39,231 jobs were created in Malaysia as a result of digital investments between 2021-2023

According to MITI'S Q1 2024 update, RM144.7bn worth of digital investments were approved in the period, covering investments in data centres.

The Ministry of Investment, Trade and Industry (MITI) of Malaysia has just released its Q1 2024 report card. 

According to an Instagram post by Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz, the report is broken down into the three cores of MITI - Investment, Trade and Industry.

Investment

• Between 2021 to 2023, RM144.7bn worth of digital investments were approved. This created a total of 39,231 job opportunities in the period, and included RM114.7mn worth of digital investments approved for data centres.
• Out of 2,386 manufacturing projects, 98.6% of projects implemented or at the planning stage were approved between 2021 to February 2023.

Trade

• RM59.3bn worth of Free Trade Agreement( FTA) certificates of origin (CO) benefitted Malaysia exporters: ASEAN Trade in Goods Agreement; ASEAN - China FTA; and ASEAN - Korea FTA.
• In Q1 2024, three initiatives were implemented to increase Malaysia exports: 
  a. RM291mn worth of potential exports benefitted 14 companies & generated 1,077 business leads.
  b. RM1.49bn worth of potential exports benefitted 80 companies, & nine MOUs between Malaysia and global companies were signed.
  c. A resumption of talks between Malaysia and the Republic of Korea will allow the potential to increase trade & investments in supply chains, digital economy, bioeconomy, green hydrogen, etc. 

Industry

• Malaysia's EV sector is on the right growth path, with 1,995 approved applications and 2,214 EV charging stations installed.
• In Q1 2024, some initiatives were implemented to empower SMEs in industries:
  a. The Accelerator Commercialisation and SME Development programme.
  b. High-Tech R&D, Commercialisation and Innovation (RDCI) for the E&E sector: Targetting 12 SMEs.
  c. Tech Audit 2024: Completed for 50 SMEs.
  d. Tech Intervention 2024: Completed for 19 SMEs.
  e. 401 Malaysian SMEs were approved for a total grant of RM149.1mn. 
  f. Soft Loan for Automation and Modernisation 2024: RM58.91mn has been disbursed to 17 SMEs thus far.
  g. RM8mn matching grant has been disbursed to five Bumiputra aerospace SMEs.

Tengku Zafrul shared that MITI will continue to have report cards periodically for the information of the people.  

READ MORE: 'This is where global starts': MITI's 4 strategic pillars to guide Malaysia through its second economic take-off

Lead image / 123RF