Two major investments were unveiled during Prime Minister Christopher Luxon’s official visit to Malaysia, concentrating on renewable energy infrastructure and the tourism industry.
Malaysian-based company Yinson Renewables revealed its intention to invest in New Zealand, with a project pipeline anticipated to reach approximately 1GW of renewable energy.
Over the past four years, Yinson has been advancing a series of wind projects in New Zealand. The New Zealand government’s investment attraction agency, Invest New Zealand, has been providing support to Yinson.
In the tourism sector, Malaysian infrastructure conglomerate YTL Corporation Berhad confirmed a major investment in New Zealand’s tourism infrastructure. YTL Hotels acquired the 225-room Hotel Indigo in Auckland for $160 million, marking its first hotel investment in New Zealand.
The deal also stands as the second-largest hotel transaction in the country this year.
“These investments demonstrate that New Zealand is seen as a credible investment destination by high-quality global investors, and it is a message I deliver in parallel to the political relationship building on my trips overseas,” Luxon said.
Both investments have been approved by New Zealand’s Overseas Investment Office.
During Luxon’s three-day trip to Malaysia, he participated in high-level discussions on geopolitical issues in the Indo-Pacific region and promoted New Zealand’s business interests.
“It’s critical for New Zealand to play an active part in regional settings like the East Asia Summit (EAS), where we can be heard and promote our interests,” he said.
“During my visit to Kuala Lumpur, I met with the Prime Minister of Malaysia, Dato’ Seri Anwar Ibrahim, and a series of other Southeast Asian leaders.”
“As well as witnessing the signing of the two investment deals that will help us build the infrastructure we need, grow businesses, and put more money in Kiwis’ pockets, we also agreed a halal arrangement with Malaysia to boost our exports.”