Foreign affiliates contributed 17.1% to Malaysia’s economy in 2024, with manufacturing value added rising to RM165.4 billion, says DOSM.
PUTRAJAYA: Foreign affiliates in Malaysia contributed 17.1 per cent to the national economy in 2024, with the value added in the manufacturing sector increasing to RM165.4 billion compared to RM158 billion in 2023.
According to the 2024 Foreign Affiliate Statistics in Malaysia (Inward FATS) published by the Department of Statistics Malaysia (DOSM), the number of foreign affiliates in Malaysia increased to 3,230 in 2024 compared to 3,101 the previous year.
The number of workers employed by foreign affiliates also increased to 983,512 in 2024 compared to 945,436 in 2023.
“Employee compensation also increased to RM60 billion in 2024 compared to RM57.9 billion the previous year,” said the statement.
In terms of sectors, DOSM reported that the value added by services increased to RM83.1 billion in 2024 compared to RM78.1 billion in 2023, while the mining and quarrying sector recorded RM77.8 billion compared to RM78.5 billion.
“The construction sector recorded an increase in added value to RM4 billion in 2024 compared to RM3.4 billion in 2023, while the agriculture sector remained at RM600 million,” said the statement.
According to the DOSM, by major region, Asia recorded the highest number of foreign affiliates, with 2,074 or 64.2 per cent of the total, followed by Europe, with 673 or 20.8 per cent, and the US, with 412 or 12.8 per cent.