Tengku Zafrul: RM329.5b approved investments will create 127,000 jobs

Malay Mail

KUALA LUMPUR, Feb 22 — Investment, Trade and Industry (Miti) Minister Datuk Seri Tengku Zafrul Abdul Aziz announced today that the government had approved a 23 per cent increase in investments with RM329.5 billion for 2023 as compared to the year before.

Tengku Zafrul said that the amount, which is the highest in the country’s history, includes foreign investment which is the main contributor at 57.2 per cent as compared to domestic investment which is 42.8 per cent.

“So far, on average, the annual implementation performance (for the period 2021-2023) shows that more than 85 per cent of approved manufacturing projects have been implemented, led by Miti and its agency, the Malaysian Investment Development Authority (Mida).

“We will ensure the full implementation rate (approaching 100 per cent) in the coming years,” he said in a statement.

Tengku Zafrul said the approved investment involves 5,101 projects that have the potential to create more than 127,000 new job opportunities.

“The achievement of the total investment reflects the recovery and revival of the national economy. The 35.1 per cent increase in domestic investment also reflects confidence in the policies of the Madani government,” he said.

From 2021 to 2023, Tengku Zafrul said that a total of 2,386 manufacturing projects have been approved.

“Manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of a project,” he added.

He explained that investments were approved via the National Investment Council, Investment and Trade Coordination Action Committee and Investment Coordination Committee Meeting to expedite the process.

“Mida through the Project Implementation and Facilitation Office (TRACK) is also committed to ensure that approved manufacturing projects can be implemented immediately.

“TRACK’s role is very important in increasing the effectiveness of the investment monitoring and facilitation process in order to accelerate and increase the rate of project implementation in Malaysia,” he said.

Tengku Zafrul also said that the ministry and its agencies have facilitated investors’ journeys in Malaysia through the Invest Malaysia Facilitation Centre located at Mida.

Through the caterer, he said, investors can resolve various administrative matters directly with authorities such as Customs, Immigration, the Inland Revenue Board and the Labour Department.

Tengku Zafrul said that Miti also prioritises the development and production of quality talent to meet the dynamic demands of the industry so that Malaysia’s position as a centre of innovation and excellence remains strong.

“We will also prioritise the opening of opportunities for local companies and SMEs to receive the benefits of the various investments implemented in Malaysia,” he said.