Japan Mission: MITI Secures RM23.07 Billion Of Potential Investments, RM2.1 Billion Of Potential Exports

The Ministry of Investment, Trade and Industry (MITI) successfully secured a total of RM23.07 billion potential investment and RM2.1 billion potential exports of products  and services following the recently concluded Trade and Investment Mission (TIM) to Japan led by Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Utama Zafrul Aziz recently.

Tengku Zafrul said, “MITI will work on realising these investments quickly to help Malaysia capitalise on better global economic growth trajectory in the coming years. Once realised, these projects will not only generate employment prospects and skills training opportunities for Malaysians, but also empower our SMEs in the domestic supply chain, encourage Domestic Direct Investment and further develop the strategic industries’ ecosystem in Malaysia.

“Notably, many of these potential investments fit into NIP’s target sectors such as digital economy, electrical  and electronics (including medical devices) and chemical/petrochemicals,”

“As we face various supply chain and trade-related challenges, not least due to  strained US-China bilateral ties, MITI will also work on realising the committed exports of Malaysian goods and services to the Japanese market, while also leveraging on the various Free Trade Agreements (FTAs) of which Malaysia is a member. In a world beset by numerous uncertainties, what we can confidently build on are our strong, existing investment and trading ties with countries such as  Japan to ensure that Malaysian SMEs and people can continue to benefit and  prosper,” Tengku Zafrul said in release by MITI today (June 2).

The five-day mission, which covered Tokyo and Osaka from 29 May to 2 June  2023, was part of MITI’s continuous effort in promoting Malaysia as a preferred  Foreign Direct Investment (FDI) and sourcing destinations in Southeast Asia with strong emphasis on digital as well as Environment, Social and Governance (ESG)  principles, in line with the New Investment Policy (NIP) announced last year.

Tengku Zafrul and his team members discussed and finalised these potential  investments and exports with the top management of various Japanese companies  including Fuji Electric, NHK Spring, CKD Corporation, Itochu Corporation, Sumitomo  Corporation, Mitsui & Co. Ltd., Denso Corporation, Japan Petroleum Exploration Co.  Ltd. (JAPEX), Panasonic Housing Solutions Co. Ltd., D-ACT, Omron Relay and  Devices Corporation and Daiwa House Industry Co. Ltd.

Committed exports achieved were from sectors such as energy and chemicals; palm  oil; construction and building materials; F&B (including halal); lifestyle as well  as green and sustainable industries.

Tengku Zafrul also met with the new Chairman and CEO of the Japan External Trade  Organisation (JETRO) Mr. Ishiguro Norihiko, to share Malaysia’s current trade and  investment policies as well as to explore potential new areas of strategic collaboration  of mutual interest, notably in green and digital economies as well as in the halal sector,  e-commerce and smart manufacturing. JETRO members were encouraged to  participate in various world-class trade expos in Malaysia, and were also  requested to facilitate Malaysia’s participation in the World Expo Osaka 2025.

The delegation also visited a number of hi-tech facilities in Japan, including the Mitsui  OSK Line’s shipping command centre that greatly enhances its global supply chain  security; the NEC Future Creation Hub in Tokyo which showcased NEC’s advanced biometric AI-powered authentication technologies; and the Daihatsu Motors  Corporation’s plant in Kyoto (Oyamazaki), whose team presented their future Energy Efficient and Electric Vehicle (EEEV) development plans in collaboration with Perodua, Malaysia.

Another notable outcome of the mission is the commitment by D-ACT Co., Ltd. to  collaborate with Ingress AOI Technologies Sdn. Bhd. and Perodua Auto Corporation  Sdn. Bhd. in a flagship high tensile strength steel project for use in the automotive  sector, which will enhance the automotive industry ecosystem in Malaysia as  envisaged by the National Automotive Policy (NAP).

The mission was facilitated by MITI’s agencies, the Malaysian Investment Development Authority (MIDA) and the Malaysian External Trade Development  Corporation (MATRADE).

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