Miti secures RM1.45bil potential investments from Japan
Published on: Friday, May 24, 2024
By: FMT
Investment, trade and industry minister Tengku Zafrul Aziz said some of the investments are crucial towards Malaysia’s target of becoming carbon neutral by 2050. (Bernama pic)
PETALING JAYA: The investment, trade and industry ministry (Miti) has secured RM1.45 billion in potential investments and RM550 million in potential exports from meetings with Japanese companies in conjunction with Prime Minister Anwar Ibrahim’s recent working trip to Japan, its minister, Tengku Zafrul Aziz, said.
He said the ministry is pleased with the results of this “short but fruitful trip”, Bernama reported.
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In a statement, Tengku Zafrul said several of the projects will be implemented within three years and will help Malaysia create a strong ecosystem in the semiconductor, renewable energy and green technology industries.
A few of these projects are the key towards achieving Malaysia’s goal of becoming carbon neutral by 2050, he said.
According to the ministry, the companies involved were IHI Corporation, Nisshin Oillio Group, Tokuyama Corporation, Sumitomo Corporation, Eneos Holdings, Mitsubishi Corporation, and Tokyo Gas.
“We welcome expansion projects announced by existing Japanese investors across various strategic sectors: semiconductors, chemicals, petrochemicals, renewable energy, oil and gas, as well as palm oil and palm oil-based products,” Tengku Zafrul said.
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He said such projects reflect Japanese investors’ continued confidence in Malaysia’s industrial landscape, which is undergoing the key transformative initiatives outlined in the new industrial master plan 2030 and the national energy transition roadmap.
Japan was Malaysia’s fourth largest trading partner in 2023 and the fourth largest investor in the manufacturing sector.
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Tengku Zafrul said that with emphasis on sustainable development and high-end manufacturing, Miti and its agencies – the Malaysian Investment Development Authority and the Malaysia External Trade Development Corporation – would continue to work with Japan to spur more mutually beneficial partnerships.
He said Japanese investors are welcome to invest in promoted sectors such as semiconductors, aerospace, chemicals and petrochemicals, digital economy, electrical and electronics, pharmaceuticals, green technology and renewable energy.
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