MIDA Eyes More Foreign Investments Through MoU

The Malaysian Investment Development Authority (MIDA) is looking to attract more foreign investments into Malaysia through a collaboration with Standard Chartered Malaysia.

Under this collaboration, both parties would attract targeted global investments within several sectors including high-value, high-technology and high-impact investments such as electrical and electronics, machinery and equipment, aerospace as well as renewable energy and consumer technology.

“Over the years, MIDA and Standard Chartered have built mutually beneficial engagements and collaborations.

“This ongoing partnership is very timely and crucial as MIDA is going to receive even more interest in the country following the government’s announcement of the Pelan Jana Semula Ekonomi Negara (PENJANA) last week,”  said MIDA chief executive officer Datuk Azman Mahmud.

He was speaking after the signing of a memorandum of understanding (MOU) with Standard Chartered Malaysia here today at a ceremony attended by its managing director and chief executive officer Abrar A. Anwar.

Azman said the collaboration would make Malaysia more visible with Standard Chartered’s existing customers and new investors introduced by the bank.

“We would jointly go to market to promote Malaysia with the latest offerings where the government has announced in PENJANA and to remind our potential and existing investors what Malaysia is all about,” he added.

Malaysia’s electrical and electronics industry currently accounts for 10 per cent of the global back-end semiconductor output.

MIDA currently has a pipeline of investment projects worth about RM37. 8 billion with many foreign electrical and electronics firms looking to relocate their businesses to the country to diversify production.

To encourage foreign investors to set up their businesses in Malaysia, the government is also offering a zero-tax rate for 15 years under its recently announced Short-Term Economic Recovery Plan.

Meanwhile, Abrar said no investment target has been set yet.

“We do not have any specific targets per se. There is a lot of dynamism in the market now with the supply chain disruption and companies looking at diversification away from potential concentration risk of the supply chain.

“What we are trying to bring into the table is places where we have got strength in more than 60 countries. We have people who handled all these major companies in those markets,” he added. – BERNAMA

BacalahMalaysia Team

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