Miti secures RM1.45bil potential investments, RM550mil potential exports from Japan

Prime Minister Datuk Seri Anwar Ibrahim

TOKYO: The Ministry of Investment, Trade and Industry (MITI) has secured RM1.45 billion of potential investments and RM550 million of potential exports from meetings with Japanese companies in conjunction with Prime Minister Datuk Seri Anwar Ibrahim’s working visit to Japan from May 22 to 24, 2024.

Several of the projects will be implemented within a three-year time horizon and will help Malaysia create a strong ecosystem in the semiconductor, renewable energy and green technology, according to MITI. A few of these projects are key towards achieving Malaysia’s carbon-neutrality target by 2050.

The companies involved were IHI Corporation, Nisshin Oillio Group, Tokuyama Corporation, Sumitomo Corporation, ENEOS Holdings, Mitsubishi Corporation and Tokyo Gas.

"We are pleased to have secured RM1.45 billion of potential investments and RM550 million of potential exports from this short but fruitful trip,” MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said in a statement.

"We welcome expansion projects announced by existing Japanese investors across various strategic sectors, namely semiconductors, chemicals, petrochemicals, renewable energy, oil and gas, as well as palm oil and palm oil-based products,” he added.

The meetings in Tokyo were led by Anwar, who is also the finance minister, accompanied by Tengku Zafrul.

The minister said such projects reflect Japanese investors’ continued confidence in Malaysia’s industrial landscape, which is undergoing key transformative initiatives outlined in the New Industrial Masterplan (NIMP) 2030 and the National Energy Transition Roadmap (NETR).

Japan was Malaysia's fourth largest trading partner in 2023 and the fourth largest investor in the manufacturing sector. As of 2023, a total of 2,810 manufacturing projects with Japanese participation have been implemented, with total investments valued at RM102.11 billion (US$29.67 billion), creating 344,120 job opportunities.

The minister said with emphasis on sustainable development and high-end manufacturing activities, MITI and its agencies - the Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE) - will continue to intensify their efforts with Japan to spur more mutually beneficial partnerships.

He added that Japanese investors are welcome to invest in promoted sectors, such as semiconductors, aerospace, chemicals and petrochemicals, digital economy, electrical and electronics (E&E), pharmaceuticals, green technology and renewable energy.

Tengku Zafrul was also in Tokyo, Japan to fulfil his panellist role in the Nikkei Forum 2024, in a session themed "Circular Economy to Support Asian Growth”. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

US producer prices unexpectedly fall in May
Apollo’s net profit jumps 70% to RM53.8mil in FY24
Sunview secures large scale solar project from Uzbekistan
Ringgit further strengthens versus US dollar at the close
Leon Fuat shareholders approve final dividend payout
FTSE4Good Bursa Malaysia Index sees 12 new inclusions
Solarvest buys office and retail space for RM48.73mil
Malaysia keeps inflation outlook for 2024 after diesel subsidy reforms
BNM to revamp its fund for SMEs deployment
Cabnet Holdings unit bags RM46mil sub-contract works

Others Also Read