KUALA LUMPUR: Malaysia is set to release updates next month on the realisation status of the RM329.5 billion of approved investments in 2023, according to Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
This amount marked the highest in history, representing a 23 per cent increase compared to the RM264.6 billion total from 2022.
The approved investments last year involved 5,101 projects, which have the potential to generate over 127,000 additional job opportunities.
At RM168.4 billion, the services sector accounted for more than half (51.1 per cent) of all approved investments.
The manufacturing sector came in second with RM152 billion (46.1 per cent) and the primary industries sector with RM9.1 billion (2.8 per cent).
"We will be announcing in the first week of April the update on that. The numbers are being finalised to show how much we have started in terms of that RM329.5 billion," Tengku Zafrul said during the Industrial Take Off Year 2024 programme at Concorde Club at Wisma Bernama here today.
In terms of potential investments and recently announced committed investments, implementation-wise, it will require two to three years, he said, adding that the focus on execution is crucial.
Tengku Zafrul noted that on average, the annual implementation performance from 2021 to 2023 indicates that over 85 per cent of approved manufacturing projects have been executed, with Miti and its agency the Malaysian Investment Development Authority (Mida) taking the lead.
"Through our National Investment Council, we are pushing all parties within the government, especially the agencies and ministries, all the way to the state governments, including the local councils, to speed up the whole process.
"There is definitely room for improvement in this area. As committed investments turn into approved investments, we need to make sure that approved investments turn into realised investments, and there are no unnecessary challenges or roadblocks faced by the investors," he said during a discussion with the media here this morning.
"We are seeing better speed and better traction. We are confident that we will start announcing the tracking of this in a more regular manner. We have done this every six months, every one year, but we want to increase that and be more transparent so that people are aware of the process that is taking place and where the gross investments are," he said.
