Malaysian and US companies have inked trade deals worth 2 billion USD in the fields of aviation, biotechnology and insurance.
The signing was witnessed by Prime Minister Datuk Seri Najib Razak and visiting US President Barack Obama on April 28 before the latter left for the Philippines.
The first 1.5 billion USD memorandum of understanding (MoU) was signed between GE Aviation and AirAsia X for the selection of CF6-80E1 engines to power AirAsia X's 25 new Airbus A330-300 aircraft.
The second one was for Sime Darby to take a 30 percent stake worth 30 million USD in San Diego-based biotech company, Verdezyne.
Verdezyne will use the investment to fund research and development in the US on replacing petroleum-derived materials with renewable sources, reducing dependence on oil for creating widely used products such as plastic and nylon.
The third MoU was for a partnership between Ambank and Metlife, in which the latter has invested nearly 250 million USD in buying shares in AmLife and AmTakaful.
Both Ambank and Metlife expect the deal will support jobs and improve employee expertise both in the US and Malaysia.
Speaking at the event, Obama said the close trade and investment relations between Malaysia and the US will create jobs and economic opportunities for both countries.
"We need to do more to promote more trade and this includes reducing some of the existing barriers for trade and investment, support partnership, exports and jobs," he added.
Malaysia was the third leg of President Obama during his tour of four Asian nations, also including Japan, the Republic of Korea, and the Philippines.
He arrived in Manila in April 28 afternoon, beginning his visit to the Philippines.-VNA
The signing was witnessed by Prime Minister Datuk Seri Najib Razak and visiting US President Barack Obama on April 28 before the latter left for the Philippines.
The first 1.5 billion USD memorandum of understanding (MoU) was signed between GE Aviation and AirAsia X for the selection of CF6-80E1 engines to power AirAsia X's 25 new Airbus A330-300 aircraft.
The second one was for Sime Darby to take a 30 percent stake worth 30 million USD in San Diego-based biotech company, Verdezyne.
Verdezyne will use the investment to fund research and development in the US on replacing petroleum-derived materials with renewable sources, reducing dependence on oil for creating widely used products such as plastic and nylon.
The third MoU was for a partnership between Ambank and Metlife, in which the latter has invested nearly 250 million USD in buying shares in AmLife and AmTakaful.
Both Ambank and Metlife expect the deal will support jobs and improve employee expertise both in the US and Malaysia.
Speaking at the event, Obama said the close trade and investment relations between Malaysia and the US will create jobs and economic opportunities for both countries.
"We need to do more to promote more trade and this includes reducing some of the existing barriers for trade and investment, support partnership, exports and jobs," he added.
Malaysia was the third leg of President Obama during his tour of four Asian nations, also including Japan, the Republic of Korea, and the Philippines.
He arrived in Manila in April 28 afternoon, beginning his visit to the Philippines.-VNA
