KUALA LUMPUR: Irish businesses are optimistic about the prospects of investment in Malaysia under the new Pakatan Harapan government.
Ireland Minister for Agriculture, Food and the Marine Michael Creed said Irish businesses are 'very optimistic' about the new government in Malaysia, and expressed appreciation that the government have a very expansive reform agenda.
“We see that (change in government) as a positive move. I am going to meet the Agriculture and Agro-Based Industries Minister Datuk Salahuddin Ayub shortly to explore opportunities that can mutually benefit the business relationship between the two countries, as well as between the EU (European Union) and Malaysia,” he told reporters on the sidelines of the Malaysia-Ireland Sustainable Dairy Ingredients seminar here today.
Creed said while the Ireland-based food manufacturing businesses do not have a manufacturing establishment in Malaysia, the country sees strong opportunities in trade of its dairy products.
“We do not have any manufacturing plant here so far, but we have significant exports to Malaysia, in terms of dairy products like cheese and milk powder, among others, and we see opportunities to grow that further.
“Kerry Group has its ingredient business here, but we see opportunity primarily in the area of business-to-business opportunities in exporting our dairy products to the retail business here.
“There is a very significant opportunity especially on the dairy side. I appreciate that the market here is not self-sufficient, and we are recognised internationally as the producer of high quality dairy,” he said.
Meanwhile, Malaysian Investment Development Authority (MIDA) Manufacturing Development (Resource) executive director Ahmad Khairuddib Abdul Rahim said as at June 2018, it has approved a total of 2,178 projects with investment worth RM51.8 billion in food manufacturing industry.
He said this has created 176,500 job opportunities for Malaysia, adding there are currently over 8,000 food manufacturing establishment in Malaysia whereby 80 per cent of them are small and medium enterprises (SMEs).
“Malaysia’s food manufacturing industry has no choice but to think differently and to move towards more automated, flexible and efficient operation.
“Today, the food industry is operating against a backdrop of many challenges. However, the future of this industry remains resilient to external adversities and is recession-proofed.
“It will continue to grow in tandem with the world population, which continues to rise,” he said.