Malaysia has secured investments worth RM9.3 billion via the latest Trade and Investment Mission (TIM) to Japan led by Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.
In a statement, the Ministry of International Trade and Industry (MITI) said the investments involve the strategic and high potential sectors such as electrical and electronics (E&E), research and development (R&D), biomass, information technology and communication, chemical industry and food.
Among them are new investment projects by Idemitsu Kosan Co Ltd and Euglena Co Ltd, as well as investment expansion and diversification projects by Tosoh Corporation, NTT Corporation and KOA Corporation.
“These investments are expected to generate employment opportunities, skills training opportunities for local workers, as well as contribute to the development of local vendors.
“Additionally, RM300 million worth of potential trade was garnered from this TIM specifically for palm oil and palm oil related products, halal and food and beverages products from Sumitomo Corporation and ADEKA Corporation,” it said.
Japan is one of Malaysia’s top sources of foreign direct investment (FDI) in terms of implemented manufacturing projects, with a total investment value of US$688 million (RM3.03 billion) recorded from January to June this year.
According to MITI, Mohamed Azmin had a highly engaging bilateral meeting with his counterpart, Nishimura Yasutoshi, the newly appointed Minister of Economy, Trade and Industry (METI) Japan, where they discussed a wide spectrum of areas.
“In this vein, both ministers exchanged views on the spins-offs and strategic multiplier effects to be derived from the Regional Comprehensive Economic Partnership Agreement (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the Indo-Pacific Economic Framework for Prosperity (IPEF).
“Regarding the memorandum of understanding (MOU) on Aircraft Industry Cooperation inked between Malaysia and Japan, both sides have outlined cooperation for information exchange for the aerospace supply chain, business networking, as well as forming a dedicated Technical Working Group,” it added.
Mohamed Azmin also outlined Malaysia’s Sustainable Development Goals (SDG) and expressed commitment to work together with Japanese companies and industries to ensure a stable energy supply and renewable energy by working closely with major Japanese companies for R&D and hydrogen energy.
“In line with the National Investment Aspiration (NIA), this mission marked a greater emphasis accorded to the environmental, social and governance (ESG) agenda, while intensifying Malaysia’s focus towards the digital economy, E&E, pharmaceutical, chemical and aerospace sectors.
“In this regard, the Senior Minister met with representatives of prominent Japanese companies, which have expressed interest to invest or expand their businesses in Malaysia in these priority sectors, as well as with potential importers,” said MITI.
Malaysia and Japan will participate in greater engagement for cooperation for the presentation showcase at the Engine Forum Kobe 2022 on Oct 25 and 26.
Source: The Edge Markets