Investment, trade and industry minister Tengku Zafrul Aziz said in a post on X today a contributing factor was a significant increase in private investment, as investors are increasingly confident about the country’s economic prospects.

“Private investment increased by 9.2% in the first quarter of 2024 and rose by 12% in the second quarter, while the manufacturing sector grew by 1.9% in the first quarter and by 4.7% in the second quarter.

“The New Industrial Master Plan 2030 is already starting to show results,” Tengku Zafrul said.

He said the surge in exports driven by global demand for Malaysian products, particularly in the electrical and electronics sector, also contributed to GDP growth.

“The second quarter of 2024 saw a 3.4% increase in net exports, and world semiconductor trade statistics has forecast a 16% rise in semiconductor demand this year.

“The implementation of the national semiconductor strategy should ensure Malaysia remains a key player in the global semiconductor industry,” the minister said.