Ministry secures RM2.84bln potential investment from mission to Italy - MIDA | Malaysian Investment Development Authority
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Ministry secures RM2.84bln potential investment from mission to Italy

Ministry secures RM2.84bln potential investment from mission to Italy

16 Jan 2024

The Investment, Trade and Industry (Miti) secured a total of RM2.84 billion in potential investment and RM500 million of potential exports of Malaysian products and services from the trade and investment mission to Milan and Turin, Italy, from January 12 to 16.

In a statement, the ministry said Minister Tengku Datuk Seri Zafrul Aziz, who led the mission, met with renowned Italian companies in the automotive, aerospace, semiconductors, food, biofuel, as well as machinery and equipment sectors and achieved significant milestones in fostering economic ties, as well as attracting potential investments and trade.

Notable companies included STMicroelectronics, EDA Industries as well as Leonardo’s Helicopter and Aircraft Divisions, it said.

“During the closed-door one-to-one meetings, these companies highlighted their investment plans in Malaysia and showcased their commitment to explore new areas of growth for knowledge transfer and the creation of high-value jobs in the country.

“The mission also featured visits to both Leonardo Helicopter and Aircraft Divisions’ facilities in Milan and Turin, respectively.

“The global player in the aerospace industry expressed its keen interest to explore new ventures in Malaysia to support its future regional operations,” said the ministry.

According to Miti, in terms of export potential, Tengku Zafrul also met with Fererro International S.A, a leading food company in the production of chocolate and cocoa-based foods; and ENI Trade and Biofuels S.p.A, a subsidiary of ENI S.p.A which is one of the largest petroleum and gas companies in Italy.

Meanwhile, Tengku Zafrul said the partnerships forged will also contribute significantly to Malaysia’s journey towards becoming a regional hub for advanced technologies and innovation.

“The outcomes of the mission reflect our commitment to enhancing Malaysia’s position in the global supply chain.

“Miti and its agencies, Malaysian Investment Development Authority (Mida) and Malaysia External Trade Development Corporation (Matrade) will ensure the successful realisation of these potential investments and exports, which are key towards fostering sustainable economic growth in Malaysia, as envisaged by the New Industrial Master Plan (NIMP) 2030,” he said.

Source: Bernama