In 2024, Malaysia reached a record of 378.5 billion ringgit ($85.8 billion) in approved investments, a 14.9% increase from the previous year. Domestic investors contributed significantly, while the United States led foreign investment. The services sector garnered the most investment, and despite global economic challenges, confidence in Malaysia’s economy remains high.
Malaysia has recorded an unprecedented level of approved investments totaling 378.5 billion ringgit (approximately $85.8 billion) in 2024, marking a 14.9% increase compared to the previous year. This significant achievement was announced by the Trade Minister, Tengku Zafrul Aziz, who attributed the boost to a surge in digital investments from prominent technology companies, including Alphabet’s Google.
The influx of investments has notably strengthened Malaysia’s economy, with growth surpassing market expectations during the second and third quarters of 2024. As a result, the Malaysian ringgit has emerged as one of the most robust currencies in Asia this year. Of the total approved investments, domestic investors contributed 208.1 billion ringgit, while foreign investments amounted to 170.4 billion ringgit.
In terms of foreign investment, the United States emerged as Malaysia’s leading investor, contributing 32.8 billion ringgit. This was followed closely by Germany with 32.2 billion ringgit, China at 28.2 billion ringgit, and Singapore with 27.3 billion ringgit. The services sector predominantly benefited from these investments, capturing 66.8% of the total, equating to 252.7 billion ringgit.
Despite ongoing global economic challenges, Minister Tengku Zafrul Aziz expressed optimism about the current business landscape in Malaysia. He indicated a prevailing confidence among businesses regarding a stable operating environment expected over the next three months, highlighting the nation’s economic resilience.
In conclusion, Malaysia’s impressive approved investments of 378.5 billion ringgit in 2024 reflect robust economic growth and increased confidence among both domestic and foreign investors. The notable contributions from major tech firms and leading foreign investors signify a thriving investment climate. The services sector continues to dominate, underscoring Malaysia’s strategic economic focus amidst global uncertainties.
Original Source: money.usnews.com
