MIDA new Istanbul office a gateway for Malaysia-Türkiye investments
30 Sep 2022
Malaysian Investment Development Authority (MIDA) launched its Istanbul office to provide Malaysia and Türkiye new economic opportunities and to drive the steady growth of both countries’ bilateral trade relations.
MIDA Istanbul will serve as a gateway for aspiring Turkish investors to expand their businesses in Malaysia and vice-versa, a statement from MIDA said today.
“Investors will be able to gain access to the latest information on investment policies and opportunities, joint venture partnerships or technological collaborations,” the statement said.
MIDA said many business opportunities await Turkish investors, particularly in machinery and equipment, aerospace, information and communications technology, digital technology, food manufacturing including the halal segment.
International Trade and Industry Senior Minister Datuk Seri Mohamed Azmin Ali said the opening of MIDA’s Istanbul office is most timely to fully exploit the potential upside for enhanced Turkish investments in manufacturing and services including advanced manufacturing, machinery and equipment, aerospace and digital investments.
Meanwhile, MIDA chief executive officer Datuk Arham Abdul Rahman said apart from helping MIDA to attract new investment opportunities into Malaysia, the country is looking for new collaborations to grow together.
The new office will help to extend their outreach programmes with Türkiye’s trading partners including countries like Russia, Greece, Cyprus, Azerbaijan, Georgia and the seven “Stan” countries in Central Asia.
“Turkish investors interested in seeking joint venture partnerships or technological collaborations with Malaysian businesses can get information from this office.” he said.
MIDA said for the first half of 2022, Malaysia attracted RM123.3 billion (US$28.0 billion) worth of approved investments in the manufacturing, services and primary sectors involving 1,714 projects. About 57,771 job opportunities are expected to be generated in the country.
Foreign direct investments remained the major contributor, at 70.9 per cent, or RM87.4 billion (US$19.9 billion), while investments from domestic sources contributed 29.1 per cent amounting to RM35.9 billion (US$8.2 billion).
“With the new Istanbul office, Türkiye will no doubt contribute immensely to the socio-economic development and bring about new growth areas into Malaysia’s investment landscape,” it added.