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RM16.05bil potential investments from South Korea, Japan following MITI’s trade mission

RM16.05bil potential investments from South Korea, Japan following MITI’s trade mission

07 Apr 2021

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) says there are RM16.05 billion in potential investments and RM986.15 million exports in the coming years, following its trade and investment mission to South Korea and Japan.

Of these, South Korean companies had committed in the immediate term to invest a total of RM7.3 billion in Malaysia, said MITI.

“Concurrently, the South Korean companies had also committed to purchase exports of Malaysian goods amounting to RM70 million.

“Similarly for Japan, the Japanese companies had committed in the immediate term to cumulatively invest a total of RM 8.75 billion in Malaysia and had also committed to purchase exports of Malaysian goods amounting to RM 916.15 million,” it said in a statement today.

The mission was led by Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali from April 1-6,.

“The mission was paramount to the rigorous efforts by the ministry to bring in foreign direct investments into Malaysia, as well as active promotion of Malaysia’s exports to the global market amid the economic uncertainties.”

The mission started off in Seoul where Azmin during a meeting with SK Group, the third largest conglomerate in South Korea and ranked 73rd in the Fortune 500 companies, welcomed its strong interest to invest in high-potential areas of green technology, electric vehicle, waste management and waste to energy in Malaysia.

The senior minister also met with Korea Aerospace Industries to discuss the potential transfer of technology and developing human capital in the defence aerospace industry in Malaysia.

While in Tokyo, Azmin had a constructive engagement with Mitsubishi Corporation, the largest “Sogo Sosha” and top five corporation in Japan, on potential sourcing opportunities and expansion of trade and investment with Malaysia.

He also had a session with Nippon Electric Glass which agreed to a new investment amounting to RM1 billion in Malaysia for the new production of state-of-the-art glass fibre for the automotive, construction and energy sector, capitalising on artificial intelligence and other advanced technologies.

“During the senior minister’s engagements with his counterparts, both sides exchanged views on efforts to ensure the relevance and resilience of the business and investment environments in Malaysia, economic recovery measures vis-à-vis domestic Covid-19 pandemic responses, strengthening international economic co-operation, as well as enhancing bilateral trade and economic co-operation.

“All parties expressed readiness to continue working together to deepen existing close bilateral economic ties,” MITI said.

Source: Bernama

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