investors particularly from the Middle East and North Africa region to visit our Dubai office to explore the advantages of investing in Malaysia. With its competitive landscape, robust infrastructure, and business-friendly legal frameworks, Malaysia offers a great potential for investors. Moving forward, MIDA is committed to sustaining and growing Malaysia's economic prosperity by promoting investments that benefit the nation as a whole. We aim to continue this positive trend, ensuring that all investments are sustainable and inclusive.
— ali@khaleejtimes.com
AI Overviews is now coming to the Brazil, India, Indonesia, Japan, Mexico and Britain, in local languages such as Portuguese and Hindi
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