KUALA LUMPUR, March 8 — The majority of approved investments in the manufacturing sector are from existing businesses expanding their operations, which demonstrates their confidence in Malaysia, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.

"In the manufacturing sector alone, 63 per cent of investments approved are from existing businesses expanding their operations.

"This shows the companies’ confidence towards Malaysia’s economic stability and growth prospects,” he said in a post on X today.

Tengku Zafrul added that Malaysia recorded 5,310 approved projects in 2023, which could generate 130,000 jobs.

In a separate post, he said that Prime Minister Datuk Seri Anwar Ibrahim’s visit to Australia was a resounding success.

"The prime minister announced RM24.5 billion in potential investments from five companies within the next five to ten years, and several projects will assist Malaysia in establishing a strong digital economy and renewable energy ecosystem that is estimated to create over 1,200 high-skilled job opportunities,” he said.

The visit also resulted in potential exports exceeding RM962.1 million to Australia, encompassing a diverse range of products, including urea, wood products, food and beverages, as well as electronic components.

Tengku Zafrul said these potential investments are in sectors targeted under the New Industrial Master Plan 2030 (NIMP 2030), such as renewable energy, chemicals and digital economy.

"The government is targeting industries such as these to create high-salary jobs for the people and better opportunities for small and medium enterprises.

"These achievements also mirror the belief in the Madani government’s policies and its capacity to implement them,” he added. — Bernama