Trade and Investment Mission to the USA: Securing Partnerships, Fostering Growth

In a strategic move to bolster economic ties and attract foreign investments, YB Senator Tengku Datuk Seri Utama Zafrul Aziz led a high-profile Trade and Investment Mission (TIM) across key American cities including Chicago, Seattle, and San Francisco. The mission, accompanied by senior representatives from MITI, MIDA, and MATRADE, focused on exploring investment prospects aligned with Malaysia’s ambitious New Industrial Master Plan (NIMP) 2030.

MIDA, the principal government agency for investment promotion, assumed a pivotal role in coordinating visits to industry giants like Boeing, AWS, Enovix, and NVIDIA, fostering potential collaborations and showcasing Malaysia as an attractive investment and business hub in the region.

The Boeing visit, stemming from discussions at the United Nations General Assembly (UNGA) 2023, showcased the long-standing collaboration with Hexcel – Aerospace Composites Malaysia (ACM). Since 1998, this partnership has employed approximately 1,000 individuals in Malaysia, contributing significantly to aerospace composite structures manufacturing.

The AWS visit highlighted the impact of its training and certification programme in Malaysia, which has provided free cloud computing training to over 50,000 Malaysians since 2017. This visit solidified the follow-up on AWS’s substantial RM25.5 billion investment commitment by 2037, emphasising new infrastructure development in Malaysia from 2024.

The visit to Enovix, a leading silicon battery company in Fremont, USA, underscored its investment plan in Malaysia. Enovix committed RM5.8 billion (USD1.2 billion) over 15 years, forming a co-partnership with YBS International Berhad. This collaboration aims to focus on designing, developing, and manufacturing lithium-ion batteries, establishing a shared service centre and research and development (R&D) facility until 2031.

One-to-one meeting provides more avenues for the government to showcase Malaysia’s strategic advantages, infrastructure, policies, and incentives to attract potential investors. Subsequently, this also provides more platforms for investors to share their interests, concerns, and requirements, allowing government representatives to understand their requests or address regulatory hurdles.

MIDA facilitated several high-level meetings with potential investors, including Mondelez International, Amsted Rail, Ford, and Hematogenix. Notably during one of the meetings, Amsted Rail and SMH Rail explored additional strategic collaborations, building upon Amsted’s current supply of running gear for SMH Rail’s railway platform wagons at its Rasa facility. This partnership solidifies Malaysia’s pivotal role in supplying ASEAN’s railway rolling stock. The meetings with potential investors pave more ways for a strategic global centre, talent development, and business expansion, fostering high-skilled talent development in the area of R&D and strategic cross-border investment projects between the USA and Malaysia. MATRADE also facilitated key discussions with Canadian Tire Corporation, Global Agri Trade, and Unigen, broadening the range of potential partnerships.

The TIM secured an impressive RM8.3 billion in foreign investments across sectors such as aerospace, chemical, electronics, pharmaceuticals, EV battery technology, medical equipment, life sciences, and logistics. Leading corporations, including Canadian Tire Corporation, Global Agri Trade Corporation, and Unigen Corporation, committed a combined RM2.78 billion for exports from Malaysia.

This mission not only enhances market understanding but also forges partnerships, stimulates economic growth, and strengthens international ties between Malaysia and the USA. These collaborations signify mutual growth, technological advancement, and economic prosperity, solidifying Malaysia’s position in the global economic landscape.