Miti: Malaysia secures RM9.3b investments from Japan

A crane at a construction site is seen behind Japan’s national flag in Tokyo on August 15, 2016. Malaysia has secured investments worth RM9.3 billion through the latest Trade and Investment Mission (TIM) to Japan led by Chief Minister for International Trade and Industry Datuk Seri Mohamed Azmin Ali. — Reuters photo

Tuesday, September 06, 2022 20:11 CST

KUALA LUMPUR, Sep 6 – Malaysia has secured investments worth RM9.3 billion through the latest Trade and Investment Mission (TIM) to Japan led by Chief Minister for International Trade and Industry Datuk Seri Mohamed Azmin Ali .

In a statement, the Ministry of Industries and International Trade (Miti) pointed out that the investments involve strategic sectors with high potential such as electricity and electronics (E&E), research and development (R&D), biomass, information and communication, chemical industry and food.

These include new investment projects by Idemitsu Kosan Co Ltd and Euglena Co Ltd, as well as investment expansion and diversification projects by Tosoh Corporation, NTT Corporation and KOA Corporation.

“These investments are expected to generate employment opportunities, skills training opportunities for local workers and contribute to the development of local suppliers.

“In addition, a potential trade of RM300 million was obtained from this TIM specifically for palm oil and palm oil-related products, halal and food and beverage products from Sumitomo Corporation and Adeka Corporation,” it said.

Japan is one of Malaysia’s leading sources of foreign direct investment (FDI) in terms of implemented manufacturing projects, with a total investment value of US$688 million (RM3.03 ​​billion) recorded from January to June 2019. this year.

According to Miti, Mohamed Azmin had a very interesting bilateral meeting with his counterpart, Nishimura Yasutoshi, the newly appointed Minister of Economy, Trade and Industry (Meti) of Japan, where they discussed a wide range of areas.

“In this sense, both ministers exchanged points of view on the indirect effects and strategic multipliers that will derive from the Regional Comprehensive Economic Partnership Agreement (RCEP), the Comprehensive and Progressive Trans-Pacific Partnership Agreement (CPTPP) and the Indo-Pacific Economic Agreement. . Framework for Prosperity (IPEF).

“Regarding the memorandum of understanding (MoU) on Aircraft Industry Cooperation signed between Malaysia and Japan, both sides have outlined cooperation for information exchange for aerospace supply chain, business networking and formation of a Dedicated Technical Working Group,” he added.

Mohamed Azmin also outlined Malaysia’s Sustainable Development Goals (SDGs) and expressed his commitment to work together with Japanese companies and industries to ensure stable energy supply and renewable energy by working closely with leading Japanese companies for R&D. and hydrogen energy.

“In line with the National Investment Aspiration (NIA), this mission marked a greater emphasis given to the environmental, social and governance (ESG) agenda while intensifying Malaysia’s focus towards the digital economy, E&E sectors, pharmaceutical, chemical and aerospace.

“In this regard, the Chief Minister met with representatives of prominent Japanese companies that have expressed interest in investing or expanding their business in Malaysia in these priority sectors, as well as potential importers,” Miti said.

Malaysia and Japan will engage in further cooperation engagement for the presentation showcase at the Engine Forum Kobe 2022 on October 25-26. — Bernama

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