MITI: Over US$23b infrastructure projects identified under Indo-Pacific Economic Framework for Prosperity
06 Jun 2024
The Indo-Pacific Economic Framework for Prosperity (IPEF) partners, which include Malaysia, said at the inaugural Clean Economy Investor Forum (CEIF) that over US$23 billion of priority infrastructure projects have been identified.
In a statement on Thursday, the Ministry of Investment, Trade and Industry (Miti) said this includes about US$6 billion of ready project proponents presented to investors.
Its minister Tengku Datuk Seri Zafrul Abdul Aziz had participated in the IPEF ministerial meeting and the inaugural CEIF.
Malaysian investors and project proponents that participated in the forum were Khazanah Nasional Bhd, Petroliam Nasional Bhd (Petronas), Gentari, NanoMalaysia Bhd (Gigafactory), MTC Orec Sdn Bhd, Faradays Energy Sdn Bhd and Limpahan Engineering Sdn Bhd, the statement said.
“The CEIF brings together the region’s top investors, cutting-edge project proponents, innovative start-up entrepreneurs and senior government officials to mobilise financing, to support the deployment of clean energy and climate-friendly technologies and infrastructure in the IPEF region,” Tengku Zafrul said in the statement.
The main outcome was the signing of three agreements, which were the (main) IPEF Agreement; the Clean Economy Agreement, and the Fair Economy Agreement by participating countries, which were already substantially agreed on during the IPEF Ministerial Meeting in San Francisco, held on Nov 13-14, 2023, he added.
Tengku Zafrul signed the three agreements on behalf of the Malaysian government.
Other members of the IPEF trade pact are the United States, Australia, Brunei, India, Indonesia, Japan, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.
The IPEF Clean Economy Agreement will advance regional cooperation to accelerate the deployment of clean energy technology, promote carbon market activities, collaborate on regional and international carbon capture, utilisation and storage (CCUS) value chains, and promote sustainable transport.
The agreement also establishes a novel mechanism for IPEF partners to develop and participate in cooperative work programmes (CWPs), Tengku Zafrul said.
In conjunction with the ministerial meeting, Malaysia also took the opportunity to deposit the instrument of ratification of the IPEF Agreement Relating to Supply Chain Resilience, signed on Nov 14, 2023.
“With the completion of the ratification process, Malaysia is now ready to implement the agreement. This represents a significant step forward in Malaysia’s efforts to strengthen supply chain resilience,” he said.
Malaysia also intends to use this framework to improve, among others, the resiliency, efficiency, diversity and inclusivity of its supply chains, he said.
The agreement’s ratification is crucial to achieving these objectives and reinforcing Malaysia’s position as a key player in the Indo-Pacific region.
“Malaysia sees great synergies among the IPEF agreements and Malaysia’s current policies, namely the recently launched National Semiconductor Strategy, New Industrial Master Plan 2030, and the National Energy Transition Roadmap,” Tengku Zafrul said.
He believes that the IPEF provides the opportunity for Malaysia to work holistically to benefit all IPEF partners.
“In this vein, Malaysia looks forward to developing cooperation and exploring bilateral support measures with IPEF partner countries in funding and adopting nascent technologies, such as green hydrogen and CCUS,” he said.
Furthermore, Malaysia has offered the Malaysian Anti-Corruption Academy, under the Malaysian Anti-Corruption Commission (MACC), to share experience and best practices under the Catalogue of Technical Assistance and Capacity Building Initiatives, to showcase Malaysia’s commitment to the IPEF, he said.
Source: Bernama
