kuala lumpur: The Ministry of Investment, Trade and Industry (Miti) aims to attract about eight times more green investment to Malaysia than it currently does, stimulating socio-economic growth.
Minister Tunku Datuk Seri Zafrul Tunku Abdul Aziz said this was in line with Mitti’s responsibilities as the lead coordinating and implementing ministry of the Green Investment Strategy (GIS) as the world currently races towards net zero.
“The GIS will complement existing policies such as the New Industry Master Plan 2030, the National Energy Transition Roadmap and the National Industry ESG Framework,” he said in a keynote address at the 8th Selangor Asean Business Conference 2024 (SABC 2024) today.
He added that Selangor would benefit in terms of new business opportunities for small and medium-sized enterprises and skill development for Selangorians in the green industry.
Tengku Zafrul said Malaysia will see a 23 per cent increase in approved investments to reach RM329.5 billion in 2023, of which Selangor will receive more than RM55 billion. “This growth is partly attributable to Asean’s firm stance on neutrality and independence, which has attracted RM654.1 billion (US$155 billion) in foreign direct investment.”
Tengku Zafrul said Selangor’s approved investment of RM12.4 billion in the first quarter of 2024 makes it one of the largest investment contributors to Malaysia’s investment total for the first quarter of 2024, cementing Selangor’s position as a leading hub for innovation and economic growth in Malaysia.
“This paves the way for Selangor to leverage Asean’s current status as the global ‘destination of choice’ for manufacturing investment,” he said.
On digital transformation, Tengku Zafrul said building data centres in Malaysia would generate economic benefits and have a huge multiplier effect on job creation.
“For example, Google recently announced an investment of RM9.4 billion, which is expected to double the economic impact to RM15 billion and create more than 20,000 jobs. While the direct employment impact may not be large, the presence of major technology companies and the establishment of data centres can be likened to the construction of a ‘highway’ that will make it easier for other companies to enter Malaysia.”
On a separate issue, Tengku Zafrul said the ASEAN Digital Economy Framework (Defa), which is currently being negotiated, was likely to be finalised during the ASEAN Summit next year.
He further said intra-ASEAN trade currently stands at 20 percent and DEFA is expected to boost trade among member states, especially for small and medium-sized enterprises.
Tengku Zafrul said the way to increase intra-Asean trade was to expand digital e-commerce, which would help small and medium-sized enterprises.
Meanwhile, the Selangor International Business Summit 2024 officially opened yesterday, kicking off its inaugural series with SABC 2024 and Selangor Investment Industrial Estate Expo 2024, and will run until tomorrow at the Kuala Lumpur Convention Centre.
The launch of SABC 2024 was hosted by Selangor State Member of Parliament Amiruddin Shari. The two-day event will feature 20 distinguished speakers from 10 countries including Singapore, Indonesia, Philippines, Vietnam, Laos, Cambodia, Brunei, Timor-Leste and Malaysia, as well as the European Union, and 200 international delegates from 23 countries.
