Since the establishment of Malaysia-Japan diplomatic ties in 1957, it has progressed tremendously with the Look East Policy (LEP) paving the way to greater economic focus on trade and investment opportunities.
“The Look East Policy has always been a guiding light for our bilateral relations. Next year marks the 40th anniversary and we look forward to celebrating this achievement. I am determined to further strengthen the cooperation between both our countries,” says His Excellency Oka Hiroshi, Ambassador of Japan to Malaysia, in an exclusive interview with Business Today.
Japan has very strong economic presence in Malaysia. In your view, what are the new emerging areas besides manufacturing will Japanese investors consider? Will Covid-19 outbreak severely affect investment prospects in Malaysia?
Firstly, let me summarise the Japanese business presence here in Malaysia. Currently, there are over 1,400 Japanese companies operating in Malaysia, around half of them are in the manufacturing sector mainly the electrical and electronics (E&E) industry such as Panasonic, ALPS ELECTRIC, and the other half are in the services sector. I would like to stress that in the manufacturing sector alone, these Japanese companies employ more than 340,000 Malaysian employees. Although during the Movement Control Order (MCO) these Japanese companies had to cease operations, they fully retained the employment of their workers. It was to ensure that Malaysian employees still have a job and can maintain their daily lives.
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