Home Investments MIDA Launches Its Istanbul Office as a Gateway for Malaysia-Turkey Crossflow Investments

MIDA Launches Its Istanbul Office as a Gateway for Malaysia-Turkey Crossflow Investments

by Ozva Admin

Ribbon cutting ceremony that officially inaugurates the MIDA office in Istanbul in Turkey.

I am confident that the opening of the MIDA office in Istanbul will further enhance bilateral trade between the two countries and cross-border investment between Türkiye and Malaysia.”

—Datuk Arham Abdul Rahman

ISTANBUL, TURKEY, September 30, 2022 /EINPresswire.com/ — MIDA’s new office in Istanbul is poised to provide Malaysia and Turkey with new economic opportunities and fuel the steady growth of bilateral trade relations between Malaysia and Turkey. MIDA Istanbul will serve as a gateway for aspiring Turkish investors who wish to expand their business in Malaysia and vice versa. Investors will be able to access the latest information on investment policies and opportunities, joint venture partnerships or technology collaborations.

The launch of the MIDA Office in Istanbul was officiated by the Malaysian Chief Minister and Minister for International Trade and Industry (MITI), the Hon. Dato’ Seri Mohamed Azmin Ali. Also present at the event were the Secretary General of MITI, Datuk Lokman Hakim Ali; the Executive Director (CEO) of MIDA, Datuk Wira Arham Abdul Rahman; the executive director of MATRADE, Datuk Mustafa Abdul Aziz; Consul General of Malaysia in Istanbul, YM Tengku Mohd. Dzaraif Raja Abdul Kadir; President of Invest in Türkiye, Mr. A. Burak Dağlıoğlu and Mr. Catagay Ozden, Head of Department for South Asian Countries, Ministry of Commerce, Türkiye.

Many business opportunities await Turkish investors, particularly in the fields of machinery and equipment, aerospace, ICT, digital investment, food manufacturing, including the Halal segment. Over the years, many factors have enabled Malaysia to attract quality investment, including its unrivaled connectivity and business-friendly policies. Furthermore, as Malaysia is centrally located in Southeast Asia, the country serves as the main gateway for Turkish investors to penetrate the ASEAN market. Similarly, Türkiye is also strategically located at the crossroads of Europe, Central Asia, the Middle East and North Africa. Malaysian companies could consider using Türkiye as a base to access the large European market, as well as the emerging markets of Central Asia and the Middle East.

Hon. Dato’ Seri Mohamed Azmin commented: “The establishment of the MIDA office in Istanbul serves two very fundamental and critical purposes. First, it plays a critical role as a gateway for companies wishing to expand their business interests and investment horizons in Türkiye and beyond, including neighboring regions such as the Middle East and the European Union. This will be in conjunction with Malaysia’s initiative to enhance our cross-border investments. Second but not least, this office will act as a magnet to attract further investment from Türkiye and the region to Malaysia and thus leverage our position as a springboard for expansion in the ASEAN region and beyond.” .

“Therefore, the opening of the MIDA office in Istanbul is very timely to fully exploit the upside potential of Turkish investments in manufacturing and services, particularly in the areas of advanced manufacturing, machinery and equipment, aerospace, digital investment. , ICT and food. manufacturing, including the Halal segment. This goes in conjunction with our National Investment Aspirations (NIA). I would like to underline that our growth policy also prioritizes the imperative of ensuring that SMEs participate in the value and supply chain. These initiatives will also allow companies and businesses to automate their processes and become profitable to meet the demands of the industry while mitigating social and environmental impacts”, added the Honorable Dato’ Seri Mohamed Azmin.

As for Türkiye’s investments in Malaysia, as of June 2022, a total of 14 manufacturing projects have been approved with total investments worth RM525.2 million (USD 156.3 million). Sectors of approved manufacturing projects include scientific and measurement equipment, textiles and textile products, chemical and chemical products, food manufacturing, and electrical and electronic products. Four manufacturing projects with Turkish investments worth RM377.93 million (USD 111.6 million) have been implemented in Malaysia.

Meanwhile, the CEO of MIDA, Datuk Wira Arham Abdul Rahman, in his welcome speech, said: “In addition to helping MIDA attract new investment opportunities in Malaysia, the country is looking for new collaborations to grow together and the launch of MIDA office in Istanbul will help We expand our outreach programs with trading partners of Türkiye, which includes countries like Russia, Greece, Cyprus, Azerbaijan, Georgia and the 7 “Stan” countries in Central Asia. We also aspire to promote Malaysian culture, warm hospitality and other diverse elements of our country in new communities and societies.”

“I am confident that the opening of the MIDA office in Istanbul will further enhance bilateral trade between the two countries and cross-border investment between Türkiye and Malaysia. Turkish investors who are interested in pursuing joint venture partnerships or technology collaborations with Malaysian companies can get all the necessary information from this office.” he also added.

Applauding the strategic partnership with MIDA, Mr. A. Burak Dağlıoğlu, President of Invest in Türkiye, said: “Türkiye and Malaysia are regional trade hubs for their respective regions. Over the years, Malaysian companies have invested approximately $1 billion in Türkiye. These investments are primarily in energy, finance, infrastructure and transportation, retail, and healthcare. We also see investment potential in tech entrepreneurship and Islamic finance. With the implementation of the Free Trade Agreement in August 2015, our total trade volume has doubled to USD 3.5 billion in just six years. As we have a functioning office in Kuala Lumpur, Malaysia, we are delighted to welcome our esteemed counterpart MIDA to open its office in Istanbul, Türkiye, which will enhance our collaboration and partnership. Without a doubt, this will contribute to the increase in the volume of bilateral trade and investments between the two countries”.

Companies that have benefited greatly from the existing economic relations between Malaysia and Türkiye include:

TUSAS (Turkish Aerospace Industries) Malaysia Sdn. Bhd. currently has 20 employees and the number is expanding, reaching 100 by the end of 2022. With its Malaysian office located in Cyberview, Cyberjaya, TUSAS aims to carry out new joint projects in the aerospace industry where they started the first project . it was the flight control computer for HÜRKUŞ Advanced Trainer Aircraft. TUSAS also signed an MOU with UniKL and the University of Malaya, where 10 students have already completed their internship program at the Turkish Aerospace Headquarters in Ankara, Türkiye last summer.

“We have always been in contact with MIDA and they are helpful in every situation, and we are pleased that they have decided to open an office in Istanbul, Türkiye. We are sure that this office will open new ways of collaboration between Türkiye and Malaysia”. said Prof. Dr. Temel Kotil, President and CEO of TUSAS.

Meanwhile, Evyap Sabun Malaysia Sdn. Bhd., which was incorporated in 2011, is a wholly owned subsidiary of Türkiye-based Evyap Group, a long-standing and well-established manufacturer of personal care products with a strong market presence in the regions of Türkiye, Middle East and the Commonwealth of Independent States (CIS). . Its vertically integrated oleochemical manufacturing plant is located in Pasir Gudang, Johor Bahru.

“Evyap Group continues to make additional investments in the Malaysian personal care and oleochemical industry, including specialty oleochemicals, oleic acid capacity expansion and crystal soap production line. We are also looking at possible additional investments in the region for which various options are currently being explored.” said Mehmed Evyap, CEO of Evyap.

For the first half of 2022, Malaysia attracted a total of RM123.3 billion (USD 28.0 billion) in approved investments in the manufacturing, service and primary sectors involving 1,714 projects for the period January to June 2022 and is expected to create 57,771 job opportunities in the country. FDI remained the main contributor, accounting for 70.9% or RM87.4 billion (US$19.9 billion), while investments from domestic sources contributed 29.1%, worth RM35.9 billion (US$19.9 billion). 8.2 billion). With the newly opened MIDA Office in Istanbul, Türkiye will certainly contribute greatly to socio-economic development and bring about new growth areas in Malaysia’s investment landscape.

Mr. Faizal Jalaludin
Malaysian Investment Development Authority
+60 3-2267 6650
email us here

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