BUSINESS

UOB MALAYSIA MAINTAINS 2021 INVESTMENT APPROVALS FORECAST AT RM185 BLN

14/06/2021 07:32 PM

KUALA LUMPUR, June 14 (Bernama) -- UOB Malaysia is maintaining its projection for full-year investment approvals at RM185 billion in 2021 compared with RM167.4 billion in 2020, despite near-term challenges due to the current nationwide lockdown.

Senior economist Julia Goh said the country’s vaccination rollout would restore economic recovery and help investments regain momentum.

She said the recovery in investment approvals would help stimulate private investments and expand production capacity in sectors that have continued to see robust growth and demand.

"As of March 2021, there were RM54.4 billion worth of proposed investments that may actualise this year," she said in a note today.

“However, this is subject to the course of COVID-19, vaccination rates, containment measures and global macro conditions,” she said.

Domestically, the government has announced several initiatives under various stimulus plans as well as Budget 2021 to attract high-value investments.

In addition, the Malaysian Investment Development Authority (MIDA) has set up the Project Acceleration and Coordination Unit (PACU) to provide end-to-end facilitation for all projects approved and introduced several online services for licence approvals, incentives, and exemptions to expedite the execution of projects.

It has also introduced a new process workflow for expatriate applications, with a One-Stop Centre to evaluate applications of eligible business travellers to enter Malaysia for trade and investment purposes.

Malaysia’s total approved investments surged 95.6 per cent to RM80.6 billion in the first quarter of this year (Q1 2021), compared with RM41.2 billion in Q1 2020, despite the lingering COVID-19 pandemic challenges.

The manufacturing sector continued to attract the highest level of investments, totalling RM58.8 billion or 72.9 per cent of total approved investments, followed by services at RM15.6 billion (19.4 per cent) and the primary sector at RM6.2 billion ( 7.7 per cent).

Goh said the rebound in foreign direct investment (FDI) was evident given higher foreign investment approvals of RM54.9 billion.

The FDI represented 68.1 per cent of total approved investments in the quarter, followed by approved domestic investments of RM25.7 billion, or 31.9 per cent.

-- BERNAMA


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