Malaysia received investments worth MYR 9.30 billion (USD 1.96 billion) in strategic and high-potential sectors such as electrical and electronic (E&E), Research & Development (R&D), biomass, information technology and communication, chemical industry, and food. Japanese companies such as Tosoh Corporation, NTT Corporation, and KOA Corporation are expanding their current investment portfolios. Meanwhile, Idemitsu Kosan Co. Ltd. and Euglena Co. Ltd. anticipate new investment projects.
Leading Malaysia’s Trade and Investment Mission (TIM) to Japan in September 2022 was Senior Minister and Minister of International Trade and Industry Dato’ Seri Mohamed Azmin Ali. He stated that MYR 300 million (USD 63.32 million) in potential trade was attracted from this TIM, specifically for products related to palm oil, halal food and beverages, and products from Sumitomo Corporation and ADEKA Corporation. Azmin also spoke with Japan’s Minister of Economy, Trade, and Industry (METI), Nishimura Yasutoshi, about a variety of topics, such as the spinoffs and strategic multiplier effects that will result from the Regional Comprehensive Economic Partnership Agreement (RCEP), Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and Indo-Pacific Economic Framework for Prosperity (IPEF).
Malaysia and Japan companies also inked an agreement on Aircraft Industry Cooperation. They have further outlined cooperation for information exchange for the aerospace supply chain, business networking, as well as forming a dedicated Technical Working Group. Azmin expressed commitment to work together with Japanese companies and industries to ensure a stable energy supply and renewable energy. Japan is one of Malaysia’s top bilateral trading partners, with total trade recorded at MYR 149.76 billion (USD 31.48 billion) in 2021, an increase of 20.6% compared to 2020.
(Sources: The Star Online; The Edge Markets; Business Today)