The MIDA said that the money comes from 2,346 projects which are expected to generate 60,181 job opportunities for Malaysians.
The domestic investments which contribute 67 percent to the total approved investments, expanded 10.5 percent year-on-year to 53.7 billion ringgit.
Meanwhile, foreign investments grew 35.3 percent year-on-year to 26.5 billion ringgit, mainly driven by investments in the manufacturing and primary sectors.
The services sector remains a key driver, with its approved investments standing at 50.9 billion ringgit.
The approved investments for the manufacturing industry increased 21.2 percent year-on-year to 20.2 billion ringgit.
The foreign investments in approved manufacturing projects surged 63.1 percent annually to 15.2 billion ringgit, mainly from Chinese investment which amounted to 6.5 billion ringgit, or 43 percent of the total.
Earlier, the Bernama news agency quoted a source from the World Bank (WB) as saying that Malaysia will become a high-income country in the period of 2020 and 2024.
Malaysia’s economy is forecast to grow 4.7 percent next year and 4.6 percent in 2020, despite challenges. In 2018, the Southeast Asian country’s economy will expand 4.9 percent thanks to a sharp increase in private consumption. The nation posted an economic growth of 5.9 percent last year.-VNA
- Recovery under way in New York region hit by flash flooding
- Bain adds Apple for last-minute $18 billion Toshiba chip unit bid: sources
- Driver Monitoring Systems Market is anticipated to hit $10.49 billion by 2023 at a CAGR of 11.8%
- Court blocks $18 billion British class action against MasterCard
- Tencent Buys Chinese Studio New Classics Media for $2.25 Billion
- King of the Bluegrass | Trinity hits 19 3-pointers in semifinal win over Cooper
- The APAC Bluetooth Low Energy Market is estimated to hit $ 5.86 billion by the end of 2024
- Biodiesel Market is anticipated to hit $94.8 billion by 2023 at a CAGR of 16.82%
- Automotive Sensors Market is anticipated to hit $51.93 billion by 2023 at a CAGR of 12.08%
- Libor-tracking investments hit U.S. exchanges; complexity a worry