European investors make strong commitment to invest RM14.1b in Malaysia – MITI

by BERNAMA

KUALA LUMPUR – The trade and investment mission (TIM) to Europe from Oct 13 to 21, 2021, led by Senior Minister and Minister of International Trade and Industry, Datuk Seri Mohamed Azmin Ali has yielded promising results, with the European investors making a strong commitment to invest a total of RM14.1 billion in Malaysia.

The Ministry of International Trade and Industry (MITI) said in a statement that the potential foreign direct investment (FDI) from Germany is RM10.7 billion while potential FDIs from France and the United Kingdom are RM2.6 billion and RM800 million respectively.

“Concurrently, an export value of Malaysian products worth RM400 million (RM50 million to Germany, RM300 million to France and RM50 million to the United Kingdom) is expected to materialise in the coming years,” MITI said.

The ministry said Malaysia’s economic transformation efforts particularly in driving the environment, social and governance (ESG) agenda are well received by the European business community.

The strong recognition of Malaysia’s renewed emphasis on sustainability agenda seen throughout this mission validated the sustained confidence of the European investors and importers towards Malaysia, as a favoured business destination and a strategic gateway for European businesses to venture further into Southeast Asia region and the larger Asia Pacific market.

Throughout the TIM, Mohamed Azmin comprehensively shared Malaysia’s vision in the sustainable agenda, notably the Malaysian target of achieving carbon net-zero greenhouse gas emissions earliest by 2050, as outlined in the 12th Malaysia Plan.

“On account of the various opportunities in Malaysia’s green technology and green mobility sectors as well as in other high-value industries, the European businesses and investors look forward to intensifying participation in those important areas that are among the key focus in Malaysia’s economic development aspirations,” it said.

During an engagement with the United Kingdom delegation, the ministry has also identified collaboration opportunities in the areas of Industry 4.0, renewable energy and sustainability, as well as leveraging Malaysia’s position in the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to further expand their footprint in the region.