Effective Malaysia-Japan collaboration key to driving sustainable economic growth - PM

KUALA LUMPUR: Effective collaboration between Malaysia and Japan is essential to driving sustainable economic growth and development, said Prime Minister Datuk Seri Anwar Ibrahim.

Anwar said that in this context, Malaysia appreciates the critical role played by Japan in its early industrialisation through large-scale investments and technology inflows.

"The firm and lasting bond between Malaysia and Japan is most evident as Japan continues to be one of Malaysia's largest trading partners, demonstrating a noteworthy relationship that has endured the challenges of the global pandemic and its lockdowns, as well as geopolitical tensions and conflicts," he said in his keynote speech at the 41st Malaysia-Japan Economic Association (MAJECA)-Japan-Malaysia Economic Association (JAMECA) joint conference here today.

Deputy Secretary General (Industry) of the Ministry of Investment, Trade and Industry, Datuk Hanafi Sakri, read the text of the prime minister's speech.

Anwar said that on the investment front, Japan has been one of Malaysia's top foreign investment sources in terms of implemented manufacturing projects since the 1980s.

"As of March 2024, a total of 3,730 manufacturing projects have been approved with total investments worth RM138.23 billion, mainly in the electrical and electronics, chemicals and chemical products and non-metallic mineral sectors, creating a total of 482,381 employment in Malaysia," he said.

The prime minister said it is heartening to observe the sustained interest and appetite from Japanese investors towards Malaysia as the country continues to welcome increasing foreign investments from Japan.

In this regard, he hoped that the Malaysia-Japan relations would continue to expand and bring prosperity to both countries and the region.

"Our businesses assume a pivotal role in driving economic growth, fostering innovation, and creating employment opportunities. It is through their concerted endeavours that we can unlock the full potential of our bilateral relations," he said.

Anwar said that as Malaysia prepares to assume the chairmanship of ASEAN next year, there is a proposal to inculcate an inclusive approach to common global problems while championing inclusivity and interconnectivity within ASEAN, Asia, and the rest of the world.

"In 2022, we celebrated the 40th anniversary of the Look East Policy introduced by Malaysia in 1982, which over time has successfully strengthened cooperation between Malaysia and Japan across various sectors, including the economic, educational, cultural, and tourism domains.

"Although substantial progress has been made, there remain unexplored opportunities for further collaboration for both countries," he added.

-- BERNAMA

Read the latest news here