Malaysia expects to see 29,027 job opportunities created through investments made in Q1 2024

Foreign investments accounted for 56.2% (RM47.0bn) of total investments made in the quarter, while domestic investments made up the balance of 43.8%, valued at RM36.7bn.

A total of 18,517 new job opportunities were created in Malaysia over the course of Q1 2024, as part of approved investments falling under the jurisdiction of the Ministry of Investment, Trade and Industry (MITI) and Malaysian Investment Development Authority (MIDA). 

In an update on 21 June 2024 (Friday), MIDA said these investments amount to RM47.5bn, or 56.8% of the total investments made in the country last quarter, covering 500 projects.

According to the update, Malaysia showed "commendable performance" in January to March, with a total value of RM83.7bn in approved investments across various sectors. This represents a 13% increase from RM74.1bn recorded in the same period last year (Q1 2023).

These approved investments comprise 1,257 projects, which are expected to generate 29,027 job opportunities for Malaysians. In tandem, total employment increased by 14.6% in the quarter, compared to Q1 2023.

Some of the notable details shared in the update are as follow:

• Foreign investments accounted for 56.2% (RM47.0bn) of the total investments, while domestic investments made up the balance of 43.8%, valued at RM36.7bn.
• Austria topped the list of foreign investors by a very wide margin, with RM30.1bn (64%) in approved investments, followed by Singapore (RM5.6bn), The Netherlands (RM3.6bn), China (RM3.4bn), and the US (RM632.8mn).
• By state and territory, Kedah recorded the highest value of approved investments (RM31.3bn), followed by Kuala Lumpur (RM21.5bn), Selangor (RM12.4bn), Sarawak (RM4.2bn), and Johor (RM4.1bn).

MIDA added that the target sectors stipulated by the National Investment Aspirations (NIA) contributed RM53.7bn, accounting for 64.1% of the total approved investments across 252 projects. These, in total, are expected to create 17,056 new job opportunities.

Commenting on the figures, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade, and Industry said: "Approved investments of almost RM84bn for Q12024, up by 13% year-on-year, reflect how Malaysia has earned investors’ trust."

He added: "While we acknowledge the usefulness of short-term indicators of our business landscape, the real proof of Malaysia’s competitiveness is in the actual, continuous inflow of investments into key target sectors outlined by NIMP (New Industrial Master Plan) 2030, including in high-growth industries such as semiconductors, data centres, renewable energy and electric vehicles.

"This is why we will also continue to focus on longer-term industrial reforms and other strategic policy efforts to nurture a conducive investment ecosystem, to drive productivity as well as sustainable, inclusive growth that will pave the way for Malaysia to be one of the top 30 largest economies globally by 2033."

A full rundown of the investments by sector can be found here.