Tengku Zafrul meets AstraZeneca chairman to discuss potential expansion in Malaysia

The minister, who is currently attending the World Economic Forum (WEF) annual meeting in Davos, Switzerland, said AstraZeneca has established its global business services hub in Malaysia to support operations in the Asia-Pacific region with a projected investment of over RM500 million over a five-year period.

"The pharmaceutical sector is one of the focus areas of the Ministry of International Trade and Industry (Miti) given its significant economic potential and sustainable long-term benefits," he said in a post on Instagram.

Tengku Zafrul said AstraZeneca, which gained popularity as a vaccine manufacturer following the outbreak of Covid-19, opened its new headquarters in Malaysia in March 2019 as part of its ongoing commitment to boost high-value skills and employment and bring new science and innovation to help patients.

"Miti will always facilitate quality investments which are capable of creating high-income jobs to improve the standard of living of Malaysians," he said.

Earlier, Tengku Zafrul said Miti's mission at the WEF annual meeting was not only to attract investment to Malaysia but also to explore business opportunities for local companies internationally.

The 53rd WEF annual meeting from Jan 16 to Jan 20 brought together 2,700 leaders from 130 countries, including 52 heads of state, at the ski resort town of Davos in the eastern Alps region of Switzerland.

This year's WEF, with the theme "Cooperation in a Fragmented World: Addressing Pressing Crises, Tackling Future Challenges", was organised amid multiple crises that deepened divisions and fragmented the geopolitical landscape.