Anwar invites German, European firms to invest in Malaysia
Published on: Thursday, March 14, 2024
By: Bernama
Prime Minister Anwar Ibrahim is on a six-day official visit to Germany, the third-largest economy in the world. (Bernama pic)
BERLIN: Malaysia today issued an open invitation to German firms as well as businesses across Europe to engage, invest, and partner with a dynamic, strategic and growing Malaysia.
In making the call, Prime Minister Anwar Ibrahim said Malaysia had a skilled labour force, modern infrastructure, a clear regulatory environment, and huge growth potential.
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“We are a dynamic economic fit for the 21st century and the perfect partner for German businesses,” he said in his keynote address at the SME Day here.
Held at the Berlin Station and organised by the German Association for Small and Medium-sized Businesses, the event brings together about 5,000 SMEs with prominent government and corporate figures.
Anwar, who is on a six-day official visit to the third-largest economy in the world, said Malaysia also provides Germany with a strategic gateway into the wider Asean market.
“Asean is set to emerge as the world’s fifth-largest economy by 2030. The region is primed for exponential growth,” he added.
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Over the past decade, Germany has remained Malaysia’s top trading partner in the European Union, while Malaysia is now the country’s largest trading partner in Southeast Asia.
Bilateral trade has grown at an annual average of 5.2%. Malaysia continues to be an attractive destination for FDIs with German companies investing €8.5 billion as of 2023.
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Anwar, who is also the finance minister, said foreign investors could benefit from the government’s efforts to ease the doing of business, build confidence in the Malaysian system, and ultimately ensure long-term stability in the country.
During meetings with German businesses and investors, Anwar said Malaysia was also a gateway to the halal ecosystem and the digital economy.
He said that as Germany aims to penetrate halal markets, Malaysia, a leader in the multibillion-dollar industry, stood as an ideal partner, offering expertise, infrastructure, and a robust halal regulatory framework.
In his speech today, the prime minister also said that both countries and their economies were built on the common foundation of SMEs, although Germany’s SME sector is huge.
Anwar said Germany was a source of inspiration as it had emerged strongly and confidently despite the destruction of its cities after World War Two.
He noted that more than 700 German companies are operating in Malaysia, including giants such as Siemens, Infineon, and Volkswagen. He added that German firms could work together with Malaysia to develop renewable energy.
Anwar also took the opportunity to promote Malaysia as a tourism hub, saying the country is rich with forests and beaches that can be visited throughout the year.
While encouraging SMEs to embrace green initiatives, including ESG practices, he said the Malaysian government was also doubling down on the digital economy, with a strong focus on promoting digital technologies to SMEs to drive export growth.
Six Malaysian companies are participating in the exhibition here through the entrepreneur and cooperatives development ministry.
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