Australian companies plan to invest 5.18 billion USD in Malaysia

March 12, 2024 | 15:43

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At the roundtable dialogue between Malaysian Prime Minister Anwar Ibrahim and Australian companies in Melbourne on the sideline of the ASEAN-Australia Special Summit, major Australian groups have shown interest to invest a total of 5.18 billion USD in the Southeast Asian country.

Australian companies plan to invest 5.18 billion USD in Malaysia

Malaysian Prime Minister Anwar Ibrahim speaks at a press conference with media practitioners from Malaysia in conjunction with his official visit to Australia, March 5, 2024. (Photo: Bernama)

Kuala Lumpur – At the roundtable dialogue between Malaysian Prime Minister Anwar Ibrahim and Australian companies in Melbourne on the sideline of the ASEAN-Australia Special Summit, major Australian groups have shown interest to invest a total of 5.18 billion USD in the Southeast Asian country.

PM Anwar, who is also Finance Minister, revealed the information after chairing the dialogue with more than 20 Australian companies in Melbourne on March 6. Among the potential investments are from data centre operators AirTrunk and NextDC which plan to spend about 2.33 billion USD and 630 million USD, respectively, he said

According to Anwar, mining firm Lynas Rare Earths is also keen to add 210 million USD to its investment in Malaysia while other potential investors include Fortescue, Macquarie Group and Arnott's Group.

He affirmed that Australian investors’ interest in Malaysia showed their confidence in the policies that Malaysia has announced.

The PM added that those potential investments will create jobs for about 1,200 skilled workers in Malaysia.

In terms of trade, Anwar said, Malaysia has recorded potential export sales of over 190 million USD to Australia, consisting of products such as urea, timber, food and electrical components.

He said that the Malaysian government has made efforts to clarify any concerns or doubts in order to give Australian investors and businesses confidence in Malaysia’s prospects.

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By VNA

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