Seven Australian companies to raise investments in Malaysia

Seven Australian companies to raise investments in Malaysia

05 Mar 2024

Seven Australian companies have made commitments to boost investments in Malaysia, said Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

They told Prime Minister Datuk Seri Anwar Ibrahim this during a roundtable discussion here, which was attended by business leaders and top executives from 18 companies.

Anwar is on a four-day official visit to Australia.

“Insya-Allah (God willing), there are seven companies that are in the final stage (of negotiations). I believe there will be more companies (which will express their commitment),” said Tengku Zafrul, the investment, trade and industry minister.

Anwar is expected to attend another meeting with six Australian companies, he added.

Finalising the investments by the seven companies will take up to three years. But Tengku Zafrul said their commitment reflected confidence in Malaysia as an investment destination.

“These companies have attended meetings with Mida (Malaysian Investment Development Authority) as well as negotiations with related agencies.

“We hope that the meetings here today, especially the assurance by the prime minister, will accelerate the process (of finalising the investments).”

Tengku Zafrul said the prime minister shared his views on trade and investment opportunities in Malaysia with the industry players today.

“The prime minister also attended a meeting with companies in the digital economy, mineral-related production companies and those involved in the renewable energy sector.

“We will make an announcement after the prime minister concludes his meetings with all companies and potential investors,” Tengku Zafrul said.

At the meeting, the companies asked that Malaysia continue to make investments and trade-related processes easier.

Tengku Zafrul said they also wanted the government to increase the pool of skilled workers in renewable energy since Malaysia has already rolled out the National Energy Transition Roadmap.

Tengku Zafrul was also asked about Lynas Rare Earths.

He said Anwar, who is also the finance minister, will meet with the company about the issues that need to be resolved.

“Several (issues) have been resolved. There are two or three more new proposals that will be reviewed and taken into consideration by the prime minister and this also involves increased investments by Lynas in the country,” he said.

Source: NST