Business

‘M’sia still competitive investment destination’

Despite global uncertainties, country boasts RM106.7 billion approved investments last year, says Mida CEO

Updated 5 years ago · Published on 27 Jan 2021 5:30PM

‘M’sia still competitive investment destination’ — Malaysia’s economic structure and solid macroeconomic management will continue to support the country’s economic fundamentals as it advances into the new normal. – File pic, January 27, 2021

KUALA LUMPUR – Malaysia continues to be a competitive investment destination despite global uncertainties, with US$26.4 billion (RM106.7 billion) investments being approved in the first nine months of last year.

In a statement today, Malaysian Investment Development Authority (Mida) chief executive officer Datuk Azman Mahmud said investments approved in the manufacturing sector from January to September last year saw an increase of 16.6% in capital investments, up from the 3.2% recorded in the same period in 2019.

“The government is undertaking additional initiatives – including easing businesses operations through digitalising selected government services, providing tax incentives for the pharmaceutical and services sectors, and the implementation of a one-stop centre to facilitate the entry of business travellers into the country – to further drive foreign investments,” he said in a statement released in conjunction with the “Italian Industry Expertise in Malaysia” webinar hosted by CIMB Asean Research Institute here today.

Azman said he is confident that Malaysia’s economic structure and solid macroeconomic management will continue to support the country’s economic fundamentals as it advances into the new normal.

“As we move towards strategic diversification, the country offers vast opportunities for Italian investments in high-quality machinery and equipment, aerospace, green and automotive technologies, as well as industrial design.”

He said Mida is optimistic that more quality investment will be coming in.

He also urged Malaysia’s private sector to leverage upon Italian technological expertise to facilitate Malaysia’s own digital economy, which is projected to grow by 21% between 2020 and 2025, reaching an estimated US$30 billion gross merchandise value by 2025.

Italian ambassador to Malaysia Cristiano Maggipinto said Italy remains committed to be Malaysia’s trading and investment partner.

He said despite the Covid-19 pandemic, bilateral trade between the two countries in the first seven months of last year remained at similar levels as in 2019.

He added that Italian companies in Malaysia are operating in oil and gas, defence and aerospace, construction, as well as automotive and chemicals sectors. – Bernama, January 27, 2021