MITI secures RM23 billion potential investment, RM2.1 bln potential exports to Japan - MIDA | Malaysian Investment Development Authority
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MITI secures RM23 billion potential investment, RM2.1 bln potential exports to Japan

MITI secures RM23 billion potential investment, RM2.1 bln potential exports to Japan

02 Jun 2023

The Ministry of Investment, Trade and Industry (Miti) successfully secured a total of RM23.07 billion potential investment and RM2.1 billion potential exports of products and services to Japan following the recently concluded Trade and Investment Mission (TIM) to Tokyo and Osaka.

The five-day mission, led by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz from May 29 to June 2, 2023, was part of the ministry’s continuous effort in promoting Malaysia as a preferred foreign direct investment (FDI) and sourcing destination in Southeast Asia with a strong emphasis on digital as well as environment, social and governance (ESG) principles.

Tengku Zafrul and his team members secured these potential investments and exports with the top management of various Japanese companies including Fuji Electric, NHK Spring, CKD Corporation, Itochu Corporation, Sumitomo Corporation, Mitsui & Co Ltd, Denso Corporation, Japan Petroleum Exploration Co Ltd. (JAPEX), Panasonic Housing Solutions Co Ltd, D-ACT, Omron Relay and Devices Corporation and Daiwa House Industry Co Ltd.

He said Miti will work on realising these investments quickly to help Malaysia capitalise on better global economic growth trajectory in the coming years.

“Once realised, these projects will not only generate employment prospects and skills training opportunities for Malaysians but will also empower our SMEs in the domestic supply chain, encourage domestic direct investment and further develop the strategic industries’ ecosystem in Malaysia.

“Notably, many of these potential investments fit into the New Investment Policy’s (NIP) target sectors such as digital economy, electrical and electronics (including medical devices) and chemical or petrochemicals,” he said in a statement today.

“Miti will also work on realising the committed exports of Malaysian goods and services to the Japanese market, while also leveraging on the various free trade agreements (FTAs) of which Malaysia is a member,” said Tengku Zafrul.

Committed exports achieved were from sectors such as energy and chemicals, palm oil, construction and building materials, F&B (including halal), lifestyle as well as green and sustainable industries.

Tengku Zafrul also met the Japan External Trade Organisation, whose members were encouraged to participate in trade expos in Malaysia, and requested to facilitate Malaysia’s participation in the World Expo Osaka 2025.

The mission was arranged and facilitated by Miti’s agencies, the Malaysian Investment Development Authority and the Malaysian External Trade Development Corporation.

Source: Bernama