Speaking to the media after an event on investment on March 8, Zafrul Aziz said that the services sector is the major contributor with 154 billion ringgit, followed by an 84.3 billion ringgit boost in the manufacturing sector and 26.3 billion ringgit in the primary sector.

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Malaysia attracts nearly 60 billion USD in investment last year. (Photo: thestar.com.my) 

Foreign direct investment (FDI) remained the major contributor to the total approved investments at 61.7% or 163.3 billion ringgit, while domestic direct investment (DDI) contributed 38.3% or 101.3 billion ringgit.

Last year, China was Malaysia’s biggest foreign investor with an investment of 12.5 billion USD. Other major investors in Malaysia included the US with 6.26 billion USD, the Netherlands with 4.51 billion USD, Singapore with 2.99 billion USD, and Japan with 2.52 billion USD.

Malaysia targets a 20% increase in approved investments in 2023 compared to 2022, said Minister Zafrul.

The official acknowledged that this is a difficult goal, especially in the context of many challenges including the U.K.'s interest rate hike, the Russia -Ukraine conflict, and the competition to attract foreign investors in the region.

He emphasized that Malaysia needs to ensure a favorable investment environment and long-term investments.

Source: VNA