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Malaysia draws more investments in first half
South Korea is Southeast Asian country’s fourth-largest foreign direct investor
By Korea HeraldPublished : Sept. 2, 2013 - 21:17
Despite tough economic conditions, Malaysia has managed to secure 97.4 billion ringgits ($29.7 billion) in approved investments during the first half of this year, higher than the 75 billion ringgits it attained in the same period last year, officials said.
Nelson Samuel, an investment counselor and director of the Malaysian Investment Development Authority at the Embassy of Malaysia in Seoul, quoted MIDA CEO Datuk Noharuddin Nordin as saying that at this pace, MIDA was confident that the total investments this year would exceed last year’s 167.8 billion ringgits.
According to Nordin, MIDA is currently in the process of negotiating potential investments of 39.7 billion ringgits to be added in the second half of this year.
Expected job creation from these new projects has also increased to 90,881 from 79,747, he said.
Of the 97.4 billion ringgits recorded in the first half this year, the services sector makes up 58.1 billion ringgits, or 59.7 percent, followed by the manufacturing sector at 22.5 billion ringgits, or 23.1 percent.
Mining, oil and gas, agriculture and plantation accounted for 17.2 percent with 16.8 billion ringgits.
Foreign direct investments totaled 30.7 billion ringgits, a 71 percent increase from the previous year.
“This shows that despite the global economic slowdown, Malaysia still remains a very attractive destination for foreign direct investment,” said Nordin.
The United States made the largest FDI with 5.2 billion ringgits followed by Singapore and Japan.
South Korea is the fourth-largest investor with 1.72 billion ringgits.
Investments from global operations in the first half of this year alone totaled 4.6 billion ringgits, already exceeding the amount recorded for all of 2012.
“In the past, we were not recognized as a location for regional or global operations but increasingly, companies are recognizing that Malaysia has the competitive advantage to position itself as a hub for global operations,” the MIDA CEO added.
Regardless of increasing FDI, domestic investments still remain the biggest source of private capital with 66.7 billion ringgits.
Nordin also emphasized that one of MIDA’s current goals was to promote not just any investment, but quality investment.
By Kim Joo-hyun (jhk@heraldcorp.com)
Nelson Samuel, an investment counselor and director of the Malaysian Investment Development Authority at the Embassy of Malaysia in Seoul, quoted MIDA CEO Datuk Noharuddin Nordin as saying that at this pace, MIDA was confident that the total investments this year would exceed last year’s 167.8 billion ringgits.
According to Nordin, MIDA is currently in the process of negotiating potential investments of 39.7 billion ringgits to be added in the second half of this year.
Expected job creation from these new projects has also increased to 90,881 from 79,747, he said.
Of the 97.4 billion ringgits recorded in the first half this year, the services sector makes up 58.1 billion ringgits, or 59.7 percent, followed by the manufacturing sector at 22.5 billion ringgits, or 23.1 percent.
Mining, oil and gas, agriculture and plantation accounted for 17.2 percent with 16.8 billion ringgits.
Foreign direct investments totaled 30.7 billion ringgits, a 71 percent increase from the previous year.
“This shows that despite the global economic slowdown, Malaysia still remains a very attractive destination for foreign direct investment,” said Nordin.
The United States made the largest FDI with 5.2 billion ringgits followed by Singapore and Japan.
South Korea is the fourth-largest investor with 1.72 billion ringgits.
Investments from global operations in the first half of this year alone totaled 4.6 billion ringgits, already exceeding the amount recorded for all of 2012.
“In the past, we were not recognized as a location for regional or global operations but increasingly, companies are recognizing that Malaysia has the competitive advantage to position itself as a hub for global operations,” the MIDA CEO added.
Regardless of increasing FDI, domestic investments still remain the biggest source of private capital with 66.7 billion ringgits.
Nordin also emphasized that one of MIDA’s current goals was to promote not just any investment, but quality investment.
By Kim Joo-hyun (jhk@heraldcorp.com)
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Articles by Korea Herald
