Anwar: Malaysia continues to diversify export destination to non-traditional markets

Malaysia will keep working to diversify its export markets, particularly toward non-traditional destinations like the Middle East and Latin America, Prime Minister Datuk Seri Anwar Ibrahim told the Dewan Rakyat during Minister's Question Time.

He said both regions have shown strong potential — exports there grew 24.7% and 2.3% respectively in the first nine months of 2023 — as part of the government's broader push to offset declining export values amid global economic uncertainty. Initiatives underway include the International Sourcing Programme and an overseas Trade and Investment Promotion Mission aimed at positioning Malaysia as a destination for foreign direct investment and boosting bilateral trade cooperation.

US: RM4.74 billion in prospective investment

Anwar said his recent working visit to New York drew interest from three US companies with potential investment commitments totalling RM4.74 billion, spanning medical devices, electrical & electronics (E&E), and machinery & equipment. Two E&E and machinery projects worth a combined RM2.74 billion are expected to complete by end-2024. A separate medical devices project worth RM2.0 billion is planned in stages through 2031, with its first RM545 million phase already approved by the Malaysian Investment Development Authority (MIDA).

UAE: Masdar's renewable energy push, plus aerospace

A working visit to the United Arab Emirates secured commitments worth RM40.6 billion — RM38.1 billion from renewable energy firm Masdar, and RM710.25 million for aerospace maintenance, repair and overhaul work on business jets.

"Masdar has made a due diligence visit to identify several partners among local companies to carry out RE projects in stages over 10 years. Masdar has also signed a memorandum of understanding with CitaGlobal Sdn Bhd to forge a cooperation in RE projects such as solar and wind turbine. Going forward, Masdar and MIDA will establish a steering committee to facilitate the projects between Masdar and local companies to ensure these projects can be realised in Malaysia," — Prime Minister Anwar Ibrahim

Masdar's chief executive and delegation are expected in Malaysia this week to meet potential local partners arranged by the Ministry of Investment, Trade and Industry (MITI) and MIDA. The UAE is currently Malaysia's largest investor from West Asia and the second-largest among Organisation of Islamic Cooperation member countries; cumulative UAE manufacturing investment in Malaysia to date stands at US$388.8 million (RM1.48 billion).

Saudi Arabia: Aramco eyeing downstream and retail

Anwar also met with Saudi Arabia's Public Investment Fund and Saudi Arabian Oil Co (Aramco) during his visit to the kingdom. Aramco — already Petronas's partner in refining and petrochemicals at the Pengerang Integrated Petroleum Complex in southern Johor — has expressed interest in expanding its Malaysian investments into downstream manufacturing and petrochemical retail, though Anwar said the company is still finalising its investment plans.

These commitments align with priorities set out in the Mid-Term Review of the 12th Malaysia Plan and the New Industrial Master Plan 2030, which single out renewable energy, medical devices, E&E and other sectors for growth. To help see the various trade mission and working-visit commitments through, the government has set up an Investment and Trade Action Coordination Committee under MITI.

Source: New Straits Times