Strengthening Malaysia’s position in Davos

I WOULD like to respond to your article dated Jan 29 entitled “Anwar wise to skip Davos. Tengku Zafrul, tell us what you brought back”. 

First, allow us to thank the publication for your interest in the Minister of International Trade and Industry’s (MITI) recent participation at the World Economic Forum (WEF) Annual Meeting 2023 in Davos, Switzerland. 

As you rightly pointed out in your article, WEF is not just a congregation of world leaders, but also business representatives who are leaders in their respective industries. It often presents the highest concentration of top CEOs and decision-makers, many of whom are currently actively seeking options given the heightened risks in the new global landscape post-pandemic. 

Therefore, it represents a strategic opportunity for MITI to engage on such platforms to advance Malaysia’s position and interest to a wider global audience. 

Moreover, MITI has been consistently sending delegations to the WEF in the past decade, not only because it is a cost-efficient way to meet a high number of top policymakers and decision-making representatives of multinationals within a short period of time, but also because MITI gets the benefit of face-to-face meetings to reach out to and share updates with many of these decision-makers who are also Malaysia’s existing investors. 

Apart from that, MITI also uses the WEF platform to reach out to potential investors, whom we know are seeking to re-shore their operations due to the reasons mentioned earlier. Given the rapidly evolving global business environment, the timing of the trip is opportune for Malaysia’s interest. 

I am pleased to share that during the recent WEF In Davos, Switzerland, MITI minister together with senior MITI officials and relevant agencies met with several key representatives from multinational companies such as Intel Corp, Microsoft Corp, Procter & Gamble Co, Honeywell International Inc, Amazon Web Services, Ericsson, Estee Lauder and the Port of Antwerp. The minister exchanged views and insights on ways to strengthen existing business and investment relations as well as exploring further opportunities in Malaysia. 

These engagements were not only covered by mainstream media, but they were also updated via the minister’s social media page in a timely manner, in line with greater transparency and accountability in government activities and for the wider interest of the public. 

We are also delighted to share that those meetings also highlighted potential foreign direct investment of RM79.1 billion for Malaysia, which MITI and its related agencies like Malaysian Investment Development Authority (Mida) and InvestKL Corp are currently actively pursuing. We will, of course, provide updates to the media as and when these efforts materialise. 

On a final note, for your reference (and in case you missed them), here are several [Bernama] news (headlines) covering the investment mission by MITI and its agencies to the WEF in Davos recently: 

  1. A seamless supply chain in Asean needs public and private sector partnership – Tengku Zafrul 
  2. MITI akan lebih bersasar tarik pelaburan tepat, bermula dengan WEF, Davos – Tengku Zafrul 
  3. MITI sasar tarik pelaburan, teroka perniagaan di peringkat antarabangsa bersama sektor korporat – Tengku Zafrul 
  4. Intel Corp reiterates its investment commitment in Malaysia 
  5. Emerging economies need own timeline to manage and mitigate risks – Tengku Zafrul 
  6. Asean displayed sheer confidence and grit in Davos 
  7. Tengku Zafrul meets AstraZeneca chairman to discuss potential expansion in Malaysia 
  • Khalilurrahman Kamaruz-zaman MITI Press secretary to the minister

  • This article first appeared in The Malaysian Reserve weekly print edition