Trade Mission To Singapore Garners Another RM7 Billion In FDI

The recent trade mission to Singapore by the Ministry of Investment, Trade and Industry has achieved RM7 billion of committed Foreign Direct Investment from investors.

Led by Minister, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, with RM13 billion committed investment previously secured from the first investment mission in January, the ministry has now secured a total of RM20 billion committed investment from the island state.

Several companies including INV New Material Technology, Agrocorp and SIA Engineering Company have collectively committed to invest RM7 billion in Malaysia. These investments are scheduled to be operationalised within the next three years. INV New Material Technology is a subsidiary of Senior International (Singapore) and Shenzhen Senior Technology Material. The parent company is a leading enterprise in the lithium battery separator industry in China. The company plans to plans to build up a state-of-the-art manufacturing facility to produce battery separators for electric vehicles (EV). The entry of yet another major EV component producer is a big boost for the New Industrial Master Plan’s (NIMP2030) aim to make Malaysia a regional hub for the EV industry. INV’s investment is also expected to create up to 4,000 jobs for

Agrocorp is a global agri-commodity firm specialising in the sale of staple food products such as wheat, pulses, and rice to the leading food manufacturers in the Asia Pacific and Middle Eastern regions. Agrocorp started trading agri-commodities in 1990 and has since grown to achieve over USD3 billion in turnover, handling more than 30 agri-commodity products across 50 countries. Agrocorp is planning to set up a facility in Johor to manufacture plant-based food ingredients.

SIA Engineering Company (SIAEC), a listed Singaporean company, specialising in aircraft maintenance, repairs, and overhaul (MRO) services in the Asia-Pacific region, has also initiated some investments including component repair and line maintenance activities as part of its growth plans in the region. SIAEC has a client base of more than 80 international carriers and aerospace equipment manufacturers. The company aims to make Malaysia part of its MRO network.

Tengku Zafrul said, “The recent announcement of RM7 billion in committed investments from Singapore is a testament to Malaysia’s attractiveness as a preferred investment destination.

MITI’s delegation also met up with representatives from A.P. Moller – Maersk an integrated container logistics company headquartered in Copenhagen. Maersk is currently exploring sites to expand its logistics hubs in Malaysia through over 10 strategic smart logistics infrastructure projects.

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