INTERNATIONAL Trade and Industry Minister Tengku Zafrul Abdul Aziz today held a meeting with AstraZeneca chairman Leif Johansson to discuss the potential of the leading pharmaceutical company expanding its operations in Malaysia.

The minister, who is currently attending the annual World Economic Forum (WEF) in Davos, Switzerland, said AstraZeneca has established its global business services hub in Malaysia to support operations in the Asia-Pacific region with a projected investment of more than RM500 million over a five-year period.

“The pharmaceutical sector is one of the International Trade and Industry Ministry’s (Miti) focus areas given its significant economic potential and sustainable long-term benefits,” he said in a post on Instagram.

Tengku Zafrul said AstraZeneca, which gained popularity as a vaccine manufacturer following the outbreak of Covid-19, opened its new headquarters in Malaysia in March 2019 as part of its ongoing commitment to boost high-value skills and employment and bring new science and innovation to help patients.

“Miti will always facilitate quality investments capable of creating high-income jobs to improve Malaysians’ standard of living,” he said.

Earlier, Tengku Zafrul said Miti’s mission at the WEF annual meeting was not only to attract investment to Malaysia but also to explore business opportunities for local companies internationally.

The 53rd WEF annual meeting from January 16 to Jan 20 brought together 2,700 leaders from 130 countries, including 52 heads of state, at the ski resort town of Davos in the eastern Alps region of Switzerland.

This year’s WEF, with the theme “Cooperation in a Fragmented World: Addressing Pressing Crises, Tackling Future Challenges”, was organised amid multiple crises that deepened divisions and fragmented the geopolitical landscape. – Bernama, January 20, 2023.