Terengganu attracts RM399.8 million in investments in Q1

Terengganu successfully attracted RM399.8 million in approved investments during the first quarter of the year, with the services sector leading the way.

Mohd. Nurkhuzaini Ab. Rahman, chairman of the State Digital Economy, New Revenue, Trade, Industry and Green Technology Committee, stated that the services sector accounted for RM336.4 million (84.1%) of the total, while the manufacturing sector contributed RM63.4 million (15.9%). Domestic investment dominated, making up RM348.4 million (87.1%), with foreign direct investment (FDI) contributing RM51.5 million (12.9%).

Currently, nine potential investment projects are under consideration in sectors including utilities, renewable energy, logistics, and hospitality. Seven projects approved in the first quarter are projected to generate at least 254 new jobs for the state's residents. Additionally, projects under the Malaysian Investment Development Authority (MIDA) recorded RM91.2 million in approved investments across four fully approved projects.

Nurkhuzaini highlighted that these figures reflect investor confidence in Terengganu's economic potential and the effectiveness of the state government's development policies. He added that the investments are expected to have a multiplier effect on the local economy through job creation, increased productivity, and strengthened industrial supply chains.