This is because most of the investments from South Korea are in the chemical and petrochemical sector, which is one of the focus sectors under the New Industrial Master Plan 2030 (NIMP 2030), said its minister, Tengku Zafrul Aziz.
He said of the 11 priority segments, the chemicals segment had been identified as one of the high-impact, high-growth sectors that would contribute to the NIMP 2030 overall target.
“The specialty chemicals market is substantial. And there is an opportunity for Malaysia to capture that business by producing specialty chemicals domestically, capturing both the domestic market demand and export opportunities.
“Our strategies are also laid out in our Chemical Industry Roadmap 2030, which aims for our chemical industry to be ranked first in Asean in terms of FDI inflow by 2030,” Tengku Zafrul said during the launch of the new OCI Holdings regional headquarters here today.
In 2023, the country’s main sources of FDI were Singapore, the US, China and Japan.
Tengku Zafrul said that collectively, OCI Malaysia (OCIM) and its joint venture partners had committed close to RM16 billion in Malaysia since 2017.
“We value your support in helping us develop greater industrial linkages domestically and abroad.
“We also appreciate OCIM’s latest investments amounting to RM7 billion, which I was informed will be used to produce polycrystalline silicon for semiconductor and solar cells as well as epichlorohydrin (ECH).
“The manufacturing of ECH in Malaysia will strengthen the value chain of epoxy manufacturing, contributing towards increasing the competitiveness of the chemical industry in Malaysia,” he said.
South Korea-based energy and chemical company OCI Holdings’ opening of its regional headquarters here marks a significant milestone in its commitment to expand its presence in the region.
OCI Holdings chairman Lee Woo Hyun said the new OCI (M) Sdn Bhd office would serve as a pivotal centre for the company’s operations, facilitating closer collaborations with stakeholders, partners and clients across the region.
Tengku Zafrul said OCI’s move reaffirms the nation’s attractiveness as a preferred destination for foreign investments and underscores the confidence that global companies have in the economy, infrastructure and skilled workforce.
“It demonstrates our country’s ability to provide a conducive environment for companies to thrive, innovate and expand their operations,” he said.