KUALA LUMPUR, June 26 — There is potential for approved investments this year to exceed last year’s RM329.5 billion given the positive data from the first quarter of 2024, Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz said today.

Malaysia recorded RM83.7 billion in approved investments across various sectors in the first quarter, representing a 13 per cent increase from RM74.1 billion in the same period last year.

"We can see from the pipeline of projects. It looks very strong. Some are approved and some are yet to be approved. We must make sure those investments are approved as soon as possible,” he said, adding that some are pending the local council’s approval, such as the water sector.

"So, we need to push through to get better numbers,” said Tengku Zafrul at the Bursa Malaysia-Hong Leong Investment Bank Stratum Focus Series XVII "SEMICON: Light at the end of the tunnel?” event today.

In 2023, Malaysia recorded a historic high of RM329.5 billion in approved investments, marking a 23 per cent increase from RM267.7 billion in 2022. Of the 2023 total, 57.2 per cent came from foreign investments, while 42.8 per cent came from domestic sources.

"This year’s GDP (Gross Domestic Product) growth is between four per cent and five per cent, so approved investment should grow at least one time that rate,” he said. — Bernama