KUALA LUMPUR (Reuters) – Malaysia had approved investments of 378.5 billion ringgit ($85.8 billion) in 2024, a record figure and an increase of 14.9% from the previous year, its trade minister said on Tuesday.
Malaysia received a slew of digital investments from major tech firms last year, including Alphabet’s Google, helping to propel its economy with growth beating market expectations in the second and third quarters and the ringgit currency becoming one of Asia’s top performers in 2024.
Minister Tengku Zafrul Aziz said of the total approved investments figure, 208.1 billion ringgit came from domestic investors while 170.4 billion ringgit came from foreign investment.
The United States was Malaysia’s top foreign investor with a combined 32.8 billion ringgit, followed by Germany at 32.2 billion ringgit, China at 28.2 billion ringgit and Singapore at 27.3 billion ringgit, he said.
The services sector received the bulk of the investments, at 66.8% of the total figure, or 252.7 billion ringgit.
Tengku Zafrul said while challenges in the global economy persist, businesses anticipate a relatively stable operating environment over the next three months in Malaysia, reflecting confidence in its economic resilience.
(Reporting by Danial Azhar; Editing by John Mair, Martin Petty)
