Malaysia has reached a record 378.5 billion ringgit ($85.8 billion) in approved investments for 2024, marking a 14.9% increase from 2023. The bulk of this investment comes from the services sector. Domestic investors contributed 208.1 billion ringgit, while foreign investments amounted to 170.4 billion ringgit, with the United States leading among foreign investors. Despite global economic challenges, businesses maintain confidence in Malaysia’s economic outlook.
KUALA LUMPUR (Reuters) – Malaysia has achieved an impressive milestone in 2024 by approving investments totaling 378.5 billion ringgit (approximately $85.8 billion), marking a record high and reflecting a 14.9% increase from the previous year. This surge can be attributed to significant digital investments from leading technology companies, including Alphabet’s Google, which have invigorated the nation’s economy, surpassing market expectations in growth during the second and third quarters. Consequently, the ringgit has emerged as one of the strongest currencies in Asia this year.
Minister Tengku Zafrul Aziz noted that out of the total approved investment, domestic investors contributed 208.1 billion ringgit, while foreign investments amounted to 170.4 billion ringgit. The United States led as the foremost foreign investor, contributing 32.8 billion ringgit, closely followed by Germany at 32.2 billion ringgit, China at 28.2 billion ringgit, and Singapore at 27.3 billion ringgit.
The services sector has dominated the investment landscape, comprising 66.8% of the total, or 252.7 billion ringgit. Minister Tengku Zafrul expressed optimism regarding Malaysia’s economic stability, stating that despite ongoing challenges in the global economy, businesses expect a relatively stable operating environment in the near future, which reflects a strong confidence in the nation’s economic resilience.
In conclusion, Malaysia’s record-approved investments of 378.5 billion ringgit in 2024 demonstrate significant growth and confidence in its economic prospects. The substantial contributions from both domestic and foreign investors highlight the nation’s attractiveness as a destination for investment, particularly in the services sector. The positive economic developments indicate resilience in the face of global economic challenges, positioning Malaysia as a robust player in the regional market.
Original Source: money.usnews.com
