KUALA LUMPUR – Half of the RM329.5 billion in approved projects for 2023 have reached the implementation stage, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
Taking to social media platform X, the minister aimed to clarify any misconceptions surrounding the recent announcement by Prime Minister Datuk Seri Anwar Ibrahim, emphasising that at least 50.1% of the projects approved last year are actively progressing.
“Manufacturing projects will generally take around 18 to 24 months to complete.
“(So), when a new investment is approved, it wouldn’t be able to operate straight away. You would have to purchase land and install complex equipment in the factory (before it operates).
“(Therefore), God willing, Miti and Mida (Malaysian Investment Development Authority) will raise the rate of implementation,” he said, ending the posts with an emoji of muscular arms.
Furthermore, Zafrul shared the profiles and posts of specific social media accounts, including @danielhawkeye and @zulkiflihassan3747, which had cast doubts on the progress of investments in the country.
On February 23, Zafrul reported that over 85% of manufacturing projects approved between 2021 and 2023 have been successfully implemented.
These projects, totalling 2,386, are expected to take between 18 to 24 months for completion, depending on their complexity.
On February 23, Anwar said although the ringgit fluctuation is concerning, Malaysia has notched a new record with a total approved investment of RM329.5 billion in the last year.
“We have to take a comprehensive view of the country’s capacity to grow and to sustain growth. Inflation is down, unemployment is down. We are not ignoring the (ringgit) problem, we are monitoring it as it affects us all,” he said.
“The current situation and what took place in 1998 are not the same. At that time, investments were down and inflation was high.” – February 26, 2024