KUALA LUMPUR: Malaysia has attracted a total of RM42.8bil approved investments in the manufacturing, services and primary sectors, involving 910 projects in the first quarter of 2022.

       "The foreign direct investments (FDI) remained the major contributor, at 65% or RM27.8bil, while investments from domestic sources contributed 35% amounting to RM15bil. The approved investments for this period will create 24,906 new jobs in the country,” the Malaysian Investment Development Authority (MIDA) said in a statement.

       In the first quarter, the manufacturing sector continued to assume an important role in driving the country's economic recovery, accounting for more than half (70.1%) of total approved investments of RM30bil, followed by the services sector at RM12.7bil (29.7%) and the primary sector at RM0.1bil (0.2%).

       MIDA said FDI accounted for 65% or RM27.8bil of approved investments.

       Of the total investments approved, Germany dominated foreign investments for the period January to March 2022, with investments totalling RM8.9bil (32%), followed by Brunei RM 5.1bil (18.3%), the United States of America RM3.9bil (14%), Hong Kong RM3.3bil (11.9%), and Japan RM3.2bil (11.5%) of total approved FDI in the country.

       For projects approved by the state, five major states, namely Kedah, Penang, Selangor, Sabah and Johor, contributed RM31.8bil (74.3%) of the total investments approved from January to March 2022.

       “Malaysia remains an attractive investment destination for global investors with the manufacturing sector maintaining its position as a key pillar of the economy for 2022 generating significant multiplier effects on the nation's growth.

       “Today, we are proud to have over 5,000 companies from more than 40 countries that have made Malaysia their location for manufacturing and related services operations,” senior minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said.

       He noted that Malaysia will continue to focus on high-growth and high value-added sectors which offer Malaysians exciting job opportunities.

       “Aligning to the 12th Malaysia Plan, Malaysia has been securing new investments that position well with the country’s National Investment Aspirations (NIA) and Environmental, Social and Governance (ESG) principles. This will stand us in good stead to capture more economic opportunities. We look forward to seeing more significant growth for the second quarter of 2022,” Azmin said.