Anwar launches Yinson’s solar park in Peru, calls for robust collab to tap new Global South potentials

Friday 15 Nov 2024

LIMA, Peru (Nov 13): Malaysia’s Prime Minister Datuk Seri Anwar Ibrahim on Wednesday stressed the importance of strengthening ties with the Global South, highlighting the vast untapped potential and emerging opportunities in this region.

“It’s crucial to shift course slightly and enhance collaboration with the Global South, tapping into the vast new potentials and opportunities,” he said in his opening remarks during the roundtable with captains of industry from Malaysia and Peru here on Wednesday.

The prime minister is here for his official visit and also participation in the Apec Economic Leaders Week (AELW). Also present were Malaysia’s Foreign Minister Datuk Seri Mohamad Hasan, and the country’s Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Aziz.

Anwar, who is also finance minister, said that historically, the focus has been on a narrow set of partners, but the changing global dynamics present a compelling case for broadening the horizons and diversifying alliances.

He reiterated that while the United States remains Malaysia’s top investor, Putrajaya also has strong trading partnerships with China, “and we are collaborating effectively in multiple areas. That is the way forward”.

“We should not be dictated to by anyone; instead, we must be guided by what is best for our country, as determined by our own people.

“I believe Malaysia and Peru share the same perspective. We need to remain open and neutral. In Asean, we call it centrality,” he said.

Anwar said both countries share several major concerns, as both the countries are multiracial, and are working to bring about change and transitions within their respective nations.

“Peru has policies on energy transition, environmental transition, and multilateralism, as well as investment, trade, governance, and anti-corruption efforts.”

“All these areas are critical, and I express that now is the time to take concrete actions,” he said.

He said alignment of some of the policies between Malaysia and Peru are encouraged, as both countries are members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), adding that both countries are now closely linked through Asean and the Asia Pacific Economic Cooperation (APEC).

The roundtable meeting with industry and business leaders served as a platform for the Malaysian delegation to promote trade and investment opportunities in Malaysia to companies from South America, particularly from Peru, offering detailed insights into Malaysia’s policies on energy transition, sustainability, and halal certification.

The meeting was attended by 22 representatives from 20 organisations, including major Peruvian conglomerates like Grupo Romero, Grupo Armejo Yepez, and Grupo Molicom.

Representatives from the National Port Authority of Peru and the National Chamber of Commerce were also present.

The parties explored strategies to leverage the CPTPP, and explored potential collaboration in maritime logistics, including port management.

During the meeting, Peruvian companies expressed particular interest in Malaysia’s capacity to export products such as medical equipment and supplies, steel- and glass-related building materials, as well as consumer goods.

Meanwhile, Anwar also launched Yinson Holdings Bhd’s (KL:YINSON) Matarani Solar Park in Peru.

Yinson Renewables has completed the acquisition of the 97 megawatt peak (MWp) Matarani solar project in Peru from Grenergy Renewables — an international independent power producer, developer, and engineering, procurement, and construction company with a strong track record in Latin America.

The project is located in the Mollendo desert in the Arequipa region, one of the world’s highest solar irradiation areas.

Most of the project’s energy has been contracted through a power purchase agreement with a bankable offtaker for the next 15 years.

Project Matarani had recently entered commercial operation, injecting about 260 gigawatt hours (GWh) of renewable energy into the Peruvian grid annually, enough to satisfy the energy needs of about 62,000 Peruvian households and prevent the emission of more than 56,000 tonnes of carbon dioxide per year.

In a statement, Yinson Group said the Matarani Solar Park is the country’s second-largest solar farm in Arequipa.

According to Yinson, the substantial increase in trade between Malaysia and Peru reflects Malaysia’s commitment to facilitating bilateral trade through clear policies, and an emphasis on ease of doing business, benefiting citizens and fostering strong relations between the two nations.

“This collaboration is a form of Global South partnership, aimed not only at economic cooperation but also at creating a sustainable future for the benefit of the people and nations of Malaysia and Peru,” the company added.

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