Australian companies keen to invest RM24.5bil in Malaysia, says Anwar

Singapore's Prime Minister Lee Hsien Loong, Brunei's Sultan Hassanal Bolkiah, Australia's Prime Minister Anthony Albanese, Indonesia's President Joko Widodo, Philippines President Ferdinand Marcos Jr, Cambodia's Prime Minister Hun Manet, Malaysia's Prime Minister Anwar Ibrahim and Laos' Prime Minister Sonexay Siphandone pose for a family photo at the ASEAN-Australia Special Summit, in Melbourne, Australia March 5, 2024. REUTERS/Jaimi Joy

MELBOURNE: Major Australian companies have shown interest to invest a total of RM24.5bil in Malaysia, including expansion of existing investments, says Prime Minister Datuk Seri Anwar Ibrahim.

Anwar, who is also the Finance Minister, said the intention was expressed to him during his meeting with more than 20 Australian companies in Melbourne on Tuesday (March 5), the second day of his official visit to Australia.

Among the potential investments are from data centre operators AirTrunk and NextDC which plan to spend about RM11 billion and RM3 billion, respectively, he said.

The amount of potential investments exceeds an earlier estimate made by the Ministry of Investment, Trade and Industry and Malaysian Investment Development Authority, he said.

In terms of trade, Anwar said, Malaysia has recorded potential export sales of over RM900 million to Australia, consisting of products such as urea, timber, food and electrical components, in conjunction with his visit.

He added that the government has made efforts to clarify any concerns or doubts in order to give Australian investors and businesses confidence in Malaysia’s prospects. - Bernama