Malaysia expects almost $4 billion in US investments by the third quarter this year

Malaysia has attracted 16.52 billion ringgit ($3.8 billion) worth of new investments commitments through its trade mission in the US this year so far, senior minister of international trade and industry Mohamed Azmin Ali said during a briefing on Malaysia’s trade and investment promotion mission to the US on May 21.

“We hope that these commitments to investments can be finalised in the third quarter so there will be job opportunities for Malaysians,” he noted.

Among the companies which are planning to invest are medical device company Insulet Corporation, advanced material manufacturer Ferrotec Holding Corporation, cloud computing provider Amazon Web Services and healthcare technology firm Cue Health, , according to a New Straits Times report.

Additional investment commitments came from seasoned investors including semiconductor manufacturer Texas Instruments and another medical device maker, Boston Scientific Corporation.

Focus on high-value sectors

The ten-day trade and investment mission, which began on May 9, centered on innovative and high value-added new sectors.

Azmin said the companies were also committed to creating a business ecosystem, ensuring technology transfer and involvement of local industries, especially small and medium enterprises, in supply chains.

“Their investments will generate jobs, provide skills training opportunities for local workers, establish collaborations with local universities and help develop local vendors,” he said.

Strong bilateral trade between US and Malaysia

The US is now Malaysia’s third largest global trade partner and export destination, while Malaysia is the 17th largest trade partner of the US. Total trade between the two countries increased by 21.4 per cent to 217.1 billion ringgit ($49.5 billion) in 2021 over the previous year

Malaysia’s exports to the US rose by 30.4 per cent to 142.2 billion ringgit ($32.4 billion), with the main exports comprising electrical and electronic products and rubber-based products.

Imports from the US increased by 7.4 per cent to 74.87 billion ringgit ($17.1 billion), including electrical and electronic and steel products.

Amin further expressed his confidence that some of the companies of US billionaire entrepreneur Elon Musk, namely Starlink, SpaceX and Tesla, would be interested to invest in Malaysia.



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Malaysia has attracted 16.52 billion ringgit ($3.8 billion) worth of new investments commitments through its trade mission in the US this year so far, senior minister of international trade and industry Mohamed Azmin Ali said during a briefing on Malaysia’s trade and investment promotion mission to the US on May 21. “We hope that these commitments to investments can be finalised in the third quarter so there will be job opportunities for Malaysians,” he noted. Among the companies which are planning to invest are medical device company Insulet Corporation, advanced material manufacturer Ferrotec Holding Corporation, cloud computing provider Amazon Web...

Malaysia has attracted 16.52 billion ringgit ($3.8 billion) worth of new investments commitments through its trade mission in the US this year so far, senior minister of international trade and industry Mohamed Azmin Ali said during a briefing on Malaysia’s trade and investment promotion mission to the US on May 21.

“We hope that these commitments to investments can be finalised in the third quarter so there will be job opportunities for Malaysians,” he noted.

Among the companies which are planning to invest are medical device company Insulet Corporation, advanced material manufacturer Ferrotec Holding Corporation, cloud computing provider Amazon Web Services and healthcare technology firm Cue Health, , according to a New Straits Times report.

Additional investment commitments came from seasoned investors including semiconductor manufacturer Texas Instruments and another medical device maker, Boston Scientific Corporation.

Focus on high-value sectors

The ten-day trade and investment mission, which began on May 9, centered on innovative and high value-added new sectors.

Azmin said the companies were also committed to creating a business ecosystem, ensuring technology transfer and involvement of local industries, especially small and medium enterprises, in supply chains.

“Their investments will generate jobs, provide skills training opportunities for local workers, establish collaborations with local universities and help develop local vendors,” he said.

Strong bilateral trade between US and Malaysia

The US is now Malaysia’s third largest global trade partner and export destination, while Malaysia is the 17th largest trade partner of the US. Total trade between the two countries increased by 21.4 per cent to 217.1 billion ringgit ($49.5 billion) in 2021 over the previous year

Malaysia’s exports to the US rose by 30.4 per cent to 142.2 billion ringgit ($32.4 billion), with the main exports comprising electrical and electronic products and rubber-based products.

Imports from the US increased by 7.4 per cent to 74.87 billion ringgit ($17.1 billion), including electrical and electronic and steel products.

Amin further expressed his confidence that some of the companies of US billionaire entrepreneur Elon Musk, namely Starlink, SpaceX and Tesla, would be interested to invest in Malaysia.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

 

 

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