Malaysia achieved a record 378.5 billion ringgit ($85.8 billion) in approved investments in 2024, representing a 14.9% increase from the previous year. The United States was the leading foreign investor, with the services sector attracting the majority of investments. Minister Tengku Zafrul Aziz expressed confidence in Malaysia’s economic resilience despite global challenges.
Kuala Lumpur has reported a remarkable achievement in 2024, with approved investments totaling 378.5 billion ringgit (approximately $85.8 billion), marking a record high and a significant increase of 14.9% compared to the previous year, as stated by the Trade Minister, Tengku Zafrul Aziz. This surge in investments is attributed to substantial digital investments from influential technology corporations, notably from Alphabet’s Google, which have positively impacted Malaysia’s economic growth, surpassing market expectations during the second and third quarters. Moreover, the Malaysian ringgit has emerged as one of the strongest currencies in Asia for the year 2024.
Minister Tengku Zafrul Aziz disclosed that domestic investors contributed 208.1 billion ringgit, while foreign investments amounted to 170.4 billion ringgit. Among foreign investors, the United States led with a total of 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. This diverse influx of investments underscores Malaysia’s attractiveness as a destination for both local and international investment opportunities.
The services sector received the majority of these investments, accounting for 66.8%—or 252.7 billion ringgit—of the total. Despite ongoing challenges posed by the global economy, Minister Tengku Zafrul has expressed optimism regarding the operating environment in Malaysia over the upcoming three months, indicating a robust confidence in the nation’s economic stability. This sentiment reflects the resilience of Malaysian businesses amid fluctuating global economic conditions.
In summary, Malaysia’s record approval of investments in 2024, amounting to 378.5 billion ringgit or $85.8 billion reflects a healthy economy bolstered by domestic and foreign contributions. The strong performance of the services sector, along with continued confidence from both domestic and international investors, highlights Malaysia’s economic resilience. Overall, the country appears well-positioned for sustained economic growth in the coming months despite global challenges.
Original Source: money.usnews.com
