Australian Companies Eager to Inject RM24.5 Billion into Malaysia, Affirms PM Anwar Ibrahim

Last Updated on March 5, 2024 3:19 pm

Prime Minister Datuk Seri Anwar Ibrahim announced a significant boost to Malaysia’s economic landscape as major Australian corporations express a keen interest in investing up to RM24.5 billion in the country. During a fruitful meeting in Melbourne, Anwar engaged with over 20 Australian companies on the second day of his official visit to Australia.

Among the prospective investors are prominent data center operators AirTrunk and NextDC, who are eyeing investments of approximately RM11 billion and RM3 billion, respectively. An additional RM1 billion commitment comes from mining giant Lynas, while other potential investors include Fortescue, Macquarie Group, and Arnott’s Group.

Anwar, who also serves as Finance Minister, expressed pride in this significant achievement, attributing it to Australia’s confidence in Malaysia’s announced policies. He emphasized that these potential investments would not only bolster Malaysia’s economic standing but also generate employment opportunities for around 1,200 skilled workers.

The total potential investment of RM24.5 billion surpasses earlier estimates made by the Investment, Trade, and Industry Ministry and the Malaysian Investment Development Authority (Mida). In terms of trade, Anwar highlighted Malaysia’s potential export sales of over RM900 million to Australia, encompassing products such as urea, timber, food, and electrical components.

Efforts have been undertaken by the Malaysian government to address any concerns or doubts, aiming to instill confidence in Australian investors and businesses regarding Malaysia’s promising prospects. The Prime Minister concluded that these developments underscore Australia’s strong interest and confidence in Malaysia’s economic policies.