The two leaders welcomed the signing as a step to formalise the existing cooperation in the promotion of economic exchanges between Malaysia and Japan. Signing on behalf of MIDA and JETRO respectively were Dato' Azman Mahmud, the Chief Executive Officer of MIDA and Mr Hiroyuki Ishige, Chairman and CEO of JETRO.
MIDA has had a close relationship with JETRO over the years, leveraging on each other's experiences and excellent track record. In 2016 alone, both agencies successfully collaborated in organising events such as the Japan-Malaysia Invest Symposium, Seminar on Doing Business in Japan and the 34 th JAMECA-MAJECA Joint Conference. In light of the upcoming 60th anniversary of diplomatic relations between both countries next year, the MoC is timely to reinforce MIDA and JETRO's commitment to improve the enabling business environment and drive quality investments for both countries. Prior to the signing ceremony, the Prime Minister of Malaysia had a discussion with the Chairman and CEO of JETRO to discuss further on future cooperation in the era of free trade agreements and deepening business relations between Malaysia and Japan.
The bilateral relationship between Malaysia and Japan has flourished on various fronts over the past 50 years, not only between both governments but also between both private sectors. Japanese companies have played an important role in Malaysia's business community, with many companies setting up manufacturing facilities in Malaysia and others establishing their regional headquarters in our country.
The MoC will further enhance Japan's position as the top source of foreign direct investments in Malaysia's manufacturing sector since 1980. As at August 2016, a total of 3,398 manufacturing projects with Japanese interest have been approved, involving total investments of USD33.1 billion. Majority of these investments were in the electronics and electrical products, chemical and chemical products, non-metallic mineral products, petroleum products, basic metal products and transport equipment. Notable Japanese companies that have made Malaysia their manufacturing base include Panasonic, Nippon Electric Glass, Toray, Fuji, Sony, Rohm-Wako and Honda.
"Today's collaboration is a positive model of how government agencies from both countries can work together to promote business-to-business relations between Japan and Malaysia. This strategic partnership is vital in assisting investors in making their investment decisions," said the CEO of MIDA.
JETRO is a government-related organization that works to promote mutual trade and investment between Japan and the rest of the world. Originally established in 1958 to promote Japanese exports abroad, JETRO's core focus in the 21 st century has shifted toward promoting foreign direct investment into Japan and helping small to medium size Japanese firms maximize their global export potential. The organisation is the trade & investment promotion organization under the jurisdiction of Ministry of Economy, Trade and Industry, Japan (METI). For more information, please visit https://www.jetro.go.jp/en/.
Malaysian Investment Development Authority (MIDA) is the government's principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967, MIDA is the first point of contact for investors that want to take advantage of Malaysia's vibrant economy, world-class infrastructure and business-friendly environment to set up their profit centre in Asia.
For more information, please visit www.mida.gov.my or contact:
Mr Zahirul Ishak