Ministerial delegation to Italy attracts RM3.25 bln potential FDIs

KUALA LUMPUR: The recent ministerial delegation to Italy, led by the International Trade and Industry (MITI) Minister Tengku Datuk Seri Zafrul Abdul Aziz from Jan 20-23, 2023 has attracted potential foreign direct investments (FDIs) worth RM3.25 billion.

In a statement today, the Malaysian Investment Development Authority (MIDA) said the FDIs, which are expected to be realised from 2023 onwards, were due to Malaysia's strategic location as a gateway to ASEAN and the Asia Pacific region.

The Italian companies had expressed their interest to invest in various fields, including the chemical industry, green technologies, e-Economy, smart technologies and Industrial Revolution 4.0 value chains.

"In line with the government's commitment to being pro-business, pro-investment and pro-trade, MITI and its agencies are ready and prepared to enhance ties with investors that bring in hi-tech and quality investments that will help create better-paying jobs for Malaysians.

"What is key now is to address all the pain points in the investors' journey to improve the overall ease of doing business in Malaysia," said Tengku Zafrul, adding that Malaysia is already well recognised for its strategic location in Southeast Asia, diversified industry ecosystem and qualified talent pool.

During the visit, the minister engaged with several influential business leaders and potential investors through one-on-one business meetings.

Italy is Malaysia's ninth largest foreign investor from the European Union.

According to MIDA, as of September 2022, a total of 77 manufacturing projects with Italian participation have been implemented, with total investments of US$382 million (RM1.4 billion), creating 4,346 jobs.

"Being one of the countries that have set up many world-class hi-tech companies globally, Italy is able to offer many latest technologies and digitalisation expertise.

"Hence, the presence of Italian companies in Malaysia is seen as vital to facilitate the transfer of technology to create more Malaysian knowledge workers," it said.

-- BERNAMA