Business

Investments up by 18.8% in Q1 2015

Mustapa points out that the higher investments were achieved despite the World Bank's lower economic forecast for Malaysia in 2015.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — June 1, 2015: Malaysia recorded RM57.4 billion of approved investments in the primary, services and manufacturing sectors for the first quarter (Q1) of 2015.

Manufacturing led the way with RM33.6 or 58.5% of the total, followed by services with RM22.3 billion and the primary sector with RM1.5 billion.

International Trade and Industry Minister Dato’ Sri Mustapa Mohamed said the increase was achieved despite the World Bank’s lower growth forecast for the Malaysian economy for 2015.

“It reflects the faith of investors in Malaysia and its ability to hold its own in an increasingly competitive environment,” he said.

Mustapa said policies and processes implemented under the government’s transformation programme and the economic transformation programme were key to enhancing Malaysia’s status as a preferred investment destination.

He noted that the bulk of the investments came from domestic sources, which contributed RM47.4 billion or 82.6%. This is in line with the goals of the government to promote higher domestic investments to spearhead economic growth.

The projects approved in Q1 are expected to generate about 48,120 jobs.

These projects are also expected to enhance among others, the growth of domestic companies, cluster development, local sourcing, R&D activities and
human capital development. — Bernama

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News sourced from Bernama, Reuters, AFP and other accredited news agencies, including credible blogsites and news portals.