Malaysia’s Chief Revenue Officer Delivers In UAE

The working visit by Prime Minister Datuk Seri Anwar Ibrahim together with the Ministry of Investment, Trade & Industry to the United Arab Emirates has resulted in generating RM40.6 billion of cumulative committed investments in sectors such as renewable energy, aerospace, and logistics.

The top Chief Revenue Officer for the country has delivered once again after securing investments from China and Washington. Business delegates met in UAE include an investment commitment by Abu Dhabi Future Energy Company PJSC (MASDAR) to invest up to RM37.8 billion to develop renewable energy projects with a 10GW capacity in Malaysia. MIDA and the UAE International Investment Council (UAEIIC) also agreed to strengthen their existing collaboration to enhance Malaysia-UAE sustainable economic cooperation, with the aim of increasing sustainable investment flows between both countries.

Tengku Zafrul said “We are extremely pleased that despite the brief duration of the working visit, we managed to secure RM40.6 billion of committed investments. The Malaysia-UAE trade and investment relationship is strong and spans various sectors. In line with the New Industrial Master Plan 2030’s (NIMP 2030) Push for Net Zero mission, renewable energy and low-carbon solutions are at the heart Malaysia’s new target investments. To that end, our strategic collaboration with MASDAR and UAEIIC will pave the way for Malaysia’s pursuit of new technology that prioritises low-carbon, green
manufacturing and circular economy solutions, among others.”

In 2022, the UAE stood as the second largest trading partner among countries in the West Asia and Gulf Cooperation Council (GCC) region. Bilateral trade reached RM38.73 billion in 2022, representing a significant increase of 73.5% year-on-year. In terms of investments, the UAE is currently the largest investor in Malaysia from the West Asian Region and ranks as the second largest among the Organization of Islamic Cooperation (OIC) Member States. A total of RM6.19 billion (USD1.642 billion) of investments from 44 manufacturing projects from the UAE have already been approved as of June 2023, potentially generating 4,534 job opportunities.

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