Trade and Investment Mission to Italy Secures RM2.8 Billion Potential Investments

Demonstrating Malaysia’s adeptness in global economic engagements, the Ministry of Investment, Trade & Industry (MITI) and MIDA recently concluded a Trade and Investment Mission (TIM) to Milan and Turin, Italy, led by YB Senator Tengku Datuk Seri Utama Zafrul Aziz, Minister of Investment, Trade & Industry (MITI). Taking place from 12 to 16 January 2024, the TIM achieved noteworthy results, securing a promising RM2.8 billion in potential investments.

During this TIM, the MITI Minister engaged with distinguished Italian companies across diverse sectors, including automotive, aerospace, semiconductors, food, biofuel, and machinery. The mission garnered significant achievements in fostering economic ties and attracting potential investments and trade opportunities for Malaysia.

Eminent Italian companies, including STMicroelectronics, EDA Industries, and Leonardo’s Helicopter and Aircraft Divisions, participated in one-to-one meetings organised by MIDA. In these private discussions, these companies outlined their investment plans in Malaysia, emphasising their commitment to knowledge transfer and the creation of high-value jobs within the country.

A notable highlight was EDA Industries sharing plans to establish a new plant in Jasin, Melaka, to meet the growing global demand for test equipment, particularly in the electric vehicles segment.

Underscoring Malaysia’s sustained attractiveness as the preferred hub for high-tech industries, supporting growth and responding to market needs and trends, the MITI Minister met with STMicroelectronics to receive updates on their investments in Muar, Johor.

The TIM also entailed visits to the facilities of both Leonardo Helicopter and Aircraft Divisions. This prominent player in the aerospace industry expressed a keen interest in exploring new ventures in Malaysia to support its upcoming regional operations.

Seizing the opportunity of the mission to Italy, MITI and MIDA facilitated a historic collaboration between Perusahaan Otomobil Kedua Sdn. Bhd. (Perodua) and its Italian partner, focusing on advancing electric mobility in Malaysia. This collaboration aligns with Perodua’s ambitious goal of producing their first affordable electric vehicle by 2025 — a significant milestone under the New Industrial Master Plan (NIMP) 2030.

As at 30 September 2023, 135 manufacturing projects with Italian participation have been approved, with a total of investments amounting to RM3.24 billion (USD904 million), creating 11,105 potential jobs.

Of these approved projects, 76 have been implemented, with total investments valued at RM1.38 billion (USD370.9 million) and creating 4,383 jobs. These investments have significantly contributed to Malaysia’s economic growth.