MITI and Agencies Secures RM1.45 Billion in Potential Investments and RM550 Million in Exports from Japan

During a high-stake visit to Japan from 22 to 24 May 2024, led by the Prime Minister YAB Dato’ Seri Anwar Ibrahim, for the Nikkei Forum 2024, the Ministry of Investment, Trade, and Industry (MITI) and agencies, namely MIDA and MATRADE, secured a significant RM1.45 billion in potential investments and RM550 million in potential exports.

Accompanied by MITI Minister YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, the Prime Minister engaged with leading Japanese corporations, including IHI Corporation, The Nisshin Oillio Group, Tokuyama Corporation, Sumitomo Corporation, ENEOS Holdings, Mitsubishi Corporation, and Tokyo Gas.

The MITI Minister, a panellist at the Nikkei Forum 2024 in Tokyo, themed “Circular Economy to Support Asian Growth”, highlighted Malaysia’s commitment to regional economic sustainability and growth. He expressed his satisfaction with the outcomes, stating, “We are pleased to have secured RM1.45 billion in potential investments and RM550 million in potential exports from this short but fruitful trip. We welcome the expansion projects announced by existing Japanese investors across various strategic sectors, including semiconductors, chemicals and petrochemicals, renewable energy, oil and gas, as well as palm oil and palm oil-based products. These projects reflect the continued confidence of Japanese investors in Malaysia’s industrial landscape, which is undergoing significant transformation as outlined in the New Industrial Master Plan (NIMP) 2030 and the National Energy Transition Roadmap (NETR).”

Following the fruitful engagements, a series of projects are poised to unfold over the next three years, promising substantial advancements in Malaysia’s semiconductor, renewable energy, and green technology sectors. These initiatives mark significant strides towards Malaysia’s ambitious aim of attaining carbon neutrality by 2050, a commitment underscored in the Twelfth Malaysian Plan (12MP).

Japan maintains its pivotal role as a key partner for Malaysia, solidifying its position as the fourth-largest trading partner and a significant investor in the manufacturing sector as of 2023. Presently, Malaysia has successfully implemented 2,810 manufacturing projects with Japanese participation, amounting to RM102.11 billion (USD29.67 billion) in investments and generating 344,120 job opportunities.

MITI and MIDA are dedicated to nurturing sustainable development and advancing high-end manufacturing endeavours. The focus remains on attracting Japanese investments, particularly in sectors like semiconductors, aerospace, chemicals and petrochemicals, the digital economy, electrical and electronics (E&E), pharmaceuticals, green technology, and renewable energy.