Major investments announced on Malaysia visit

Two significant investments were announced during the visit of Prime Minister Christopher Luxon to Malaysia this week, in the areas of renewable energy infrastructure and tourism.

Malaysian-headquartered company Yinson Renewables announced its plans to invest in New Zealand with a pipeline of projects expected to total circa 1GW of renewable energy.

Yinson has been developing a pipeline of wind projects in New Zealand over the past four years. Invest New Zealand, the New Zealand Government's investment attraction agency, has been supporting Yinson.

"This investment shows the message that New Zealand is open for business is being heard," Mr Luxon says.

A significant investment into New Zealand's tourism infrastructure was also confirmed on Tuesday by Malaysian infrastructure conglomerate YTL Corporation Berhad. YTL Hotels has acquired the 225-room Hotel Indigo in Auckland in a $160m deal, its first hotel investment in New Zealand. The agreement is the second-largest hotel transaction in New Zealand this year. 

Mr Luxon says this solidifies YTL Hotels' long-term commitment to the region's tourism and hospitality sector and signals confidence in New Zealand's visitor economy.

Both investments have received approvals from New Zealand's Overseas Investment Office.

"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," Mr Luxon says.

The Prime Minister has just concluded a three-day visit to Malaysia, where he engaged in high-level talks on geo-political issues in the Indo-Pacific region, and advanced New Zealand's business goals.

"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," Mr Luxon says.

The 19-member EAS meets annually and brings together key players in the region including the United States, China and India.

During a 50th anniversary ASEAN-New Zealand Commemorative Summit, the Prime Minister established a Comprehensive Strategic Partnership (CSP) with his ASEAN counterparts.

"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."

The Prime Minister is now in the Republic of Korea for APEC