MIDA Strengthens Cooperation With JETRO Via MoC

KUALA LUMPUR, Nov 17 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and Japan External Trade Organisation (JETRO) have signed a memorandum of cooperation (MoC) to enhance existing cooperation in the promotion of economic exchange between Malaysia and Japan. The MoC will also further strengthen Japan’s position as the top source of foreign direct investment in Malaysia’s manufacturing sector since 1980, said MIDA in a statement Wednesday. As at August 2016, a total of 3,398 manufacturing projects with Japanese interest have been approved, involving total investments of US$33.1 billion. (US$1=RM4.35) A majority of these investments are in the electronics and electrical products, chemical and chemical products, non-metallic mineral products, petroleum products, basic metal products and transport equipment. Notable Japanese companies that have made Malaysia their manufacturing base include Panasonic, Nippon Electric Glass, Toray, Fuji, Sony, Rohm-Wako and Honda. "Today’s (Wednesday) collaboration is a positive model of how government agencies from both countries can work together to promote business-to-business relations between Japan and Malaysia," said Chief Executive Officer Azman Mahmud. This strategic partnership was vital in assisting investors in making investment decisions and the MoC was also timely to reinforce MIDA and JETRO’s commitment to improve the enabling business environment and drive quality investments for both countries, said the statement. The agreement was signed in the presence of Prime Minister Najib Razak, who is on a three-day working visit to Japan, beginning Tuesday, and his Japanese counterpart, Shinzo Abe. -- BERNAMA