Malaysia’s 2024 FDI Climbs on Booming Services Sector
(MENAFN) Malaysia saw a significant rise in foreign direct investment (FDI) in 2024, with net inflows reaching 51.5 billion ringgit (approximately $12.16 billion), a sharp increase from 38.6 billion ringgit ($9.11 billion) recorded in the previous year, according to official figures released Wednesday.
In a statement, the Department of Statistics Malaysia (DOSM) reported that the country’s overall FDI position rose to 995.5 billion ringgit ($234.92 billion) by the end of 2024, up from 924 billion ringgit ($218.17 billion) at the close of 2023.
Foreign enterprises operating in Malaysia also saw higher returns, generating total income of 99.8 billion ringgit ($23.54 billion), compared to 88.4 billion ringgit ($20.85 billion) the year before.
The services sector dominated FDI inflows, drawing 39.4 billion ringgit ($9.29 billion) in net investment, followed by the manufacturing sector at 9.1 billion ringgit ($2.15 billion), and mining and quarrying at 5.3 billion ringgit ($1.25 billion).
According to the statement, the services sector also accounted for the largest share of FDI position, totaling 524.8 billion ringgit ($123.76 billion) by year-end.
Despite the services sector leading in inflows and position, manufacturing remained the top FDI income generator, pulling in 54.6 billion ringgit ($12.88 billion). (Exchange rate: 1 ringgit = $0.24 USD)
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