MITI secures RM1.45b potential investments, RM550m potential exports from Japan
24 May 2024
The Ministry of Investment, Trade and Industry (Miti) has secured RM1.45 billion of potential investments, and RM550 million of potential exports, from meetings with Japanese companies, in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s working visit to Japan from Wednesday to Friday.
Several of the projects will be implemented within a three-year time horizon, and will help Malaysia create a strong ecosystem for semiconductors, renewable energy and green technology, according to Miti. A few of these projects are key towards achieving Malaysia’s carbon-neutrality target by 2050.
The companies involved were IHI Corp, Nisshin Oillio Group, Tokuyama Corp, Sumitomo Corp, Eneos Holdings, Mitsubishi Corp and Tokyo Gas.
“We are pleased to have secured RM1.45 billion of potential investments, and RM550 million of potential exports, from this short but fruitful trip,” Minister Tengku Datuk Seri Zafrul Abdul Aziz said in a statement.
“We welcome expansion projects announced by existing Japanese investors across various strategic sectors, namely semiconductors, chemicals, petrochemicals, renewable energy, oil and gas, as well as palm oil and palm oil-based products,” he added.
The meetings in Tokyo were led by Anwar, who is also the finance minister, accompanied by Tengku Zafrul.
The minister said such projects reflect Japanese investors’ continued confidence in Malaysia’s industrial landscape, which is undergoing key transformative initiatives outlined in the New Industrial Master Plan 2030 and the National Energy Transition Roadmap.
Japan was Malaysia’s fourth largest trading partner in 2023, and the fourth largest investor in the manufacturing sector. As of 2023, a total of 2,810 manufacturing projects with Japanese participation had been implemented, with total investments valued at RM102.11 billion, creating 344,120 job opportunities.
The minister said with emphasis on sustainable development and high-end manufacturing activities, Miti and its agencies — the Malaysian Investment Development Authority (Mida) and Malaysia External Trade Development Corp (Matrade) — will continue to intensify their efforts with Japan to spur more mutually beneficial partnerships.
He added that Japanese investors are welcome to invest in promoted sectors, such as semiconductors, aerospace, chemicals and petrochemicals, the digital economy, electrical and electronics, pharmaceuticals, green technology and renewable energy.
Tengku Zafrul was also in Tokyo, Japan, to fulfil his panellist role in the Nikkei Forum 2024, in a session themed “Circular Economy to Support Asian Growth”.
Source: Bernama
