Mida says Malaysia’s FDI fell 22.4pc to RM164b in Covid-19 pandemic year
KUALA LUMPUR, March 2 — Approved foreign investments for Malaysia stood at RM164 billion for 2020, a drop from the previous year as opportunities were affected by Covid-19.
In its Investment Performance Report 2020 released today, the Malaysian Investment Development Authority (Mida) said foreigners pumped in RM164 billion involving 4,599 projects, which were expected to create approximately 114,673 job opportunities in the country.
In comparison, 5,287 projects involving RM211.4 billion were approved in 2019, a decline by RM47.4 billion or 22.4 per cent for 2020.
This drop has been attributed to the impact faced by the services and primary sectors, which were directly affected by the declines in global demands due to the Covid-19 pandemic, as well as the movement control order (MCO) which was first implemented in March last year.
MORE TO COME
Related Articles Malaysia offers incentives to attract investors, more strategic ones to be announced, says Muhyiddin UOB Research: Malaysia’s headline inflation sees smaller contraction of 0.2pc Economic survival will be due to ‘rakyat stimulus’ not the vaccine roll-out — Paolo Casadio and Geoffrey Williams
