US trade mission eyes RM7b in investments


The mission to the US is to facilitate discussions by various parties with potential investments mainly in key projects within the E&E and chemical industry

By LYDIA NATHAN / Pic By ISMAIL CHE RUS

The recent six-day trade and investment mission to the US, co-organised by the Malaysian Investment Development Authority, Malaysia External Trade Development Corp and InvestKL Corp, is projected to generate some RM6.6 billion in potential investments.

Led by International Trade and Industry (MITI) Minister Datuk Darell Leikin (picture), the mission that ended on April 6 facilitated discussions by various parties with potential investments mainly in key projects within the electrical and electronics (E&E), as well as the chemical industry.

“The mission covered the cities of Washington DC, New York, Seattle and San Jose in the US where Leiking had the opportunity to meet with senior US government officials to strengthen the trade and economic relationship between the nations,” a statement from MITI said.

The ministry added that a series of high-level meetings were also conducted with US investors in the manufacturing and services sectors such as chemical, E&E and aerospace, while the services sector include tourism, support services for business aviation and centre of excellence for financial services.

Specific discussions on potential investments in data centres were also held, while Microsoft Corp and MIMOS Bhd, an agency under MITI, have agreed to establish the Centre of Artificial Intelligence (AI) for Future Industry in Malaysia.

Additionally, in conjunction with the mission, a seminar entitled “Forging Stronger Economic Relationships between Malaysia and the US” was also held in San Jose, California.

“This seminar attracted over 150 participants representing the manufacturing and services sectors and was able to provide an update on the current economic situation and highlight investment opportunities and potential business cooperation available locally,” MITI said.

Leiking, who was also interviewed by various international media agencies, said both the US and China have a global responsibility to resolve their differences amicably as their actions will impact all economies and the global supply chain.

The mission allowed Leiking to meet and connect to Malaysian professionals working in the Silicon Valley.

Leiking also witnessed the exchange of a memorandum of understanding (MoU) on the collaboration and development of professional programmes in the areas of AI, Internet of Things (IoT), robotics, blockchain and financial technology (fintech) during the mission.

In 2018, the US remained as Malaysia’s top trading nation in the North America region and Malaysia’s third-largest trading partner in the world.

Source: The Malaysian Reserve