PUTRAJAYA (Jan 15): Malaysia continues to strengthen its position as a leading foreign investment destination even as the Abu Dhabi Investment Authority (ADIA) expresses its commitment to increase investments in Malaysia, said Communications Minister Fahmi Fadzil.
Speaking at a press conference after Wednesday's Cabinet meeting, Fahmi, who is also the Unity Government spokesperson, said this proves foreign investors’ confidence in the country's strong economic prospects.
“The Prime Minister (Datuk Seri Anwar Ibrahim) had previously announced that several parties, including ADIA, intend to increase their investments. Following this, we read about the additional investment in Malaysian company Yinson Holdings Bhd.
“This clearly shows that Malaysia continues to be the preferred destination for foreign investments, including from entities like ADIA from the United Arab Emirates (UAE),” he said.
Media reports on Jan 14 said Yinson Holdings Bhd's (KL:YINSON) subsidiary, Yinson Production Offshore Holdings Ltd (YPOHL), had secured an investment of US$1 billion (RM4.48 billion) from a consortium of international investment firms.
Yinson said the investment comes with an option to increase it to US$1.5 billion within 24 months.
The investment consortium includes Platinum Lily B 2024 RSC Ltd, a wholly-owned subsidiary of ADIA, a fund managed by the British Columbia Investment Management Corporation (BCI), and the RRJ Group.
ADIA is one of the largest sovereign wealth funds in the world, with assets estimated to exceed US$1 trillion.
In a related development, Fahmi said Anwar is currently in the UK for an official visit and is scheduled to meet with his counterpart Keir Starmer.
“After that, he will go to Brussels on Jan 19 to meet Belgium’s Prime Minister (Alexander De Croo) and the European Commission president (Antonio Costa). Finally, he will go to Davos for the World Economic Forum and return to Malaysia on Jan 23,” he said.
Fahmi also said that Wednesday's Cabinet meeting discussed the 2025 Asean chairmanship, with a foreign ministers’ retreat in Langkawi on Jan 18-19. This will be the first of more than 300 official meetings throughout the year.
“This is the first meeting. Bernama will be the official media coordinator while RTM will be the official broadcaster for all Asean chairmanship programmes throughout the year.
“This is certainly a source of pride for us, and we will be a gracious host to all the delegations throughout the year,” he said.
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