KUALA LUMPUR (July 18): Malaysia is targeting a 5% growth in approved investments in 2024, said Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz.

Malaysia recorded approved investments of RM83.7 billion in the first three months of 2024 (1Q2024), marking a 13% increase from RM74.1 billion recorded in the previous corresponding period.

"For now, officially the target is 5% for the approved investment and we will review this figure later based on the investment pipeline. At the moment, the 5% targeted growth is based on the expected gross domestic product (GDP) growth for the country of between 4% and 5% this year," Tengku Zafrul told the media after the unveiling of the ministry’s report card for the second quarter this year (2Q2024).

Of the total approved investment of RM83.7 billion in 1Q2024, foreign investments contributed RM47 billion (56.2%), while domestic investments were RM36.7 billion.

In 2023, Malaysia managed to record total investments of RM329.46 billion, comprising foreign investments of RM188.37 billion and domestic investments of RM141.09 billion.

Based on the 5% target growth, total investments will increase to RM345.9 billion. 

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