MITI’s investment missions to Singapore achieve RM20 billion of committed FDI for Malaysia
16 Sep 2023
The Ministry of Investment, Trade and Industry (MITI) has secured a total of RM20 billion of committed investments from Singapore since January 2023 with the latest of RM7 billion foreign direct investment (FDI) received from investors via the ministry’s recent investment mission, led by minister Tengku Datuk Seri Zafrul Aziz, to the neighbouring country.
The ministry said several companies including INV New Material Technology, Agrocorp and SIA Engineering Company have collectively committed to invest RM7 billion in Malaysia and the investments are scheduled to be operationalised within the next three years.
“INV New Material Technology is a subsidiary of Senior International (Singapore) and Shenzhen Senior Technology Material and the parent company is a leading enterprise in the lithium battery separator industry in China,” MITI said in a statement today.
It said the INV New Material Technology planned to build a state-of-the-art manufacturing facility to produce battery separators for electric vehicles (EV).
MITI said the entry of yet another major EV component producer is a big boost for the New Industrial Master Plan’s (NIMP2030) aim to make Malaysia a regional hub for the EV industry and the investment is also expected to create up to 4,000 jobs for Malaysians.
The ministry said Agrocorp, a global agri-commodity firm specialising in the sale of staple food products such as wheat, pulses and rice to the leading food manufacturers in the Asia Pacific and Middle Eastern regions, is planning to set up a facility in Johor to manufacture plant-based food ingredients.
Agrocorp started trading agri-commodities in 1990 and has since grown to achieve over US$3 billion (US$1=RM4.68) in turnover, handling more than 30 agri-commodity products across 50 countries.
Meanwhile, another listed Singaporean company, SIA Engineering Company (SIAEC) which specialises in aircraft maintenance, repairs and overhaul (MRO) services in the Asia-Pacific region, has also initiated some investments, including component repair and line maintenance activities as part of its growth plans in the region, and aimed to make Malaysia part of their MRO network.
SIAEC has a client base of more than 80 international carriers and aerospace equipment manufacturers.
Tengku Zafrul said the recent announcement of RM7 billion in committed investments from the republic is a testament to Malaysia’s attractiveness as a preferred investment destination and a reflection of the long-standing, mutually beneficial relationship between Malaysia and Singapore in trade and investments.
“Malaysia has always been pro-trade, pro-business and pro-investment and we are committed in refining our investment processes, ensuring that investors, both local and foreign, have a seamless experience when they choose Malaysia.
“We’re looking at simplifying procedures, offering attractive incentives and providing a stable and transparent regulatory environment,” he said.
Tengku Zafrul said the ministry and its agencies such as the Malaysian Investment Development Authority (MIDA) would continue to pursue high-quality, strategic and sustainable investments that would not only grow Malaysia’s GDP and boost the development of the local economy but also create new job opportunities.
During the trade mission, MITI’s delegation also met up with representatives from AP Moller-Maersk, an integrated container logistics company headquartered in Copenhagen with operations in 130 countries and employing approximately 100,000 people worldwide.
Maersk is currently exploring sites to expand its logistics hubs in Malaysia through over 10 strategic smart logistics infrastructure projects.
The company has been operating in Malaysia since 1974 and today employs more than 1,100 staff.
The investment mission, attended by senior officials from 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.
The ministry said a total of RM13 billion committed investment was previously secured from the first investment mission to Singapore in January.