Italy set to invest RM8.13bil in Malaysia
While emphasising the significance of economic cooperation between the two nations, the Prime Minister said Malaysia is an important market for Italy in the South-East Asia region.
'The potential investments secured via the two meetings totalled RM8.13bil.
'It spans across sectors such as petrochemical, machinery and equipment, electrical and electronics, services as well as oil and gas,' Anwar said at his exit press conference before departing for Paris, France.
Malaysia has also generated potential exports worth RM425mil in the oleochemicals, renewable energy, biofuel, feedstocks, animal feed additives as well as in the food industries, he added.
Anwar said the Malaysian delegation's visit saw the meeting of over 100 captains of industries, business leaders and major companies from both countries.
The Prime Minister had also invited his Italian counterpart, Giorgia Meloni, to Malaysia to foster closer ties between the two countries.
During the working visit, Anwar also attended a gathering with some 120 Malaysians who are based in Italy.
He also met with the Comunita Religiosa Islamica Italiana (Coreis) vice-president Imam Yahya Pallavicini and Islamic Cultural Centre of Italy-Grand Mosque of Rome secretary-general Abdellah Redouane.
In 2024, the total trade between Malaysia and Italy saw a 2% year-on-year increase, to RM14.61bil (US$3.4bil).
Between January and May 2025, bilateral trade grew by 3.3% year-on-year to RM6.5bil (US$1.5bil).
Italy remained Malaysia's fifth-largest trading partner and the third-largest importer of Malaysian palm oil among European Union member states in 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
31 minutes ago
- New Straits Times
Petronas signs 20-year LNG supply deal with Venture Global
KUALA LUMPUR: Petroliam Nasional Bhd's (Petronas) subsidiary, Petronas LNG Ltd, has signed a 20-year sale and purchase agreement with US-based Venture Global Inc for the supply of 1.0 million tonnes per annum (MTPA) of liquefied natural gas (LNG). According to Petronas, the LNG will be sourced from CP2 LNG Phase 1, Venture Global's 14.4 MTPA facility currently under development in Cameron Parish, Louisiana. It said this long-term LNG agreement further reinforces Petronas' global LNG portfolio and underscores its commitment to delivering a reliable energy supply to meet growing global demand. "The collaboration with Venture Global is expected to provide Petronas with greater supply agility and flexibility, strengthening our ability to serve evolving market needs across key regions," Petronas said in a statement. Meanwhile, Petronas LNG Marketing and Trading vice-president Shamsairi M Ibrahim said that as energy demand rises and the global LNG landscape evolves, its priority is to provide customers with a reliable supply and long-term value. "This agreement reflects our ongoing efforts to enhance supply accessibility through strategic industry collaboration, enabling us to respond to dynamic market conditions with greater agility," he said.
New Straits Times
31 minutes ago
- New Straits Times
Proposed carbon tax not hindrance for investors
PARIS: As the proposed carbon tax is being finalised, the government today gave an assurance that its implementation will not create a problem for investors. Prime Minister Datuk Seri Anwar Ibrahim said he knew that the trend towards decarbonisation is strong and compelling. "But I think we have to be very realistic. The proposed carbon tax should not be seen as too problematic at the expense of investing companies," he said during a question and answer session at the Roundtable Meeting with Captains of Industry in Paris, the capital of France on Friday. Also present were Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Foreign Minister Datuk Seri Mohamad Hasan, Transport Minister Anthony Loke, Agriculture and Food Security Minister Datuk Seri Mohamad Sabu and Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said. Anwar, who is here on a two-day official visit, said the implementation has to be done cautiously and gradually. "We are finalising that in the next few months actually," he said, adding that they are looking at sectors that are the biggest carbon emitters first. Despite the palm oil industry being an important sector for Malaysia, Anwar said any new plantations on peat soil have been stopped due to its high carbon emissions. The government is planning to introduce the carbon tax in 2026, specifically targeting the iron, steel and energy industries. It is part of the government's broader strategy to promote the use of low-carbon technologies and meet emission reduction goals. Industry leaders who attended the session with the Prime Minister praised the government and the country for providing a good investment climate in Malaysia. On tourism, Anwar said the number of tourists from France visiting Malaysia has increased tremendously. "We have direct flights from Paris now. You can swim the whole year due to our favourable climate," he quipped, citing the newly introduced Kuala Lumpur-Paris route by Malaysia Airlines. Anwar also assured French companies considering investments in Malaysia or the ASEAN region that both represent some of the fastest-growing and most dynamic economies in the world.
Daily Express
an hour ago
- Daily Express
Ambalat issue: Joint development proposal yet to be finalised
Published on: Friday, July 04, 2025 Published on: Fri, Jul 04, 2025 By: Bernama Text Size: JAKARTA: Malaysia's Deputy Foreign Minister, Datuk Mohamad Alamin, stated that the proposal for Malaysia and Indonesia to jointly develop economic potential in the Sulawesi Sea area has yet to be finalised. He said that several processes must be considered beforehand, especially securing the views and consent of the Sabah State Government. Advertisement He added that the existing consultation mechanisms between the Federal Government and the Sabah State Government will be fully utilised, including the Action Council for Implementation of the Malaysia Agreement 1963 (MTPMA63), which is chaired by the Prime Minister, Sabah Chief Minister Datuk Seri Hajiji Noor, and Sarawak Premier Tan Sri Abang Johari Tun Openg. 'In any case, the joint development in the Sulawesi Sea remains under consideration and has indeed not yet been finalised,' he said in a Facebook post on Friday. Mohamad noted that the proposal for joint developmet in the Sulawesi Sea involving Blocks ND6 and ND7 — referred to by Indonesia as 'Ambalat' — is not new, as the area is reported to hold significant natural resources such as oil and gas. According to him, in 2022, the Prime Minister at the time had directed Petronas to consider conducting a study on the proposed joint development (JD) initiative. Most recently, Mohamad said that the issue concerning Blocks ND6 and ND7 was also raised during Prime Minister Datuk Seri Anwar Ibrahim's working visit to Jakarta on June 27. 'This matter was indeed discussed. However, it has not yet been finalised. In fact, the Prime Minister himself stated that the interests of the Sabah region must be taken into account and considered fairly,' he explained. Mohamad said Malaysia and Indonesia are still unable to explore the two blocks, as the area remains under dispute in terms of maritime boundaries between the two countries. 'Given the significant economic potential — while the process of finalising maritime boundaries in the Sulawesi Sea between the two countries is still ongoing — some parties have proposed that Malaysia and Indonesia jointly develop this potential.' Mohamad emphasised that the process of finalising the maritime boundary in the Sulawesi Sea is a long-term and complex effort, carried out through a Technical Committee led by the Ministry of Foreign Affairs. The committee comprises various government agencies, including the Sabah State Government, the National Security Council (Sabah), the Sabah Attorney General's Office, the Department of Survey and Mapping Malaysia (JUPEM), the Sabah Lands and Surveys Department, as well as other relevant technical agencies. Mohamad stressed that the Malaysian Government remains committed to thoroughly examining the matter and reaching a mutual understanding through negotiations based on existing mechanisms. In any development, the country's sovereignty and strategic interests — particularly those involving the state of Sabah — will continue to be safeguarded and defended to the fullest extent, Mohamad said. He stated that the maritime boundary agreement signed with Indonesia in 2023 does not affect Malaysia's territorial rights or sovereignty over the eastern waters of Sabah. He said the Sulawesi Sea Treaty, signed on June 8, 2023 and known as the 2023 Sulawesi Treaty, only covers a portion of the territorial sea off the east coast of Sabah and does not include Malaysia's Exclusive Economic Zone (EEZ). 'The agreement does not cover the area known as Blocks ND6 and ND7, or referred to by Indonesia as 'Ambalat', which lies within Malaysia's Exclusive Economic Zone (EEZ) extending up to 200 nautical miles.' Mohamad also dismissed allegations that the Malaysian Government had compromised Sabah's territorial rights and sovereignty to Indonesia following the signing of the 2023 Sulawesi Treaty. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
