Investment Mission to Singapore: Pioneering Progress in 2024

On 10 January 2024, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade and Industry (MITI) along with senior officials from MITI and MIDA, embarked on an investment mission to the Republic of Singapore, marking the commencement of an exciting year ahead. This initiative, in conjunction with the S. Rajaratnam Endowment Dialogue @ Regional Outlook Forum 2024 (SRED@ROF2024), symbolised a pivotal moment in cultivating international partnerships and attracting foreign investments (FI) to Malaysia.

The MITI Minister engaged in crucial discussions with two promising companies set to finalise their investment plans in Malaysia. Equinix, a global digital infrastructure company, aims to establish data centres in Johor and Kuala Lumpur, enhancing regional connectivity in the Asia-Pacific.

Equinix’s investment will not only support the creation of high-value job opportunities that are specific and specialist such as data scientists, data analytics, and data engineers, but also will be one of the catalysts for the development of digital infrastructure in the Malaysian digital economy agenda.

Additionally, a global food manufacturing company has committed to setting up a state-of-the-art facility with an advanced manufacturing line, powered by Industry 4.0 enablers such as the Internet-of-Things (IoT) and robotics, for its integrated food ingredients production.

Prior to SRED@ROF2024, the MITI Minister engaged with the Director and Chief Executive of the ISEAS – Yusof Ishak Institute, Mr. Choi Shing Kwok and Chief Executive of Temasek Foundation, Mr. Ng Boon Heong, emphasising MITI’s priorities for 2024, including green investments, renewable energy (RE), and collaboration frameworks with Singapore. The MITI Minister welcomed the potential collaboration between Temasek Foundation and Malaysian agencies in the development of economic strategies and capacity-building programmes, especially in the ESG aspect, and to continue to keep the cooperation intact for the well-being of both Malaysians and Singaporeans.

During SRED@ROF2024 forum, MITI Minister outlined Malaysia’s stance on global challenges, presenting the MADANI Economy agenda and key frameworks like the New Industrial Master Plan (NIMP) 2030 and National Energy Transition Roadmap (NETR). These frameworks are not just buzzwords; they are key imperatives to Malaysia’s reindustrialisation. The initiatives outlined in these frameworks will not only uplift Malaysia’s economic landscape but also emphasise inclusivity and sustainability.

The MITI Minister advocated for a mindset shift within ASEAN, urging a move from a zero-sum game mentality to one of complementarity and mutual benefit. Emphasising regional stability, he addressed geopolitical challenges in the South China Sea, Taiwan, and Myanmar, stressing the importance of cooperation among ASEAN member states.

The MITI Minister also continues to emphasise Malaysia’s commitment to sustainability, with initiatives focusing on Renewable Energy (RE), cross-border energy trading with Singapore, and proposals for an ASEAN power grid. Open to welcoming new industries such as electric vehicles (EVs), aerospace, RE, green data centres, as well as carbon capture, utilisation, and storage (CCUS), Malaysia strives to lead ASEAN towards regional energy security.

Aside from meetings, the MITI Minister also had an engaging interview with CNBC and Financial Times, where he detailed Malaysia’s trade and investment priorities for 2024. He spotlighted sectors like semiconductors, EVs, and the digital economy, providing potential investors with valuable insight into Malaysia’s initiatives and plans.

The official visit concluded with a meeting with Tan Sri Dr. Rebecca Sta Maria, Executive Director of the Asia-Pacific Economic Cooperation (APEC) Secretariat, who was the former Secretary General of MITI. The discussion centred on advancing regional economic cooperation, following the APEC conference in San Francisco, in November last year.

In order for Malaysia to establish itself as an international investment hub, it is essential to make changes with global investors in mind, and this is proven through this trade and investment mission to Singapore, which has resulted in an impressive RM2.8 billion of committed foreign investment. Singapore views Malaysia as a viable investment destination due to various factors, including Malaysia’s rule of law, strategic regional location, trainable workforce, and a crucial position in many regional and global supply chains. Between January and September 2023, investment projects from Singapore valued at RM20.4 billion were approved, making it the second-largest FI source during the period.