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US-Malaysia Economic Ties Generate Over 312,000 Jobs

2024-10-27 05:40:26.460000

On October 10, 2024, Prime Minister Datuk Seri Anwar Ibrahim announced a significant investment proposal of US$14.7 billion from major US tech giants, including Google, Microsoft, and Amazon. This announcement was made during a meeting with US Secretary of State Antony Blinken on the sidelines of the 44th and 45th ASEAN Summits [d5f4ad24].

Anwar expressed optimism about the potential for strengthened cooperation in emerging industries, particularly in technology and digital infrastructure. He highlighted the significance of this investment in the context of the 10th anniversary of the Malaysia-US Comprehensive Partnership, which aims to enhance bilateral relations [d5f4ad24].

In a related development, Oracle recently announced a landmark investment of US$6.5 billion to establish its first public cloud center in Malaysia. This investment is seen as a strong indicator of global tech companies' confidence in Malaysia's potential as a regional cloud infrastructure hub [d5f4ad24].

The combined investments from these tech companies are expected to significantly boost Malaysia's digital economy and create numerous job opportunities. Anwar emphasized the importance of engaging the local workforce and establishing centers of excellence to ensure that Malaysians can fully benefit from these advancements [d5f4ad24].

According to Dave Williams, the Economic Counselor at the US Embassy, US-Malaysia economic relations have generated over 312,000 jobs over the last decade, with the US being the leading source of foreign direct investment (FDI) in Malaysia. Since 2021, there have been over RM200 billion in new investments, with 72% coming from Fortune 500 companies [d5f4ad24].

In 2023 alone, Google, Microsoft, Amazon, and Oracle announced investments totaling over US$16 billion. The total US direct investments in Malaysia reached US$21.53 billion in 2023 [d5f4ad24]. Anwar's participation in APEC 2023 further highlighted new investment commitments, as Malaysia and the US explore cooperation in trade, agriculture, sustainability, science, and technology [d5f4ad24].

Furthermore, Blinken expressed support for Malaysia's ASEAN chairmanship and discussed enhancing regional stability, while also addressing the need for a ceasefire in Gaza, urging the implementation of UNSC Resolution 2735 [d5f4ad24]. As both Malaysia and Thailand ramp up their digital capabilities, the competition for tech investments in Southeast Asia intensifies, with companies like Oracle and Google leading the charge [d5f4ad24].

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