The Trade and Investment Mission (TIM) to Japan, led by YB Senator Tengku Datuk Seri Utama Zafrul Bin Tengku Abdul Aziz, Minister of Investment, Trade, and Industry (MITI), successfully took place from 29 May to 2 June 2023 in Tokyo and Osaka. This mission aimed to strengthen the bilateral trade and investment relationship between Malaysia and Japan across various sectors.
The Malaysian delegation, comprising high-level officials from MITI, MIDA, and MATRADE, engaged in productive and fruitful one-to-one meetings with potential Japanese investors from diverse sectors such as Electric Vehicle (EV) components; Electrical and Electronics (E&E); Machinery Parts and Components; Environmental, Social and Governance (ESG); Metal; and Chemical and Chemical Products.
Notable companies like NHK Spring, CKD Corporation, Denso Corporation, and OMRON Corporation were among the distinguished participants. These companies not only expressed their eagerness to invest in Malaysia but also showcased their commitment to knowledge transfer and the creation of high-value jobs in the country.
The highlight of the mission was the visit to Daihatsu Motor Corporation (DMC) and Mitsui OSK Lines (MOL). DMC’s advanced plant in Kyoto demonstrated their dedication to environmentally-friendly practices and cutting-edge technologies like the Internet of Things (IoT). MOL shared their expertise in managing liquefied CO2 transportation, an integral component of the Carbon Capture and Storage (CCS) ecosystem.
In Q1 2023, MIDA announced approved investments totalling an impressive RM71.4 billion (USD16.19 billion) in various sectors, including 14 projects with Japanese participation worth USD46.99 million which falls under MIDA’s purview. These projects are expected to generate potential employment for 653 people, solidifying Japan’s position as the 7th largest foreign investor for Q1 2023.
During the mission, Malaysia secured potential investments totalling RM23.07 billion, further enhancing the integration of local companies into the global supply chain. The strong interest shown by Japanese companies serves as a catalyst for expanding bilateral trade and investment relations, particularly in areas aligned with sustainable and green agendas.
The proactive measures taken by MITI and MIDA to attract high-technology and sustainable investments contribute to Malaysia’s economic growth and position the country as an attractive destination in the region for quality investments.