Malaysia remains a top destination for European and US investors even though the country has joined BRICS as a partner country, reported the national news agency Bernama.
The Ministry of Investment, Trade, and Industry (MITI), in a written response published on the parliament’s website, informed that as of December 2024, a total of 56 potential projects with an investment commitment of nearly 20 billion MYR (4.4 billion USD) have been identified and are set to be implemented in the country.
It stated that large international companies such as Intel, Amazon Web Services, Oracle, Google, and Plexus continued to commit to investing or increasing their investments in Malaysia, making the country one of the primary destinations for over 600 US companies.
According to the ministry, Malaysia’s involvement in BRICS also opens up broader market access, especially with countries that do not have free trade agreements with Malaysia, such as Russia, Brazil, South Africa, and India.
In 2024, Malaysia’s trade with the US and European countries hit 325 billion MYR (78 billion USD) and 263 billion MYR (58.9 billion USD), year on year increases of 30% and 4%.
