Deputy Minister of Investment, Trade and Industry Liew Chin Tong (3rd from left) with Ministry of Enterprise and Made in Italy deputy minister Valentino Valentini (2nd from left) cutting the cake during the launch of Genarali Malaysia headquarters at Jalan Sultan Ismail on April 28. Looking on are (from left) Generali Asia Regional Officer Roberto Leonardi, Italian Ambassador to Malaysia Massimo Rustico, Generali Insurance Malaysia Bhd CEO and Country Head of Generali Entities Fabrice Benard, and Generali Life Insurance Malaysia Bhd CEO Soo Wai Har.-AZMAN GHANI/The Star
KUALA LUMPUR: In light of rising global trade tensions, Malaysia is seeking to strengthen collaboration with Italy and the wider European Union (EU), with the aim to better navigate these challenges and strengthen bilateral economic ties.
Deputy Minister of Investment, Trade, and Industry Liew Chin Tong emphasised the importance of cooperation between Asean and the EU, especially during a challenging global trade landscape.
“The current situation we are facing due to US President Donald Trump’s tariffs is a once-in-a-generation challenge, which will be difficult to handle,” he said.
“Therefore, increasing economic cooperation between Malaysia and Italy, as well as between Asean and the EU, will be very important going forward,” he told reporters on the sidelines of the launch of Generali Malaysia’s new headquarters yesterday.
Liew added that he would have a closed-door meeting with Italian Deputy Minister of Enterprises and Made in Italy Valentino Valentini to discuss cooperation between the two countries.
Separately, addressing concerns over Chinese goods being falsely labeled as Malaysian to bypass US tariffs, Liew reiterated Malaysia’s commitment to maintaining its trade reputation.
“We have always maintained a clear position that such practices must not happen,” Liew said.
“We emphasise value-adding, and we want to see value-adding happen in Malaysia.”
Liew added that the government is committed to ensure export goods genuinely result from Malaysian value-added processes.
In a separate development, Generali Malaysia, part of the Italy-based Generali Group, has officially launched its new headquarters, Menara Generali, in Kuala Lumpur, reflecting long-term business confidence in Malaysia’s economy.
The move signals the company's ongoing commitment to strengthening its operations and enhancing its service capabilities in the region.
Generali Insurance Malaysia Bhd chief executive officer and Generali Entities in Malaysia country head Fabrice Benard said the new headquarters will bring both the general and life insurance teams together under one roof, housing over 1,000 of its employees.
He said the headquarters will specifically bring together employees from four different locations, namely Wisma Goldhill, Wisma Boustead, Chulan Tower, and Menara Multi-Purpose.
Benard also highlighted that the group is working towards obtaining a green building certification for the new headquarters.
“We have designed energy-efficient systems to ensure that this headquarters reflects our long-term commitment to reducing our environmental footprint,” he noted.
Valentino Valentini said that the headquarters symbolises Generali’s confidence in Malaysia's dynamic economy and the broader Asian region.
“Manara Generali therefore stands not merely as that building, but to us it's a beacon. It's a beacon of trust, a hub of talent, a symbol of the vibrant collaboration we seek to foster with this country and worldwide,” he noted.
Generali Asia regional officer Roberto Leonardi said that since starting operations in Malaysia in 2015, the country has become a “key market” for Generali in Asia.
“With a strong local presence, a dedicated team and a customer-first mindset, there is a solid foundation to build from,” he added.
Generali's entry into Malaysia began in 2015 with the acquisition of a stake in Multi-Purpose Insurans Bhd (MPIB), a property and casualty insurance subsidiary of MPHB Capital Bhd
, which it rebranded as MPI Generali Insurans Bhd (MPI Gen).
Building on this foundation, Generali deepened its presence in 2022 by entering agreements with Affin Bank Bhd to acquire majority stakes in AXA Affin Life Insurance Bhd and AXA Affin General Insurance Bhd.
Concurrently, It also acquired the remaining shares of MPI Gen from MPHB Capital.
By April 2023, Generali had consolidated its businesses under two entities — Generali Insurance Malaysia Berhad and Generali Life Insurance Malaysia Berhad — forming the second-largest general insurer and an emerging life insurer in Malaysia.
Backed by over 1,600 employees and a distribution network of more than 9,000 agents and partners, Generali serves close to two million customers in Malaysia.
Worldwide, Generali Group now serves over 69 million customers across more than 50 countries.
