Rio de janeiro: Khazanah Nasional Bhd has held a series of productive meetings with the French and Italian sovereign wealth funds to explore cross-border collaboration, particularly in the field of artificial intelligence (AI). Managing director Datuk Amirul Feisal Wan Zahir said the discussions focused on how Malaysian, French, and Italian companies could work together amid shifting global geopolitical dynamics.
According to BERNAMA News Agency, Amirul Feisal highlighted that the discussions revolved around technology innovation and collaboration with mid-tier companies in each country. The aim is to address common challenges of global competitiveness using AI and innovation, while also identifying new market opportunities. These discussions were part of a larger initiative following Prime Minister Datuk Seri Anwar Ibrahim’s official visits to Italy, France, and Brazil, with Khazanah being a key participant.
The Malaysian delegation’s visits, which began on July 1, intended to strengthen bilateral relations and enhance trade and economic cooperation. Other major Malaysian entities involved included Petroliam Nasional Bhd, Tenaga Nasional Bhd, Malayan Banking Bhd, FGV Holdings Bhd, and YTL Power International Bhd.
Amirul Feisal mentioned that Khazanah has maintained partnerships with Cassa Depositi e Prestiti, Italy’s national promotional institution, for two years, and with Bpifrance, also known as Banque Publique d’Investissement, for three years. The trips to Rome, Paris, and Rio de Janeiro were part of broader efforts to fortify diplomatic and commercial relationships with key economic partners. Bilateral trade with Italy, France, and Brazil collectively amounted to RM50.91 billion (US$11.14 billion) last year.
Khazanah reported its highest-ever annual return in 2024, achieving a net asset value (NAV) time-weighted rate of return (TWRR) of 24.6 percent, a significant increase from 5.7 percent the previous year. The total portfolio, or realisable asset value (RAV), rose to RM151.3 billion, with an operating profit of RM5.1 billion.