THE European Union (UN) had committed itself to investing RM14.1 bil in Malaysia during a trade mission last week, said the International Trade and Industries Ministry (MITI).
“Our mission in driving our Environment, Social and Governance (ESG) agenda yielded results,” it said, in a media release.
The potential foreign direct investment (FDI) from Germany is valued at RM10.7 bil, while French and the UK enterprises promised RM2.6 bil and RM800 mil, respectively.
As for Malaysia, MITI said that it expected to export goods worth RM400 million to the EU (RM50 mil to Germany, RM300 mil to France and RM50 mil to the UK in the coming years.
Elaborating on the matter, MITI told the EU that Malaysia was committed to achieve carbon net-zero greenhouse gas (GHG) emissions early by 2050, as outlined in the 12th Malaysia Plan.
“The European businesses and investors look forward to intensifying their participation in those important areas that are among the key focus in Malaysia’s economic development aspirations.
“Among the various opportunities in Malaysia include green technology, green mobility sectors and other high-value industries,” it stated.
During the trade delegation visit to Germany, MITI met with industry leaders such as Schott AG, BASF, Hansen & Rosenthal (H&R) Group, Porsche AG, Infineon Technologies and Daimler in Frankfurt and Stuttgart.
In France, the delegation held engaging sessions with Airbus, Saint Gobain, Adisseo Group, Prolaser and Innovafeed.
As for the UK, the team had meetings with Dyson, BAE Systems, Smith and Nephew, Weir Minerals and Marlborough College.
Political stability, strong fiscal measures needed
Meanwhile, British High Commissioner to Malaysia Charles Hay said that UK investors are increasingly looking for countries that provide a significant number of modern tools and abide by climate change protocols.
Speaking at the ASEAN Business Advisory Council (ASEAN-BAC) Malaysia on Thursday Hay said, “The UK has a strong investment footprint in Malaysia as it has been an attractive destination for British investors for years.”
UK investors are looking for countries that provide regulatory, fiscal and political stability, that promote and protect open competition, he added.
“Countries also have an advantage if they are home to international legal and professional services firms that support businesses operating on a global scale, that benefit from regional trade agreements giving preferential access to new markets, and increasingly, are low carbon intensity,” Hay remarked. – Oct 24, 2021.
