MITI bags RM13b in FDI via investment mission to Singapore
31 Jan 2023
The Ministry of International Trade and Industry (Miti) has secured an additional RM13 billion in committed foreign direct investment (FDI) from three investors via its investment mission to Singapore.
Minister Tengku Datuk Seri Zafrul Abdul Aziz said the three companies — Sea Ltd, Yondr Group, and INSEACT — had collectively committed to investing RM13 billion in Malaysia.
These investments are scheduled to be operationalised within the next three years, said Tengku Zafrul, who led the mission during Prime Minister Datuk Seri Anwar Ibrahim’s visit to Singapore recently.
The cumulative value of RM13 billion reflects Malaysia’s attractiveness as an investment destination, Tengku Zafrul added.
“It is also a testimony to the long-standing, mutually beneficial relationship between Malaysia and Singapore in trade and investments,” he said in a statement here on Tuesday (Jan 31).
Miti intends to grow and strengthen this special relationship, particularly in building supply chain resilience for the respective industries, premised on cooperation in the digital and green economies, the minister added.
Sea Ltd, the parent company of Shopee and the largest pan-regional e-commerce platform in Southeast Asia and Taiwan, has committed to expanding its investments in Malaysia, creating over 2,000 job opportunities. The company intends to set up cloud services, data hosting and processing, and a new e-commerce logistics warehouse in the country.
Another investor is Yondr Group, a UK-headquartered global leader in the development and operation of data centres. The group, which has delivered more than 500MW globally to leading hyperscale clients, has entered the Malaysian market with the acquisition of a 75-acre (30.35-hectare) plot in Johor, and is developing a 300MW IT load hyperscale data centre campus.
Its deployment in Johor is expected to become Southeast Asia’s largest hyperscale data centre campus, and will be a major part of Malaysia’s growing digital ecosystem, said Miti.
The third company, INSEACT, is a Singapore-based alternative protein company specialising in insect protein for aquaculture feed. It intends to set up a production facility in Johor, its first in Southeast Asia. The company’s unique approach to alternative protein production has the potential to address Asia’s growing demand for sustainable food sources.
“We are determined to prove to investors that Malaysia is pro-trade, pro-business, and pro-investment.
“Miti and its agencies like Mida (the Malaysian Investment Development Authority) will continue to pursue high-quality, strategic and sustainable investments that will not only grow our gross domestic product and boost the development of the local digital economy, but also create new job opportunities for our people,” Tengku Zafrul continued.
The investment mission, attended by senior officials of Miti and Mida, is an important milestone towards realising Malaysia’s goal of becoming a hi-tech, global innovation hub with a resilient and sustainable investment ecosystem.