Malaysia has secured investments worth RM9.3 billion through the latest trade and investment mission (TIM) to Japan led by International Trade and Industry Minister Mohamed Azmin Ali.
In a statement, the international trade and industry ministry said the investments involved strategic and high potential sectors such as electrical and electronics (E&E), research and development (R&D), biomass, information technology and communications, chemical industry and food.
They 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 as well as contribute to the development of local vendors.
“Additionally, RM300 million worth of potential trade was garnered from this TIM specifically for palm oil and palm oil related products, halal and food and beverages products from Sumitomo Corporation and Adeka Corporation,” it said.
Japan is one of Malaysia’s top sources of foreign direct investment in terms of implemented manufacturing projects, with a total investment value of US$688 million (RM3.03 billion) from January to June this year.
The ministry said Azmin had had an engaging bilateral meeting with his counterpart, Nishimura Yasutoshi, the newly appointed minister of economy, trade and industry Japan where they discussed a wide spectrum of areas.
“In this vein, both ministers exchanged views on the spin-offs and strategic multiplier effects to be derived from the Regional Comprehensive Economic Partnership Agreement, Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Indo-Pacific Economic Framework for Prosperity.
“Regarding the memorandum of understanding on aircraft industry cooperation inked between Malaysia and Japan, both sides have outlined cooperation for information exchange for the aerospace supply chain, business networking as well as forming a dedicated technical working group,” it added.
Azmin also outlined Malaysia’s sustainable development goals and expressed its commitment to working together with Japanese companies and industries to ensure a stable energy supply and renewable energy by working closely with major Japanese companies for R&D and hydrogen energy.
“In line with the National Investment Aspiration, this mission marked a greater emphasis accorded to the environmental, social and governance agenda while intensifying Malaysia’s focus towards the digital economy, E&E, pharmaceutical, chemical and aerospace sectors.
“In this regard, the minister met with the representatives of prominent Japanese companies which have expressed interest to invest or expand their businesses in Malaysia in these priority sectors as well as with potential importers,” the ministry added.
Malaysia and Japan will participate in greater engagement for cooperation for the presentation showcase at the Engine Forum Kobe 2022 on Oct 25 and 26.