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Geared for Recovery Malaysia Investment Performance Report 2020 Geared for Recovery Contents 1.0 Year in Review – Industrial Electronics – Electrical Components Global Reboot 8-15 – Electrical Appliances and Industrial Electrical • A Year for the Books • Transport Equipment • Global Investment Landscape Impacts – Aerospace Malaysia’s Foreign Direct Investment Flows – Automotive • The Malaysian Landscape – Rail • Overview of Investments Approved in 2020 • Machinery and Equipment (M&E) • Resilient in Tough Times - Laudable • Engineering Supporting Industry (ESI) International Rankings • Basic Metal Products Built to Last 16-19 • Fabricated Metal Products • Textiles and Apparels • Investment Strategies and Initiatives • Non-Metallic Mineral Products • The Domestic Investment Agenda • Industrialised Building System (IBS) • Towards Malaysia’s Future • Medical Devices Box Article - APEC 2020 : 20 • Pharmaceuticals A Virtual Success • Biotechnology (Including Bionexus Projects) • Food Industry Box Article - A Sustainable Way 21 – Agrofood – Food Processing • Palm Oil Products 2.0 Performance of the – Palm Oil-Based Products Manufacturing Sector – Palm Biomass • Chemicals and Chemical Products Resilient Rebound 24-29 • Petroleum Products (Including Petrochemicals) • A Strong Finish • Plastic Products • Foreign Investment Scenario • Rubber Products • Domestic Brief • Oleochemicals • Industry Stars • Wood and Wood Products and Furniture • Jobs Profiled and Fixtures • CIPE Goes Up • Paper, Printing and Publishing • Foreigners Take Front Seat • The Location Mix Box Article - Our Lighthouse 68 • Implemented Manufacturing Projects Box Article - The One-Stop Centre 69 Industry Insights 30-67 (OSC) Keeps Business Travellers • Electrical and Electronic Products Safe Throughout COVID-19 – Electronic Components – Consumer Electronics Image credits (selected): Shutterstock.com 3.0 Performance of the 4.0 Performance of the Services Sector Primary Sector A Bumpy Ride 72-75 Primary Notes 102-105 • Agriculture Inside Services 76-97 • Mining • Global Establishments • Plantation & Commodities – Principal Hubs (PH) – Regional/Representative Offices (ROs/REs) 5.0 Collaboration 108-111 • Business and Professional Services Towards Attracting – Digital Services Quality Investments • Research and Development (R&D) • Green Technology Box Article - MIDA’s 360° 112-113 – Renewable Energy Comprehensive Business – Energy Efficiency Facilitation and Support – Waste Management Services – Green Services • Oil and Gas Services and Equipment • Shipbuilding and Ship Repair (SBSR) 6.0 What’s Next 116-128 • Logistics – Integrated Logistics Services (ILS) A Time to Heal – International Integrated Logistics • Economic Recovery Plan Services (IILS) • The Breakdown • Healthcare • Budget 2021 • Education • Twelfth Malaysia Plan and the New IMP • Hospitality-Hotels & Tourism • Real Estate Box Article - RCEP : 129 • Utilities An Opportune Connection • Telecommunications • Financial Services • Appendices 130-141 • MSC Status Companies • Distributive Trade • Transport Box Article - Call to Digital 98-99 1.0 Year in Review 2020 Malaysia Investment Performance Report “The post-pandemic period will provide a unique opportunity for global cooperation to rebuild the international economic order and the international social order. Countries need comprehensive trade strategies, they need to prioritise investment in innovation, technology, infrastructure and also the digital economy.” Pamela Coke-Hamilton, Executive Director of the International Trade Centre Global Reboot The world went through one of the most challenging periods in recent history with the spread of the COVID-19 pandemic leading to simultaneous health and economic crises. Streets were emptied, borders closed and the global economic supply chain went through periodic shutdowns to curb the spread of infections. Malaysia was not spared but managed to leverage on its strengths to continue attracting investments from both domestic and overseas sources. 8 9 A Year for the Books overwhelmed health care systems and the greater The global economy’s performance in 2020 largely dependence on severely affected sectors, such as mirrored the COVID-19 infection rates, with recovery tourism and external finance, including remittances. in the middle months of the year as governments While Asian advanced economies are projected to lifted restrictions that were imposed again in late have a less severe downturn compared to European 2020 following a rise in infections. These actions advanced economies, Asian EMDEs are expected to have had an adverse impact on their economies, see contractions. There are stark regional differences, while the supply chain faced numerous challenges with many Latin American economies severely affected on production breaks, closed borders as well as the and large declines in economic activities among Middle restricted movements on people and goods. There Eastern and Central Asian countries, as well as oil- was a broad-based fall in economic activities with exporting countries in sub-Saharan Africa. a drop in aggregate demand and unemployment, although there were pockets of resilience too, mostly in healthcare or healthcare-related industries. The International Monetary Fund (IMF), in its World The International Monetary Fund (IMF), in its World Economic Outlook (WEO) Economic Outlook (WEO) published in January “ published in January 2021, 2021, projected a 3.5 per cent contraction in GDP projected a 3.5 per cent for the global economy in 2020, due to a stronger contraction in GDP for than expected recovery in economic activities in the second-half of the year. Advanced economies the global economy in (AE) are projected to contract by 4.9 per cent, 2020, due to a stronger while emerging markets and developing economies than expected recovery in (EMDEs) are forecast to contract by 2.4 per cent. economic activities in the second-half of the year. With the exception of People’s Republic of China (PRC), for most EMDEs, prospects remain uncertain due to the continuing spread of the pandemic and “ 8 9 Malaysia: Investment Performance Report 2020 The IMF noted that while the times were difficult, the manufacturing sector. This is mostly due to global economic growth has so far been more governments’ responses to curb the pandemic resilient. Third quarter GDP data was mostly through movement restrictions and social- supportive of growth or was in line with expectations. distancing measures, which has limited face-to- Private consumption has recovered the most due to face interactions crucial to the services sector. one-off pent-up demand and adjustments to work- Businesses in wholesale and retail trade, hospitality from-home. Investments, on the other hand has as well as arts and entertainment, have felt the brunt picked up relatively slowly, except in PRC. High- of the slowdown in economic activities. frequency data showed some tapering of new orders in industrial production going into the fourth quarter. Government assistance Services output remained subdued and will likely soften further in the coming months with renewed and policy has been restrictions to combat rising infections. instrumental in ensuring “ economic resilience. Government assistance and policy has been instrumental in ensuring economic resilience. In Malaysia, four stimulus packages were announced in 2020 to aid the economy. Other examples include Global trade experienced significant decline in“ 2020 the European Union’s €750 billion pandemic recovery due to border closures and supply disruptions. package fund– more than half of which is grant- While there has been some recovery in trade in based– as well as other assistance packages to goods, trade in services remains subdued given that provide temporary lifelines across the world such measures to curb infections have been reinstated. as cash and in-kind facilitation to affected firms and households. In AEs, large-scale and more diverse Global Investment Landscape asset purchases and relending facilities were set Impacts Malaysia’s Foreign Direct up to support credit provision to a wide range of Investment Flows borrowers. Emerging market central banks also From US$1.5 trillion in 2019, global FDI shrunk by combined interest rate cuts with new relending 42 per cent to an estimated US$859 billion affecting facilities and also asset purchases, which for many all types of investments – greenfield investment was the first time. projects contracted 35 per cent, cross-border mergers and acquisitions (M&As) down by 10 per The current global downturn has had a harsher cent and, new international project finance deals fell impact on the services sector in comparison to by two per cent. 10 11 Malaysia: Investment Performance Report 2020 In 2020, Malaysia’s net FDI inflows stood at RM13.9 and scheduled loan repayments, which are typical for billion; a decline from 2019 (RM31.7 billion). The first multinational corporations’ (MNCs) operations; as well quarter came in at RM6.4 billion before dipping in as the trade credits granted to manufacturing firms, in the second quarter to RM2.2 billion. However, there line with substantial exports, especially in the electrical was net outflow of RM846 million in the third quarter. and electronics (E&E) sector. Notably, the third quarter Malaysia’s FDI then improved in the final quarter of 2020 was an exceptional period for the first time since with net inflows of RM6.1 billion. the last quarter of 2009. Malaysia’s lower net FDI inflows in 2020 is not The decline in net FDI flows in Malaysia
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