M'sia attracted new investments of RM16.52b from US - minister
Malaysia has managed to attract new investments worth RM16.52 billion from the United States through the Trade and Investment Mission led by Senior Minister of International Trade and Industry Mohamed Azmin Ali recently.
“We hope that all these commitments to investments can be finalised in the third quarter of this year, creating employment opportunities," he said.
He was speaking during a press conference on the Trade and Investment Promotion Mission to the United States today.
Companies that committed to invest in Malaysia include...
Malaysia has managed to attract new investments worth RM16.52 billion from the United States through the Trade and Investment Mission led by Senior Minister of International Trade and Industry Mohamed Azmin Ali recently.
“We hope that all these commitments to investments can be finalised in the third quarter of this year, creating employment opportunities," he said.
He was speaking during a press conference on the Trade and Investment Promotion Mission to the United States today.
Companies that committed to invest in Malaysia include Insulet, Ferrotec, Amazon Web Services Inc (AWS), and Cue Health, as well as additional investment projects by Texas Instruments and Boston Scientific.
The 10-day trade and investment Mission, which kicked off on May 9, focused on innovative and high value-added new sectors, especially the semiconductor industry, digital economy, and medical devices.
Azmin said the companies also committed to creating a business ecosystem, ensuring technology transfers, as well as the involvement of local industries, especially small and medium enterprises in their supply chain.
“Their investments will also generate employment opportunities, provide skills training opportunities for local workers, establish collaborations with local universities, and help to develop local vendors," he said.
Currently, the US is Malaysia’s third-largest global trade partner and export destination, while Malaysia is the US’ 17th largest trade partner.
“The total export potential to the US is at RM1.44 billion," said Azmin.
He added that despite the challenging global economy and economic uncertainties following the Covid pandemic, total trade between the two countries increased by 21.4 percent year-on-year to RM217.10 billion (US$52.37 billion) in 2021.
Malaysia’s exports to the US rose by 30.4 percent to RM142.20 billion (US$34.31 billion), with main exports comprising electrical and electronic (E&E) products and rubber-based products.
Meanwhile, imports from the US rose by 7.4 percent to RM74.87 billion (US$18.06 billion), including E&E and steel products.
- Bernama
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