YAB Dato’ Seri Anwar Ibrahim, the Prime Minister’s Official Visit to New York for the 78th Session of the United Nations General Assembly (UNGA), 17-23 September 2023

The Prime Minister, YAB Dato’ Seri Anwar Ibrahim, was warmly received during the 78^th United Nations General Assembly (UNGA) session in New York City held from September 17 to 23, 2023.  The business section of the visit coordinated by the Malaysian Investment Development Authority (MIDA), presented a unique opportunity to strengthen Malaysia’s international economic relations and showcase the nation’s appeal to investors in the United States of America.

The highlight of the Prime Minister’s business programme was the Round-Table Meeting (RTM) with Fortune 500 companies on 21 September 2023. This exclusive gathering, jointly organised with the US-ASEAN Business Council (USABC) and the US Chamber of Commerce (USCC), brought together 15 Fortune 500 companies, including industry giants such as Amazon Web Services (AWS), ConocoPhillips, Boeing, Vantage Data Centers, P&G, MetLife, AirBnB, Tyson Food, and Kimberly-Clark.

The Prime Minister, accompanied by the MITI Minister, YB Senator Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, addressed the assembly through discussions centered on Malaysia’s current policies and strategies within the Economy MADANI framework, emphasising the nation’s dedication to attracting high-quality investments.

MIDA facilitated one-on-one meetings between the Prime Minister and renowned American corporations, including Google, Boeing, Medtronics, and Siemens Healthineers. These interactions provided first-hand insights and information directly from top executives regarding their prospective investments in Malaysia.

MIDA also organised high-level meetings between the MITI Minister and senior representatives from Alton Industry Ltd. Group and MKS Instruments. Separate side discussions, chaired by Deputy CEO (Investment Promotion and Facilitation) MIDA, Mr. Sivasuriyamoorthy Sundara Raja, involved promising American companies like Intel Corporation, Sealed Air Corporation (SEE), Leviton Manufacturing, and Perkin Elmer.

The United States assumes a pivotal role as a significant foreign investor in Malaysia’s manufacturing and services sectors. Investments in manufacturing sector are concentrated in technology-driven industries, including electrical and electronics products, petroleum products, machinery and equipment, chemical and chemical products, and transport equipment, constituting about 92% of the United States’ total approved investments in Malaysia.

As of December 2022, the United States ranks as Malaysia’s third-largest foreign investor in the manufacturing sector, with 869 ongoing projects totalling USD25.98 billion and generating employment for 196,219 Malaysians. US-based companies also have a robust presence in the services sector, spanning financial services, oil and gas, and regional establishments.

The economic engagements organised during this official visit underscore Malaysia’s commitment to attracting new high-tech high-quality investments. Despite global competition for foreign direct investments, Malaysia remains a preferred destination for businesses.