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Mission to South Korea, Japan secures committed investments of RM8.9 billion

Mission to South Korea, Japan secures committed investments of RM8.9 billion

26 Apr 2021

KUALA LUMPUR:Malaysia has secured committed investments of RM8.9 billion for 2021 from the recently concluded trade and investment mission (TIM) to South Korea and Japan, which was led by Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali.

The TIM was held from April 1 to April 6, 2021.

Malaysian Investment Development Authority (Mida) chief executive officer Arham Abdul Rahman said Malaysia continues to welcome high-quality foreign direct investment from around the world.

He said South Korea and Japan would continue to be major investor countries in the country.

“These investments assume an important role in the development of Malaysia due to their multiplier impact on the economy and will continue to do so in the post-pandemic era.

“Through policy reviews and targeted approaches, the government will ensure that Malaysia remains the preferred investment location with a favourable environment for quality investments in Asia,” he said in a statement today.

Topping the list of the secured investment was that from South Korea’s SK Nexilis Co Ltd, a subsidiary of SK Group, which recently announced a RM2.3 billion investment to establish a thin copper foil manufacturing plant in Sabah. However, the expected investment has been revised to RM4.24 billion.

Arham said the project was in line with the government’s intention to develop a complete ecosystem of high-tech industries, especially in the automotive and telecommunication sectors.

“The manufacturing plant in Kota Kinabalu will be powered utilising 100 per cent renewable energy, where such operation will be the first for SK Nexilis outside South Korea.

“Malaysia will be a major hub for a state-of-the-art for thin copper foil production with in-house technology, besides boosting the country’s talent network and capabilities with the company’s presence.

SK Nexilis is a global leader in thin-tech innovation for copper foil manufacturing, controlling 16% share of the world market for electric vehicle batteries.

Another investment was from LG Chem Ltd, the largest Korean chemical company that is recognised for the prestige and accomplishment as a Global Top 10 chemical company, which has indicated its interest in developing a petrochemical cluster in Malaysia.

Arham said the company would set up a joint venture with Petronas Chemicals Group Bhd to produce nitrile-butadiene rubber latex in Pengerang Integrated Petroleum Complex with a potential investment of RM600 million, where the operation is expected to commence in March 2023.

“The establishment of LG Chem in Malaysia will complement the development of the petrochemical cluster in Pengerang, Johor and increase utilisation of feedstock from PETRONAS,” he said.

In addition, SPC Group, a large conglomerate producing food and confectionery products in South Korea, as well as one of the country’s oldest brands in the confectionery and bakery industry, is planning to make Malaysia as a regional distribution hub for its halal dough with investment value estimated at RM91.2 million to cater to the Asean market.

From Japan, Nippon Electric Glass Co Ltd, one of the world’s leading manufacturers of specialty glass, would invest at least RM1 billion for the new production of e-glass fibre which would be used to produce automotive parts and components in the production of wind turbine blades for wind power generation.

Sorce: Bernama

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