MITI to streamline strategy, focus to ensure continued foreign investment in Malaysia

KUALA LUMPUR (13 March 2023): The Ministry of International Trade and Industry (Miti) will streamline its strategies and focus to ensure foreign investors continue to invest in Malaysia and not shift their investments elsewhere.

Deputy Minister of International Trade and Industry Liew Chin Tong (pix) said the government via Miti has always taken proactive steps in attracting foreign investments.

Malaysia did well in 2021 with total approved investments of RM309.4 billion and RM264.6 billion last year, he noted.

“Of the total investments in 2022, foreign investors contributed 61.7 per cent, or RM163.3 billion, while domestic investments comprised 38.3 per cent, or RM101.3 billion.

“The approved investments have the potential to generate 140,370 jobs,” he told Parliament.

Liew said Southeast Asia has been a beneficiary of the shift away by European and American firms from China through the “China+1” model as the region is seen as an alternative to China.

Companies from China which are suppliers to US and European firms have also chosen Southeast Asia as an investment destination, he added.

“This is an opportunity for Malaysia to be a high-income nation with an economic ecosystem that is dynamic.

“Malaysia’s strategic location in Southeast Asia which enables wide market access is among the factors supporting Malaysia as an investment destination,” he said. -Bernama

Source: The Sun 

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