KUALA LUMPUR: Malaysia secures RM23.07 billion of potential Japanese investments during a recent trade and investment mission to the country, the Malaysian Investment Development Authority (MIDA) said.

This reflected the confidence that global companies have in Malaysia's business ecosystem, MIDAchief executive officer Datuk Arham Abdul Rahman said.

The potential investment plans, secured during the trade and investment mission to Tokyo and Osaka from May 29 to June 2, come from the likes of NHK Spring, CKD Corporation, Denso Corporation and Omron.

MIDA said NHK Spring, a key player in integrated metal substrates, would expand production in Negri Sembilan to meet the soaring demand for these substrates, which are essential for the electrification of automobiles.

The construction of a new plant and facilities is set to be completed by December 2023, reaffirming NHK Spring's commitment to Malaysia since its establishment in Senawang in 1994.

Omron has outlined its future business investment plan, focusing on manufacturing products using renewable energy to contribute to a carbon-neutral society in Malaysia.

"By investing in renewable energy solutions, Omron aims to support the country's transition towards a low-carbon economy, foster technological advancements, and create new opportunities

for Malaysia," the agency said.

MIDA approved RM71.4 billion (about (US$16.2 billion) of investments in various economic sectors in the first quarter of 20223.

Of this, a total of 14 manufacturing and services projects with Japanese participation were approved, with a total investment of US$47.0 million.

"These projects are expected to generate potential employment for 653 people, positioning Japan as the seventh largest foreign investor in this segment for approved investments in Q1 2023," it said.

https://www.nst.com.my/business/2023/06/916440/malaysia-secures-over-rm23bil-potential-investments-japanese-firms-mida