European investors have committed to investing a total of RM14.1 billion in Malaysia, following the Ministry of International Trade and Industry’s (MITI) trade and investment mission to Europe between Oct 13 and 21.
The trip, led by Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali, saw good reception of Malaysia’s efforts in driving the environment, social and governance agenda by the European business community, MITI said in a statement.
“Indeed, the mission has yielded promising results, with the European investors making a strong commitment to invest a total of RM14.1 billion in Malaysia. The potential foreign direct investment (FDI) from Germany is RM10.7 billion while potential FDIs from France and the United Kingdom are RM2.6 billion and RM800 million respectively.
“Concurrently, an export value of Malaysian products worth RM400 million (RM50 million to Germany, RM300 million to France and RM50 million to the United Kingdom) is expected to materialise in the coming years,” the ministry said.
Malaysia’s sustainable agenda took centre stage during the mission, with Azmin highlighting the nation’s carbon net-zero greenhouse gas emissions target by 2050.
The senior minister had a series of engagements with France's Minister Delegate for Foreign Trade and Economic Attractiveness Franck Riester and British International Trade Secretary Anne-Marie Trevelyan.
“Among others, the ministers identified collaboration opportunities in the areas of Industry 4.0, renewable energy and sustainability, as well as leveraging Malaysia’s position in the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to further expand their footprint in the region,” said MITI.
The delegation also had sessions with industry leaders including Schott AG, BASF, Hansen & Rosenthal (H&R) Group, Porsche AG, Infineon Technologies and Daimler in Frankfurt and Stuttgart.
In London, the senior minister had extensive discussions with Dyson, BAE Systems, Smith and Nephew, Weir Minerals and Marlborough College (in support of the British Malaysian Chamber of Commerce).
Source: The Edge Markets