The manufacturing sector secured 195.1 billion ringgit value of tasks in 2021, 114% greater than within the earlier 12 months, with the majority of funding going to {the electrical} and electronics business, the Malaysian Funding Improvement Authority (MIDA) mentioned in a press release.
The northern state of Penang, which is Southeast Asia’s semiconductor manufacturing hub, was the most important recipient of investments.
“The manufacturing sector continued to be the mainstay of the economic system for 2021, producing vital multiplier results on the nation’s actions and development,” MIDA mentioned.
International direct investments accounted for about 68% of the authorised investments, greater than thrice than in 2020. Prime overseas buyers included The Netherlands, Singapore, China, Austria and Japan.
Minister of Worldwide Commerce and Trade Mohamed Azmin Ali mentioned within the assertion that easing COVID-19 restrictions and excessive vaccination charges have allowed financial actions to renew in Malaysia.
