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Parliamentary Vice-Minister Iwata Visits Malaysia

Japanese

August 12, 2022

Mr. Iwata Kazuchika, Parliamentary Vice-Minister of Economy, Trade and Industry, visited Malaysia from August 9 (Tue.) to 11 (Thur.) to conduct a range of activities, notably including attending the Business Seminar to Commemorate the 40th Anniversary of the Look East Policy (LEP) held by Malaysia's Ministry of International Trade and Industry, and having bilateral talks with YB Dato' Seri Mohamed Azmin Ali, Malaysian Senior Minister and Minister of International Trade and Industry, YB Dato' Sri Mustapa bin Mohamed, Minister in the Prime Minister's Department, and YM Datuk Tengku Muhammad Taufik, President & Group CEO of PETRONAS. He also attended a Panasonic event to commemorate 40 years of the Look East Policy (LEP), visited a Toyota plant, and exchanged views with local companies and other stakeholders.

1. Business Seminar to Commemorate the 40th Anniversary of the Look East Policy

On August 11, Parliamentary Vice-Minister Iwata gave a greeting address on behalf of the Japanese government at the Business Seminar to Commemorate the 40th Anniversary of the Look East Policy held by Malaysia's Ministry of International Trade and Industry in Kuala Lumpur. In his address, he recalled the history of cooperation between the two countries based on the LEP. Looking ahead, he also spoke about the ASIA-Japan Investing for the Future Initiative (AJIF) and the Asia Zero Emissions Community vision, and said that Japan will aim to achieve further development via the policy.

2. Meeting with YB Dato' Seri Mohamed Azmin Ali, Malaysian Senior Minister and Minister of International Trade and Industry

With a view toward deepening bilateral economic relations, the two ministers confirmed the progress made on efforts such as AJIF-based supply chain diversification, the Asia Digital Transformation (ADX), and cooperation in the aviation industry, and also exchanged views on trade-related topics such as the Indo-Pacific Economic Framework (IPEF) and the CPTPP.

3. Meeting with YB Dato' Sri Mustapa bin Mohamed, Minister in the Prime Minister's Department

Parliamentary Vice-Minister Iwata explained that the Japanese government will assist Malaysia's work toward achieving carbon neutrality by 2050 by supporting its decarbonization based on the Asia Zero Emissions Community vision. He said that Japan will promote cooperation between companies in the two countries through the Asia Energy Transition Initiative (the AETI, which supports realistic energy transition in Asia), and particularly strengthen cooperation on utilizing hydrogen, ammonia, and energy-saving technologies. He also asked for deliberations on the Joint Crediting Mechanism (JCM) to be spurred on.

4. Meeting with YM Datuk Tengku Muhammad Taufik, President & Group CEO of PETRONAS

Parliamentary Vice-Minister Iwata expressed his gratitude to PETRONAS for giving its full support toward creating a road map with the Malaysian government based on the AETI, and said that he would like to hasten the use of low-carbon technologies such as hydrogen, ammonia, CCUS, and carbon recycling, and in particular, demonstrations of approaches such as co-combustion with ammonia in coal-fired power plants.

In addition, while decarbonization is progressing worldwide, there are also concerns that the situation in Ukraine will lead to a global shortage of LNG. In this connection, he also showed his appreciation for having received a stable supply of LNG from Malaysia for the last 40 years, and asked for continued cooperation in this regard going forward.

5. Exchanging views with local companies and other stakeholders

Parliamentary Vice-Minister Iwata visited a plant belonging to Panasonic, which expanded into Malaysia in 1965, just two years after the nation's independence in 1963, and attended an LEP 40th anniversary event held by the company. He also visited Toyota's second plant there, which was built in 2019 and notably produces hybrid vehicles. In addition, he exchanged views with various stakeholders, including The Japanese Chamber of Trade & Industry, Malaysia and startup companies actively working in the country.

Division in Charge

Asia and Pacific Division, Trade Policy Bureau

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