2023-09-17 16:15:20
The Malaysian Investment Development Authority announced that the country attracted approximately 132.6 billion ringgit (28.4 billion US dollars) in approved investments during the first half of this year, an increase of 7.8 percent compared to the same period last year.
Authority data showed that local direct investment jumped by 58.2 percent compared to last year, reaching 69.3 billion ringgit, which is slightly more than half of all approved investments.
The Authority indicated that foreign direct investment contributed 47.8 percent, or 63.3 billion ringgit, of the volume of investments.
Singapore came in first with 13.7 billion ringgit, followed by Japan with 9.1 billion ringgit, then the Netherlands with 9 billion ringgit.
The Malaysian government is committed to a plan to reduce the budget deficit to 3.5 percent of GDP by 2025, as it expects the economy to grow at a rate of at least 5 percent until the end of the five-year period covered by the 12th Malaysian Plan presented by the former Prime Minister in 2021.
Malaysia’s economy recorded a growth of 2.9 percent during the second quarter of 2023, supported by improved labor markets, increased domestic demand, and tourism activities.
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