Malaysia’s investments in 2021 hit a record $73 billion

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KUALA LUMPUR, March 8 (Reuters) – Malaysia approved a record 306.5 billion ringgit ($73.33 billion) in investment last year, an 83% jump from 2020, led by the manufacturing sector, the national investment promotion agency announced on Tuesday.

The manufacturing sector secured RM 195.1 billion worth of projects in 2021, up 114% from the previous year, with the bulk of investment going to the electrical and electronics industry, the Malaysian Development Authority said. Investments (MIDA) in a press release.

The northern state of Penang, which is Southeast Asia’s semiconductor manufacturing hub, was the main recipient of investment.

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“The manufacturing sector continued to be the mainstay of the economy for 2021, generating significant multiplier effects on the country’s activities and growth,” MIDA said.

Foreign direct investment accounted for around 68% of approved investments, more than three times higher than in 2020. The main foreign investors were the Netherlands, Singapore, China, Austria and Japan.

Minister of International Trade and Industry Mohamed Azmin Ali said in the statement that the easing of COVID-19 restrictions and high vaccination rates have enabled the resumption of economic activities in Malaysia.

($1 = 4.1800 ringgit)

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Reporting by Liz Lee; Editing by Kanupriya Kapoor

Our standards: The Thomson Reuters Trust Principles.

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