Saturday, May 18, 2024

Accelerating Industry Momentum: Over 85% of Approved Manufacturing Projects Implemented in Malaysia


Tengku Zafrul: Over 85% of Approved Manufacturing Projects Implemented

KUALA LUMPUR: In a remarkable demonstration of industry momentum, over 85 per cent of manufacturing projects approved between 2021 and 2023 are already underway. This progress is spearheaded by the Ministry of Investment, Trade and Industry (MITI) alongside the Malaysian Investment Development Authority (MIDA).

The MITI Minister, Tengku Datuk Seri Zafrul Abdul Aziz, shared that out of the 2,386 manufacturing projects sanctioned during this span, the majority have been initiated. The projects differ in complexity, with completion times ranging from 18 to 24 months.

“Our goal is near-complete implementation in the future years. The collaborative effort from multiple sectors, including various ministries, agencies, and the private sector, has been crucial in accelerating the implementation of these investment commitments,” Zafrul elaborated.

The minister highlighted the robust approved investment tally of RM329.5 billion for 2023, indicating the nation’s economic recovery and resurgence. Moreover, a 35.1 per cent increase in domestic investments underscores the confidence in the government’s policy directions under the MADANI administration.

Zafrul pointed out examples of rapid project implementations that were completed in under 18 months. Among these, Enovix Corporation’s Malaysian unit, Enovix Malaysia Sdn Bhd, stood out by initiating its project in under six months. Likewise, Ferrotec Manufacturing Malaysia Sdn Bhd launched Ferrotec Holdings’ inaugural facility in Southeast Asia for electromechanical assembly and advanced material fabrication for semiconductor equipment. Ultra Clean Technology (Malaysia) Sdn Bhd also proceeded with a capacity expansion project in Penang within this accelerated timeframe.

The minister credited the swift and comprehensive execution of approved investments to strategic platforms such as the National Investment Council (MPN), Investment and Trade Coordination Action Committee (JTPPP), and Investment Coordination Committee Meeting (ICCM).

Additionally, MIDA’s Project Implementation and Facilitation Office (TRACK) plays a pivotal role in ensuring the expeditious implementation of these manufacturing projects. “We are dedicated to continuing this momentum, ensuring that approved projects swiftly move from the planning stage to realization,” Zafrul asserted, underscoring the government’s commitment to bolstering Malaysia’s manufacturing sector and economic development.

Alexandra Bennett
Alexandra Bennett
Alexandra Bennett is a seasoned business journalist with over a decade of experience covering the global economy, finance, and corporate strategies. With a Bachelor's degree in Economics and a Master's in Business Journalism from Columbia University, Alexandra has built a reputation for her insightful analysis and ability to break down complex economic trends into understandable narratives. Prior to joining our team, she worked for major financial publications in New York and London. Alexandra specializes in mergers and acquisitions, market trends, and economic

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