European investors commit to invest RM14.1 billion in Malaysia - MITI
Bernama
October 23, 2021 13:44 MYT
European investors commit to invest RM14.1 billion in Malaysia - MITI
Malaysia's economic transformation efforts especially in driving the environmental, social and governance agenda are well received by the European business community. - File images
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 encouraging results, with European investors making a strong commitment to invest a total of RM14.1 billion in Malaysia.
According to the Ministry of International Trade and Industry (MITI) in a statement, the potential for foreign direct investment (FDI) from Germany is RM10.7 billion while the potential for FDI from France and the United Kingdom is RM2.6 billion and RM800 million respectively.
"At the same time, the 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 be realized in the coming years," according to MITI.
He said Malaysia's economic transformation efforts, especially in driving the environmental, social and governance (ESG) agenda, were well received by the European business community.
Recognition of Malaysia's new emphasis on the sustainability agenda seen throughout the mission confirms the continued confidence of European investors and importers in Malaysia, as a preferred business destination and strategic gateway for European businesses to explore further into the Southeast Asian region and the larger Asia Pacific market.
Throughout the TIM, Mohamed Azmin shared on Malaysia's vision in the sustainable agenda, especially Malaysia's target to achieve zero net carbon greenhouse gas emissions as early as 2050, as outlined in the 12th Malaysia Plan.
"Based on the various opportunities in Malaysia's green technology and green mobility sector as well as in other high -value industries, European businesses and investors hope to increase participation in this important area which is one of the main focus areas in Malaysia's economic development aspirations," he said.
In a meeting with the United Kingdom delegation, the ministry also identified opportunities for cooperation in Industry 4.0, renewable energy and sustainability and leveraged on Malaysia's position in the Regional Comprehensive Economic Partnership Agreement (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to further expand their position in the region.
- BERNAMA
