RM16.05 bln potential investment value, RM986.15 mln export value in coming years: MITI

In a statement, MITI said of these potential investment and export value figures, companies in the ROK had committed in the immediate term to cumulatively invest a total of RM7.3 billion in Malaysia.

"Concurrently, the ROK companies had also committed to purchase exports of Malaysian goods amounting to RM70 million.

"Similarly for Japan, the Japanese companies had committed in the immediate term to cumulatively invest a total of RM 8.75 billion in Malaysia and had also committed to purchase exports of Malaysian goods amounting to RM 916.15 million," it said.

The mission which was led by Senior Minister and MITI minister Datuk Seri Mohamed Azmin Ali from April 1-6, 2021 was the first for this year, paramount to the rigorous efforts by the ministry to bring in foreign direct investments into Malaysia, as well as active promotion of Malaysia's exports to the global market amidst the economic uncertainties.

MITI said the mission started off in Seoul where Mohamed Azmin in a meeting with SK Group, the third largest conglomerate in the ROK and ranked 73rd in the Fortune 500 companies, welcomed its strong interest to invest in high-potential areas of green technology, electric vehicle, waste management and waste to energy in Malaysia.

The senior minister also met with Korea Aerospace Industries to discuss the potential transfer of technology and developing human capital in the defence aerospace industry in Malaysia, it added.

While in Tokyo, Mohamed Azmin had a constructive engagement with Mitsubishi Corporation, the largest "Sogo Sosha" and top five corporation in Japan, on potential sourcing opportunities and expansion of trade and investment with Malaysia.

He also had a session with Nippon Electric Glass which agreed to a new investment amounting to RM1 billion in Malaysia for the new production of state-of-the-art glass fibre for the automotive, construction and energy sector, capitalising on artificial intelligence and other advanced technologies, MITI said.

"During the senior minister's engagements with his counterparts, both sides exchanged views on efforts to ensure the relevance and resilience of the business and investment environments in Malaysia, economic recovery measures vis-a-vis domestic COVID19 pandemic responses, strengthening international economic co-operation, as well as enhancing bilateral trade and economic co-operation.

"All parties expressed readiness to continue working together to deepen existing close bilateral economic ties," MITI said.