MIDA: Consortium of South Korean companies in final decision to invest in Malaysia’s hydrogen sector
21 Mar 2023
A consortium of companies from South Korea are in its final investment decision process on making an investment in the hydrogen sector in Malaysia for the upcoming years, said Malaysian Investment Development Authority (MIDA).
MIDA chief executive officer Datuk Arham Abdul Rahman noted that the interested parties have indicated their intention to come to Malaysia and start investing in building infrastructure for the production of hydrogen in the country.
He said the investment leads in the hydrogen energy sector are part of the secured RM24 billion potential investment during the recent trade and investment mission (TIM) led by the Ministry of International Trade and Industry (MITI) to South Korea.
“Since the state of Sarawak has initiated its focus on hydrogen economy, there is very positive traction, especially from South Korea, Japan and other countries that have the technology and are interested in investing here,” he told the media after the opening of the inaugural Hydrogen Economy seminar here today.
During the recent TIM, he said there was a consortium comprising two to three South Korean companies that are working together and indicated their interest to invest in Malaysia, particularly in Sarawak.
“This is not in the long term, but quite immediate within two to three years,” he said.
Meanwhile, Deputy International Trade and Industry Minister Liew Chin Tong said during his keynote address that MITI is ready to engage with relevant stakeholders to identify the right incentives and facilities to attract investments in hydrogen production, infrastructure and ecosystem development.
He said this includes tax breaks, capital allowances, financial assistance as well as research and development that will facilitate the country’s transition to a hydrogen economy.
“The hydrogen economy is just at the beginning. Much as there are still too many unknowns, there are many opportunities ahead too,” he added.
Liew said the Ministry of Science, Technology, and Innovation together with the National Nanotechnology Centre are currently drafting the National Hydrogen Strategy.
“Once agreed upon and implemented, MITI will engage with relevant stakeholders,” he said.
Earlier during the opening ceremony, Liew also officiated at the launch of the Malaysian Association of Hydrogen Energy (MAHE) membership to industry players, allowing stakeholders to exchange views and provide inputs as well as advocate policy recommendations relating to the hydrogen economy.
The one-day conference themed ‘Hydrogen Economy – Building a sustainable ecosystem in shaping the future of energy, materials and infrastructure’ aimed to promote investments in the hydrogen economy in support of the government’s agenda in attracting quality and sustainable investments.