Singapore Daily Wrong About Investors Fleeing Malaysia Says Mida

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The Malaysian Investment Development Authority says Malaysia remains a destination for high-value manufacturing and global services.KUALA LUMPUR: Malaysia continues to be the investment destination for high-value manufacturing and global services in Asia, the Malaysian Investment Development Authority (Mida) said today.
Mida described as “incorrect” a recent report by the Straits Times newspaper of Singaore of foreign investors fleeing Malaysia.
The agency said “the piece falsely indicates that the United Nations Commission on Trade and Development report confirmed what has been spoken of anecdotally”.
Mida said Malaysia remained an attractive investment destination with a favourable environment including the availability of excellent infrastructure, telecommunication services, financial and banking services, supporting industries, skills and trainable workforce, as well market opportunities offered through the 16 Free Trade Agreements that it has signed.
Mida stated that it has identified 240 high-profile foreign investment projects including Fortune 500 companies in the manufacturing and services sectors, with a combined potential investment value of RM81.9 billion.
“Presently, Mida has also received RM47.7 billion worth of potential investments into the country. These projects, once approved, are expected to be implemented within the year 2021 to 2022,” it said.
Citing Statistics Department figures, Mida said the total gross foreign direct investment into Malaysia from January to September last year was RM108.2 billion compared with RM102.3 billion for 2019, an increase of 5.8%.
“This is a considerable achievement given the Movement Control Order (MCO) and Recovery MCO in the second and third quarter of last year, respectively,” Mida said.
Mida said the total FDI approved from 2018 to September 2020 was valued at RM206.02 billion.
In 2020, nine existing foreign-owned manufacturing companies with total investments of RM394.3 million in Malaysia had implemented business rationalisation measures.
“These companies have either closed their business operations in Malaysia or relocated to other countries due to technology disruption that transformed their business landscape and reduction in demand for their products.
“This investment is a fraction of the total approved investment in the economy for the period from January-September 2020,” it said. - FMT

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