InvestKL of Malaysia Draws Billions in FDI in 2023

InvestKL, the investment promotion agency, reported a significant surge in foreign direct investment (FDI) in 2023, reaching a record high of RM8.7 billion. This impressive figure marks a substantial increase from the RM2.79 billion recorded in the previous year, reflecting a growing confidence among foreign investors in Malaysia, particularly in Kuala Lumpur.

Speaking at a press conference, InvestKL’s chief executive officer, Datuk Muhammad Azmi Zulkifli, attributed this unprecedented influx of FDI to Greater Kuala Lumpur’s attractiveness across various sectors, including technology, healthcare, finance, and engineering. He emphasised that the substantial investments underscore the maturity of Greater KL’s business ecosystem, capable of attracting and supporting complex and high-value investments.

According to Azmi, the investments in 2023 were spearheaded by 12 leading global corporations from the Americas, Europe, and Asia. Notable among these are Cognizant from the US, Demant from Denmark, Beijing Enterprises Water Group Ltd. from China, and the London Stock Exchange Group from the UK, reflecting the diverse range of sectors that have shown interest in Malaysia.

The report released by InvestKL highlighted that the investments in 2023 resulted in the creation of 8,329 high-skilled jobs, a significant increase from the 2,805 positions generated in the previous year. Notably, 81% of these positions were in the digital and technology sectors, showcasing Malaysia’s growing prowess in these industries.

Azmi commended the multinational corporations for their commitment to local talent development, emphasising that a substantial portion of the created jobs are occupied by Malaysians. He highlighted the importance of these corporations in hiring locals, collaborating with Malaysian graduates, and integrating them into mid and senior management roles.

Since its establishment in 2011, InvestKL has successfully secured a cumulative total of RM29.79 billion in FDI, with 66% of these investments materialising, leading to the creation of over 27,000 executive jobs. Azmi expressed optimism about the outlook for 2024, citing InvestKL’s focus on attracting more investments in sectors such as aerospace, semiconductor, and energy. He reiterated his confidence in Malaysia’s evolving ecosystem and the continued influx of FDI, particularly in Greater KL, in the coming year.