KUALA LUMPUR: The Ministry of Investment, Trade and Industry (MITI) in Malaysia has achieved a significant milestone by securing a total of RM20 billion in committed investments from Singapore since the beginning of 2023. The latest infusion of RM7 billion in foreign direct investment (FDI) was realized during a recent investment mission led by Minister Tengku Datuk Seri Zafrul Aziz to the neighbouring nation.
This substantial commitment stems from various companies, including INV New Material Technology, Agrocorp, and SIA Engineering Company, who have collectively pledged RM7 billion to invest in Malaysia. These investments are slated to be operational within the next three years, representing a promising economic prospect for the country.
One notable investor, INV New Material Technology, a subsidiary of Senior International (Singapore) and Shenzhen Senior Technology Material, is a leading enterprise in the lithium battery separator industry in China. The company plans to construct a state-of-the-art manufacturing facility in Malaysia aimed at producing battery separators for electric vehicles (EVs). This development aligns seamlessly with the objectives outlined in Malaysia's New Industrial Master Plan 2030 (NIMP2030), which seeks to position Malaysia as a regional hub for the EV industry. Furthermore, this investment is anticipated to generate employment opportunities for up to 4,000 Malaysians.
Agrocorp, a globally renowned agri-commodity firm specializing in the sale of staple food products, is planning to establish a plant-based food ingredients manufacturing facility in Johor, Malaysia. With a history dating back to 1990, Agrocorp has achieved a remarkable turnover of over US$3 billion and currently deals with more than 30 agri-commodity products across 50 countries.
In addition to these commitments, SIA Engineering Company (SIAEC), a listed Singaporean firm specializing in aircraft maintenance, repairs, and overhaul (MRO) services in the Asia-Pacific region, has initiated investments in component repair and line maintenance activities in Malaysia. Their presence is expected to bolster Malaysia's role in the MRO network, serving a client base of more than 80 international carriers and aerospace equipment manufacturers.
Minister Tengku Zafrul expressed his enthusiasm about the RM7 billion in investments from Singapore, emphasizing Malaysia's attractiveness as a preferred investment destination. He underscored Malaysia's commitment to enhancing investment processes, simplifying procedures, offering incentives, and maintaining a stable and transparent regulatory environment.
MITI and its agencies, such as the Malaysian Investment Development Authority (MIDA), remain dedicated to pursuing high-quality, strategic, and sustainable investments that contribute to Malaysia's economic growth, job creation, and development.
During the trade mission, MITI's delegation also held discussions with representatives from AP Moller-Maersk, a global integrated container logistics company. Maersk is exploring opportunities to expand its logistics hubs in Malaysia through over 10 strategic smart logistics infrastructure projects, further solidifying its presence in the country.
This successful investment mission to Singapore in 2023 builds upon the RM13 billion in committed investments secured during the first mission in January, marking a significant step toward Malaysia's vision of becoming a high-tech, global innovation hub with a resilient and sustainable investment ecosystem.
Reference: MITI’s investment missions to Singapore achieve RM20 billion of committed FDI for Malaysia
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