More than $23 billion in potential projects identified in the Indo-Pacific framework – Tengku Zafrul

KUALA LUMPUR: Indo-Pacific Economic Framework for Prosperity (IPEF) partners including Malaysia said at the first Clean Economy Investors Forum (CEIF) that more than $23 billion worth of infrastructure projects priorities had been identified.

In a statement today, the Ministry of Investment, Trade and Industry said this included around $6 billion worth of projects ready to be presented to investors.

Its minister Tengku Datuk Seri Zafrul Aziz attended the IPEF ministerial meeting and the first CEIF.

Malaysian investors and project developers who participated in the forum include Khazanah Nasional Bhd, Petronas, Gentari, NanoMalaysia Bhd (Gigafactory), MTC Orec Sdn Bhd, Faradays Energy Sdn Bhd and Limpahan Engineering Sdn Bhd, the statement said.

CEIF brings together the region's leading investors, cutting-edge project developers, innovative start-ups and senior government officials to mobilize financing to support the deployment of clean energy and climate-friendly technologies and infrastructure in the IPEF region.

The main outcome was the signing of three IPEF agreements; A clean economy and a fair economy by participating countries, which have already been largely concluded at the IPEF Ministerial Meeting in San Francisco on November 13-14, 2023, he said.

Tengku Zafrul signed the three agreements on behalf of the Malaysian government.

Other members of the IPEF trade agreement are the United States, Australia, Brunei, India, Indonesia, Japan, New Zealand, the Philippines, Singapore, South Korea, Thailand and Vietnam.

The IPEF Clean Economy Agreement will advance regional cooperation to accelerate the deployment of clean energy technologies, promote carbon market activities, collaborate on regional and international value chains for capture, carbon use and storage (CCUS) and promote sustainable transport.

The agreement also establishes a new mechanism for IPEF partners to develop and participate in cooperative work programs (CWPs), Tengku Zafrul said.

Alongside the ministerial meeting, Malaysia also took the opportunity to deposit the instrument of ratification of the IPEF Supply Chain Resilience Agreement signed on 14 November 2023.

“With the completion of the ratification process, Malaysia is now ready to implement the agreement. This represents a significant step forward in Malaysia’s efforts to strengthen supply chain resilience,” he said.

Malaysia also intends to use this framework to improve, among other things, the resilience, efficiency, diversity and inclusiveness of its supply chains, he said.

Ratification of the agreement is crucial to achieving these goals and strengthening Malaysia's position as a key player in the Indo-Pacific region.

“Malaysia sees great synergies between the IPEF agreements and the country's current policies, namely the recently launched National Semiconductor Strategy, the new Industrial Master Plan 2030 and the National Energy Transition Roadmap,” said Tengku Zafrul.

He believes that IPEF provides Malaysia with the opportunity to work holistically for the benefit of all IPEF partners.

“With this in mind, Malaysia looks forward to developing cooperation and exploring bilateral support measures with IPEF partner countries to finance and adopt emerging technologies such as green hydrogen and CCUS,” he said. he declared.

Additionally, Malaysia offered the Malaysian Anti-Corruption Academy, under the Malaysian Anti-Corruption Commission, to share its experiences and best practices under the catalog of technical assistance and capacity building initiatives to show Malaysia's commitment to IPEF, he said. – Bernama