Working Visit to Europe

As the world recovers from COVID-19 and is faced with regional geopolitical developments and impending inflation, Malaysia provides an attractive haven for global investors seeking to diversify their operations, including European investors in Southeast Asia.

This is attested by the recent Malaysia Business Climate Survey 2022 conducted by Team Sweden, comprising Business Sweden, the Embassy of Sweden in Kuala Lumpur, Malaysia, and the Malaysian-Sweden Business Association (MASBA). The survey indicated that Swedish-affiliated companies continue to be strongly committed to the Malaysian market and are increasingly optimistic about the economic outlook for the future, where a total of 80% of Swedish companies expect turnover to increase either slightly or significantly in the coming 12 months.

In its efforts to further drive investments into the country, the Malaysian Investment Development Authority (MIDA) organised a working visit to Europe from 1-10 October 2022. The delegation led by MIDA Deputy CEO of Investment Promotion and Facilitation Mr. Sivasuriyamoorthy Sundara Raja visited Sweden, Belgium, Germany, and Austria. The targeted industries for this working visit included electrical and electronics (E&E), machinery and equipment, automotive, logistics, medical devices, and food technology.

Mr. Sivasuriyamoorthy led one-on-one discussions with 11 strategically-identified stakeholders on their investment plans in Malaysia, and shared how MIDA could facilitate the successful implementation onwards. In view of European companies’ strengths in technology, innovation, machinery and equipment, and Industry 4.0 (IR4.0), Malaysia’s approach is by welcoming these companies to explore opportunities within the country or to leverage on the nation as the base for more opportunities within the region. This includes encouraging sustainable investments in the country as a gateway to the ASEAN market, through the building of technologies and capabilities together with Malaysian counterparts.

Overall, the working visit to Europe was successful in achieving its target of reaching out to potential investors, which resulted in the nation attracting potential investments of RM849.3 million. MIDA will continue to mobilise its 21 overseas centres to intensify its promotional and facilitation efforts to boost foreign direct investments into Malaysia, thus ensuring that the country remains a competitive destination for high-value investments that can deliver sustainable and holistic economic growth.