US-Malaysia economic ties generate 312,000 new jobs – Economic counsellor
27 Oct 2024
Over the last decade, the economic relationship between the United States (US) and Malaysia has grown remarkably, resulting in the creation of more than 312,000 jobs, with being the leading source of foreign direct investment (FDI) in Malaysia.
According to Dave Williams, the Economic Counsellor at the US Embassy in Kuala Lumpur, American companies have announced over RM200 billion in new investments since 2021, with 72 per cent coming from Fortune 500 companies.
“Just this year, Google, Microsoft, Amazon, and Oracle have announced more than US$16 billion (US$1=RM4.34) worth of investments in Malaysia.
“These quality investments not only bolster the local economy but also create thousands of jobs for Malaysians,” he said in response to questions posed by Bernama.
He also said that the recent announcements and groundbreaking of new major investments in Malaysia underscores the strong confidence that US companies have in Malaysia as a prime investment destination.
“US companies are attracted by Malaysia’s highly skilled workforce, widespread English proficiency, strategic location, and robust network of suppliers and supply chain partners,” he said.
He added that Prime Minister Datuk Seri Anwar Ibrahim and other key Malaysian leaders’ participation in the Asia-Pacific Economic Cooperation (Apec) 2023 underscored the fact that Apec remains as important as ever.
“After his return from San Francisco, the Prime Minister announced billions in new investment commitments from US companies, highlighting the tangible benefits of Malaysia’s engagement in Apec,” he said.
On October 24, Malaysia and the US acknowledged that the development of trade and economic relations is a key aspect of strengthening cooperation between the two countries and welcomed further discussion on trade and agriculture topics.
“The US welcomed Malaysia’s briefing on its efforts to increase sustainability through recognition of sustainable certification systems, including for timber and palm oil products.
“The countries have also pledged to explore possibilities for cooperation to improve sustainability,” the governments said in a joint statement on the sixth Malaysia-US Senior Officials’ Dialogue recently.
Both countries also highlighted their interest in exploring further cooperation in science and technology by recognising potential synergies in space, biotechnology, agriculture, small and medium enterprise development, capacity-building, healthcare cooperation, and vaccine research cooperation.
The US is one of the largest foreign investors in Malaysia, with direct investments totalling US$21.53 billion in 2023.
Source: Bernama
