MITI secures additional RM13b FDI from mission to Singapore

THE Ministry of International Trade and Industry (MITI) has achieved an additional RM13 billion of committed foreign direct investment (FDI) from three investors, namely Sea Ltd, Yondr Group and INSEACT, via its investment mission to the Republic of Singapore.

In a statement today, MITI said the investments are scheduled to be operationalised within the next three years.

“These committed investments cumulatively valued at RM13 billion reflect Malaysia’s attractiveness as a preferred investment destination,” said MITI’s Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz who led the mission in conjunction with the Prime Minister’s first official visit to Singapore.

MITI said Sea, the parent company of Shopee, has committed to expanding its investments in Malaysia, creating over 2,000 job opportunities.

The company intends to set up cloud services, data hosting and processing, and a new e-commerce logistics warehouse in the country, MITI said.

UK-based Yondr Group has entered the Malaysian market with the acquisition of a 75 acre (30.35ha) plot in Sedenak, Johor and is developing a 300MW IT load hyperscale data centre campus.

MITI said Yondr’s deployment in Johor is expected to become South-East Asia’s largest hyperscale data center campus and will play an important role in growing Malaysia’s digital ecosystem.

Meanwhile, INSEACT, is a Singapore-based alternative protein company specialising in insect protein for aquaculture feed. It intends to set up a production facility in Johor, its first in South-East Asia.

“We are determined to prove to investors that Malaysia is pro-trade, pro-business and pro-investment. MITI and its agencies like Malaysian Investment Development Authority will continue to pursue high quality, strategic and sustainable investments that will not only grow our GDP and boost the development of the local digital economy but also create new job opportunities for our people,” continued Tengku Zafrul.

MITI said the investment mission is an important milestone towards realising Malaysia’s goal of becoming a hi-tech, global innovation hub with a resilient and sustainable investment ecosystem. — TMR / pic TMR File