Trade with Land of the Rising Sun to rise again, says Zafrul


TOKYO: Malaysia’s trade with Japan is expected to increase this year, bolstered by investments particularly in the semiconductor and renewable energy sectors, says Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

“Last year, trade with Japan stood at around RM35bil. One-third of this involved liquefied natural gas,” he told Bernama here yesterday.

Tengku Zafrul said Malaysia has been providing Japan with a secure supply of energy and is now focusing on renewable energy.

During Prime Minister Anwar Ibrahim’s working visit to Japan from May 22-24, Malaysia secured RM1.45bil in potential investments and RM550mil in potential exports from meetings with Japanese companies.

The meetings involved six companies already present in Malaysia and one company looking to invest in the country.

Tengku Zafrul said one of the companies planning to invest in Malaysia is from the semiconductor industry. The company’s name will be announced later.

The other companies expressed the intention to commit to new investments in Malaysia, particularly in new and renewable energies, with an interest in Sabah and Sarawak.

“Investments in renewable energy could reach RM40bil to RM50bil over a 10-year period.

“Many companies in the electrical and electronics products, especially the semiconductor industry, want green energy supplies and see potential in Sarawak,” he added.

He also said the government received tax incentive requests from Japanese companies.

“These are new sectors, so they need support in terms of subsidies and tax incentives. The government will carry out a cost-benefit analysis before deciding on any incentives,” he said.

As of 2023, a total of 2,810 manufacturing projects with Japanese participation have been implemented, with total investments valued at RM102.11bil (US$29.67bil) while creating 344,120 job opportunities.

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Tengku Zafrul , E&E , Trade , LNG , Semiconductors , Energy

   

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