29 May 2017
A major Italian oil and gas company will inject an additional US$300 million (RM1 billion) in Malaysia, says Deputy Prime Minister Tan Sri Muhyiddin Yassin.
He said this was mentioned by the investor during a meeting between the deputy prime minister and Italian captains of industry yesterday.
The Italian company currently has a joint-venture project with Petronas in Malaysia, he told Malaysian journalists at the end of his three-day working visit.
He also said Agusta, an Italian aerospace company, has agreed to set up their maintenance-repair-overhaul base in Subang as a hub to service their helicopters used in the region.
"During the meeting, some investors showed their interest in expanding their investments in Malaysia," he said.
Muhyiddin met 25 captains of industry from Milan and Lombardy during the meeting and some of them had indicated their interest to turn Malaysia as their gateway to the Asean market.
30% of Italian exports to Malaysia originate from Milan and Lombardy – two major industrial trade cities.
Meanwhile, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said Agusta planned to produce some of its components, as well as, aerospace system integration in Malaysia.
On the Malaysia Pavilion at the Milano Expo 2015 here, Muhyiddin said some 1.8 million visitors were targeted, including trade visitors, during the six-months exposition.
Muhyiddin, who opened the Malaysia pavilion yesterday, visited the pavilions of France and Italy today.