KUALA LUMPUR: Malaysia has approved RM2.07 billion worth of renewable energy investments from January to August this year, surpassing the RM1.37 billion recorded for the whole of last year.
Malaysian Investment Development Authority (Mida) deputy chief executive officer II Datuk N. Rajendran said the investments approved for the eight months were 33 per cent, or RM700 million, higher than the whole of last year.
He said Malaysia continued to attract foreign direct investments despite a slower global economic pace.
“Last year, we approved RM36.14 billion of foreign investments in manufacturing, services and primary sectors,” he said after the opening of the Renewable Energy Symposium 2016, here, yesterday.
The event aims to present German technology solutions and expertise to all stakeholders from private and public sectors in renewable energy-related fields in Malaysia, particularly in decentralised and off-grid power generation.
There will be 60 business matching sessions with eight German companies at the symposium, which ends tomorrow.
“Germany’s investments are strong in electrical and electronics as well as petroleum products, including petrochemicals, chemicals, and scientific and measuring equipment,” he said.
With the increase in approved investments, Malaysia and Germany could see stronger trade ties, particularly in renewable energy.
“The sustained inflows of quality German investments into Malaysia, some incorporating the latest technology and high value-added activities, are a reflection of Malaysia’s continued competitiveness for global businesses.
“Among the European Union countries, Germany is our largest investor. As of August this year, we have approved a total of 562 manufacturing projects with German participation. These investments, which totalled RM41.02 billion, have created 66,430 employment opportunities,” he added.
Among the German companies that had established their bases in Malaysia are Infineon, Osram, SGL Carbon, Continental, BASF, Elektrisola, B. Braun, Robert Bosch, Siemens, X-Fab, Jowat, Schmidt + Clemens, SEW Eurodrive and Mühlbauer.
Germany is Malaysia’s 12th largest trading partner globally, with total bilateral trade of RM43.03 billion last year.