The Honourable Malaysian Prime Minister’s Official Visit Strengthens Economic Ties with Australia

The official visit of YAB Dato’ Seri Anwar bin Ibrahim, the Malaysian Prime Minister (PM), to Melbourne from 3 to 7 March 2024, marked a historic milestone in the economic relations between Malaysia and Australia. The visit has seen a series of high-level engagements, including a notable Round Table Meeting (RTM) that brought together 20 chief executives and senior leaders from 18 diverse Australian companies. These discussions spanned various industries from medical devices to the digital economy, involving both investors and importers.

During the RTM, the focus was on identifying new investment opportunities, understanding existing challenges, and committing to support the investment goals of the companies involved. Esteemed entities like AirTrunk, Cochlear, Resmed, Ansell, Toll Group, Dexion Group, Steel Mains and Woodside Energy Group Ltd. shared their unique value propositions and interests highlighting the vast potential for collaboration.

The Prime Minister, alongside YB Dato’ Seri Utama Haji Mohamad bin Haji Hasan, the Minister of Foreign Affairs and YB Senator Tengku Datuk Seri Utama Zafrul Bin Tengku Abdul Aziz, the Minister of Investment, Trade and Industry (MITI), dedicated time to address queries from these companies, reaffirming Malaysia’s pledge to maintain a conducive investment environment.

Furthermore, exclusive one-on-one sessions with six (6) leading Australian companies; Fortescue, Lynas, Macquarie, NextDC Ltd., The Arnott’s Group and AirTrunk were conducted. These sessions provided a platform for presenting business proposals and addressing challenges faced in realising investment goals in Malaysia.

The engagements are expected to yield significant benefits, notably generating RM24.5 billion in investments and creating over 1,200 high-skilled jobs in the next 5 to 10 years.

Airtrunk and NextDC are set to make notable investments of RM11 billion and RM3 billion, respectively. Additionally, this visit has facilitated potential exports from Malaysia to Australia, with an estimated value of RM962.1 million across various sectors.

In conclusion, the visit led by the Prime Minister’s has been a pivotal moment in strengthening ties between Malaysia and Australia, showcasing mutual commitment to fostering growth and collaborative efforts. From the productive discussions during RTM to the fruitful engagements with leading Australian companies, the visit laid the groundwork for continued economic prosperity and cooperation between the two nations.