Malaysia Diversifying Exports To Non Traditional Markets Says Anwar

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Prime Minister Anwar Ibrahim said the maintenance, repair and overhaul of business jets had drawn investments of RM710.25 million. (Pixabay pic)KUALA LUMPUR: Malaysia will continue efforts to diversify its export destination, especially to non-traditional markets such as the Middle East and Latin America.
Prime Minister Anwar Ibrahim said these markets showed tremendous potential.
During the first nine months of 2023, exports to these markets recorded positive growth of 24.7% and 2.3% respectively, he said.
“Among the programmes that are being carried out include the international sourcing programme,” he said during Ministers’ Question Time at the Dewan Rakyat today.
Anwar said this was among the government’s efforts to mitigate the decline in export value following the uncertain global environment.
“The government is also implementing the trade and investment promotion mission overseas, aimed at promoting Malaysia as a choice destination for foreign direct investments.”
He said his working visit to New York recently had attracted three US companies with a potential investment commitment of RM4.74 billion in medical devices, electrical & electronics (E&E) and machinery & equipment sectors.
“Two projects in E&E and machinery & equipment sectors with potential investments worth RM2.74 billion are expected to be completed by end-2024.
“Another project involving medical devices valued at RM2.0 billion is targeted to be secured in stages until 2031. The first phase, with RM545 million as initial investment, has been approved by the Malaysian Investment Development Authority (Mida),“ he said.
On his working visit to the United Arab Emirates (UAE), Anwar said the government had succeeded in securing investment commitments from the country amounting to RM40.6 billion.
These were in the renewable energy (RE) sector and aerospace. The maintenance, repair and overhaul of business jets had drawn investments of RM710.25 million.
“Masdar has made a due diligence visit to identify several partners among local companies to carry out RE projects in stages over 10 years.
“Masdar has also signed an MoU with CitaGlobal Sdn Bhd to forge cooperation in RE projects, such as solar and wind turbines.
“Going forward, Masdar and Mida will establish a steering committee to facilitate the projects between Masdar and local companies to ensure these projects are carried out in Malaysia,” he said.
He said Masdar’s CEO and delegation would be in Malaysia this week to meet their potential partners, arranged by the investment, trade and industry ministry (Miti) and Mida.
The UAE is currently the biggest investor in Malaysia from West Asia and the second-biggest among the Organisation of Islamic Cooperation countries.
To date, UAE’s investments in various manufacturing projects implemented in Malaysia totalled US$388.8 million (RM1.48 billion).
Anwar said he had also met renowned companies in Saudi Arabia such as Public Investment Fund and Saudi Arabian Oil Co (Aramco) during his working visit to the kingdom.
Aramco had shown interest to increase investments in Malaysia in the manufacturing sector (downstream) and retail business in the petrochemical industry.
“Aramco is Petronas’ partner in refining and petrochemical projects in the Pengerang Integrated Petroleum Complex in southern Johor.
“At present, Aramco is fine-tuning its investment plan. The government is committed to providing complete facilitation (end to end) to realise this investment,” he said.
The investment commitment signed through these working visits were in line with the existing policies as outlined in the mid-term review of the 12th Malaysia Plan and the New Industrial Master Plan 2030 to encourage RE, medical devices, E&E and other priority sectors.
In ensuring the potential strategic investments from the trade and investment mission and the prime minister’s official working visits sessions can be implemented, the government has decided to set up the Investment and Trade Action Coordination Committee under Miti. - FMT

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