The Ministry of International Trade and Industry (MITI), has achieved an additional RM13 billion of committed Foreign Direct Investment (FDI) from three investors via its investment mission to the Republic of Singapore. The mission, led by MITI’s Minister, Senator Tengku Datuk Seri Utama Zafrul Aziz, was in conjunction with the Prime Minister’s first official visit to Singapore.
Three companies – Sea Ltd., the Yondr Group and INSEACT – have collectively committed to invest RM13 billion in Malaysia. These investments are scheduled to be operationalised within the next three years.
Sea Ltd. – the parent company of Shopee, the largest pan-regional e-commerce platform in Southeast Asia and Taiwan – has committed to expanding its investments in Malaysia, creating over 2,000 job opportunities. The company intends to set up cloud services, data hosting and processing, and a new e-commerce logistics warehouse in the country.
Another investor is the Yondr Group, a UK headquartered global leader in the development and operation of data centres. Yondr group – which has delivered more than 500MW globally to leading hyper scale clients – has entered the Malaysian market with the acquisition of a 75- acre plot in Sedenak, Johor and is developing a 300MW IT load hyper scale data centre campus.
Yondr’s deployment in Johor is expected to become Southeast Asia’s largest hyper scale data centre campus and will play an important role in growing Malaysia’s digital ecosystem.
The third company, INSEACT, is a Singapore-based alternative protein company specialising in insect protein for aquaculture feed. It intends to set up a production facility in Johor, it’s first in Southeast Asia. The company’s unique approach to alternative protein production has the potential to address Asia’s growing demand for sustainable food sources.
Tengku Zafrul said, “These committed investments cumulatively valued at RM13 billion reflect Malaysia’s attractiveness as a preferred investment destination. It is also a testimony to the long-standing, mutually beneficial relationship between Malaysia and Singapore in trade and investments. MITI intends to grow and strengthen this special relationship, particularly in building supply chain resilience for our respective industries, premised on cooperation in digital and green economies.
“We are determined to prove to investors that Malaysia is pro-trade, pro-business and pro-investment. MITI and its agencies like MIDA will continue to pursue high quality, strategic and sustainable investments that will not only grow our GDP and boost the development of the local digital economy but also create new job opportunities for our people,” continued Tengku Zafrul.
This investment mission, attended by senior officials from (MITI) and the Malaysian Investment Development Authority (MIDA), is an important milestone towards realising Malaysia’s goal of becoming a hi-tech, global innovation hub with a resilient and sustainable investment ecosystem.