Kuala Lumpur, Sep 3 : The Malaysian Investment Development Authority (MIDA) has announced that Malaysia has attracted 123.3 billion in ringgit ($27.5 billion) in approved investments in the primary, services, and manufacturing industries in the first quarter of this year.Foreign direct investment (FDI) was the main source of revenue with a share of 70.9 percent of the investment approvals with 87.4 billion ringgit ($19.5 billion) as reported in the statement released on Friday.
While the investments from domestic sources accounted for 29.1 percent, which equates to 35.9 billion Ringgit ($8 billion), Xinhua news agency reported.
The service sector was a significant part in driving the economy of the country accounting for 63.3 percent of the investment approval total with 78 billion rings ($17.4 billion) then the manufacturing sector with 43.1 billion ringsgit ($9.6 billion) and the primary sector with 2.2 billion ringsgit ($491 million).
Mohamed Azmin Ali, the Minister of International Trade and Industry, said Malaysia is on the right track to obtain more capital-intensive and high-quality projects with the sector of services as the primary driver of growth for the economy, and the biggest investment source for approved projects in the first quarter of this year.
To keep the momentum going, he added that his Ministry will continue to improve the competitiveness of the nation through the development of economic complexity, creating an industrial ecosystem that is robust with innovation, increasing the level of inclusion by creating high-paying jobs and providing opportunities for participation in global and regional supply chains.
“Driven by the National Investment Aspirations, we will be focusing our efforts on areas like electronic economy, electrical and electronic (E&E) aerospace, chemical, and pharmaceutical with huge potential for economic growth and sustainable expansion,” he said.
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