Kuala Lumpur: It is crucial for Malaysia to adopt balanced and strategic approaches to foreign direct investment (FDI) and direct investment abroad (DIA) that encourage high quality and high value investment.
It is also vital to transfer valuable knowledge and resources to further accelerate economic growth and expedite the transition into an advanced economy, the Ministry of Finance said in its Economic Outlook 2024 report released Friday.As envisaged under the Madani Economy framework, Malaysia aimed to be a leader at the global front, hence efforts shall be focused on increasing its competitiveness and promoting the nation as a prime investment destination, according to the MoF.
SPONSORED CONTENT Daily Express members: Enjoy 1 for 1 signature cocktails and more at Hyatt Centric Kota Kinabalu Kota Kinabalu: DAILY EXPRESS is partnering with Hyatt Centric Kota Kinabalu to offer an exclusive deal for our members. Read more “At the same time, Malaysian companies should also actively explore new emerging markets and venture into greenfield investments such as environmental, social and governance related investments,” it said.
The MoF said that despite recording negative growth during the Global Financial Crisis of 2008-2009 and the recent Covid-19 pandemic, Malaysia was still able to record net inflows of RM5.1 billion in 2009 and RM13.3 billion in 2020.The net inflows of FDI surged more than threefold in 2021 to RM50.4 billion and registered a historic peak of RM74.6 billion in 2022.
According to the report, DIA contribution in the services sector expanded from 61 per cent in 2010 to 72 per cent in 2022, partly due to a surge in the wholesale and retail trade sector.
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