Future looks bright for Kedah economy with Q1 FDI in the billions

ALOR STAR – Kedah’s economy is expected to continue to grow robustly as the state struck a record figure of approved foreign direct investments (FDI) in the manufacturing sector amounting to RM42.4 billion out of RM58.8 billion attained by the country in the first quarter of this year.
 
This impressive growth was achieved by the state government led by Menteri Besar Muhammad Sanusi Md Nor, who, despite wanton criticism of his administrative style has won accolades by some quarters for approving mega projects, Kedah Perikatan Nasional (PN) Youth chief Nurul Amin Hamid said today.
 
He said the substantial investments and funding will provide new employment opportunities for the Kedah people, in particular, and Malaysians in general.
 
“The amicability of international and domestic investors in choosing Kedah as their investment destination is seen to continue to grow in the coming period.
 
“The Kulim International Airport (KXP) project and the gazetting of Yan as a federal port are also seen to be able to provide positive economic growth for Kedah,” he said in a statement.
 
Yesterday, the International Trade and Industry Ministry announced that Malaysia had recorded RM80.6 billion in approved investments in the manufacturing, services and primary sectors in Q1 2021, a jump of 95.6% from RM41.2 billion in the same period last year.
 
Five states, namely Kedah, Selangor, Sarawak, Sabah and Kuala Lumpur, contributed RM68.4 billion or 84.9% to the total investment for the January to March period.
 
Amin said that, based on the projections of the Northern Corridor Implementation Authority (NCIA), which oversees the Northern Corridor Economic Region (NCER), Kedah’s GDP will increase by 30%, which is estimated at RM62 billion by 2027.
 
“This economic growth is also seen to be able to provide benefits to the people of Kedah, especially among the poor, in accordance with Sanusi’s wishes for Kedah to be a shelter for the poor and a state for the rich to serve,” he said. – The Vibes, June 11, 2021