Over US$23bil potential projects identified under Indo-Pacific framework – Tengku Zafrul

KUALA LUMPUR: The Indo-Pacific Economic Framework for Prosperity (IPEF) partners, which include Malaysia, said at the inaugural Clean Economy Investor Forum (CEIF) that over US$23 billion of priority infrastructure projects have been identified.

In a statement today, the Investment, Trade and Industry Ministry said this includes about US$6 billion of ready projects proponents presented to investors.

Its minister Tengku Datuk Seri Zafrul Aziz participated in the IPEF Ministerial Meeting and the inaugural CEIF.

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

The CEIF brings together the region’s top investors, cutting-edge project proponents, innovative start-up entrepreneurs, and senior government officials to mobilise 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 agreements on the IPEF; Clean Economy, and Fair Economy by participating countries, which were already substantially concluded during the IPEF Ministerial Meeting in San Francisco held on Nov 13-14, 2023, he said.

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

Other members of the IPEF trade pact 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 technology, promote carbon market activities, collaborate on regional and international carbon capture, utilisation and storage (CCUS) value chains and promote sustainable transport.

The agreement also establishes a novel mechanism for IPEF partners to develop and participate in Cooperative Work Programmes (CWPs), Tengku Zafrul said.

In conjunction with the Ministerial Meeting, Malaysia also took the opportunity to deposit the instrument of ratification of the IPEF Agreement Relating to Supply Chain Resilience signed on Nov 14, 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 others, the resiliency, efficiency, diversity and inclusivity of its supply chains, he said.

The agreement’s ratification is crucial to achieving these objectives and reinforcing Malaysia’s position as a key player in the Indo-Pacific region.

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

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

“In this vein, Malaysia looks forward to developing cooperation and exploring bilateral support measures with IPEF partner countries in funding and adopting nascent technologies such as green hydrogen and CCUS,” he said.

Furthermore, Malaysia has offered the Malaysian Anti-Corruption Academy under the Malaysian Anti-Corruption Commission, to share experience and best practices under the Catalogue of Technical Assistance and Capacity Building Initiatives to showcase Malaysia’s commitment to the IPEF, he said. – BK