KUALA LUMPUR, Feb 26 — Malaysia remains a top destination for European and United States investors even though the country joined BRICS as a partner.
The Investment, Trade, and Industry Ministry (Miti), in a written response published on Parliament’s website yesterday, said that as of December 2024, 56 potential projects with an investment commitment of nearly RM20 billion have been identified and are set to be implemented in the country.
It said 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.
“Although Malaysia joined BRICS as a partner country on January 1, 2025, it continues to maintain strong relations with its traditional trade partners. The evolving relationship with the US and Europe ensures Malaysia can capitalise on economic opportunities from both sides without neglecting its involvement in the growing BRICS bloc,” said the ministry in response to a question from Datuk Abdul Khalib Abdullah (PN-Rompin).
Khalib wanted to know the impact of foreign countries such as Europe and the US on the country’s investment and trade sectors if Malaysia becomes a BRICS member.
According to the ministry, Malaysia’s involvement in BRICS opens broader market access, especially with countries that do not have free trade agreements with Malaysia, such as Russia, Brazil, South Africa, and India.
“This move has the potential to provide new opportunities in the trade and investment sectors while strengthening Malaysia’s position as a dynamic economy globally. Additionally, the country’s trade performance also shows impressive growth,” explained Miti.
In 2024, the total trade with the US recorded RM325 billion, an increase of 30 per cent compared to RM250 billion in 2023, while trade between Malaysia and European countries reached RM263 billion, an increase of 4 per cent compared to the previous year.
Miti said BRICS, which recorded a nearly US$30 trillion value in 2024, provides Malaysia with an opportunity to further strengthen its strategic position in international trade.
“With this background, 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,” it added.
BRICS collectively contributes one-fifth of global trade, and comprises Brazil, Russia, India, China, South Africa, the United Arab Emirates, Ethiopia, Iran, and Egypt.
— Bernama
