KUALA LUMPUR, MALAYSIA: A total of 56 potential investments from European and US investors worth nearly RM20 billion (S$6.05 billion) are set to be implemented in Malaysia, despite the country joining BRICS (Brazil, Russia, India, China, and South Africa) as a partner country, an alliance aiming to challenge the West’s economic and political monopoly, as described by Al Jazeera.
The Ministry of Investment, Trade, and Industry (MITI) confirmed in a written response published on the parliament’s website on Tuesday that these projects had been identified as of December 2024, as reported by The Star.
Major international companies committed to continuing their investments in Malaysia include Intel, Amazon Web Services, Oracle, Google, and Plexus, according to MITI.
In response to Datuk Abdul Khalib Abdullah (PN-Rompin), who asked about the impact of Malaysia joining BRICS on investment and trade with Europe and the US, the ministry said that while Malaysia became a partner country to BRICS, it continues to maintain strong relations with the US and Europe, its traditional trade partners.
This ensures Malaysia can capitalise on economic opportunities from both sides without neglecting its ties with BRICS, the ministry added.
The ministry said Malaysia’s involvement in BRICS expands its market access, especially to countries without free trade agreements, providing new opportunities while strengthening its position as a dynamic economy globally.
The country’s trade performance also showed impressive growth. Trade with the US rose sharply in 2024, reaching RM325 billion, a 30% increase from RM250 billion in 2023. Meanwhile, trade with European countries grew to RM263 billion, up 4% from the previous year.
BRICS, which recorded nearly US$30 trillion in economic activity in 2024, accounts for one-fifth of global trade.
MITI stated, “Malaysia aims to continue improving its competitiveness and empowering the national economy through the MADANI Economic Framework, in line with the inclusive social and economic development plan.” /TISG
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