The Minister of Investment, Trade & Industry, YB Senator Tengku Datuk Seri Utama Zafrul Aziz, led a successful Trade and Investment Mission to Milan and Turin, Italy, from January 12 to 16, 2024. The mission resulted in securing a potential investment of RM 2.835 billion and RM 500 million in potential exports for Malaysian products and services.
During the mission, Minister Tengku Zafrul engaged with prominent Italian companies in various sectors, including automotive, aerospace, semiconductors, food, biofuel, machinery, and equipment. Significant milestones were achieved in fostering economic ties, attracting potential investments, and expanding trade opportunities for Malaysia.
Notable companies met during the mission included STMicroelectronics, EDA Industries, and Leonardo’s Helicopter and Aircraft Divisions. These companies expressed their investment plans in Malaysia, showcasing their commitment to knowledge transfer and the creation of high-value jobs.
EDA Industries, for instance, revealed plans to secure new business and investment collaborations, including the acquisition of a new plant in Jasin, Melaka. This investment aims to support the growing global demand for test equipment, particularly in the electric vehicles segment.
STMicroelectronics provided updates on their investments in Muar, Johor, highlighting Malaysia’s sustained appeal as a preferred hub for attracting high-tech industries.
The mission also involved visits to Leonardo Helicopter and Aircraft Divisions’ facilities in Milan and Turin, where the aerospace giant expressed keen interest in exploring new ventures in Malaysia to support its future regional operations.
On the export front, Minister Tengku Zafrul engaged with leading Italian food company Ferrero International S.A, known for its production of chocolate and cocoa-based foods, and ENI Trade & Biofuels S.p.A (ETB), a subsidiary of ENI S.p.A. Ferrero expressed plans to increase their purchase of Malaysian palm oil to accommodate the growing demand for their products. ETB shared potential growth in importing biorefinery feedstocks from Malaysia, including for Sustainable Aviation Fuel (SAF).
Additionally, a historic collaboration was facilitated between Perusahaan Otomobil Kedua Sdn Bhd (Perodua) and its Italian partner to advance electric mobility in Malaysia, aligning with Malaysia’s mission under NIMP 2030 to produce the first affordable electric vehicle by 2025.
Minister Tengku Zafrul welcomed these commitments, emphasising their significance in enhancing Malaysia’s position in the global supply chain and contributing to the country’s journey toward becoming a regional hub for advanced technologies and innovation.
“The outcomes of this mission reflect our commitment to enhancing Malaysia’s position in the global supply chain. The partnerships forged will also contribute significantly to Malaysia’s journey towards becoming a regional hub for advanced technologies and innovation. MITI and its agencies, MIDA and MATRADE will ensure the successful realisation of these potential investments and exports, which are key towards fostering sustainable economic growth in Malaysia, as envisaged by the New Industrial Master Plan (NIMP) 2030.” he said.
From 1980 to September 2023, a total of 135 manufacturing projects with Italian participation have been approved, with total investments amounting to RM 3.24 billion (USD 904.0 million), creating jobs and significantly contributing to Malaysia’s economic growth. The recent mission further solidifies the economic ties between Malaysia and Italy, promising a positive trajectory for both nations.
