The Malaysian Investment Development Authority (MIDA) and HSBC Malaysia renewed its Memorandum of Understanding (MOU), reaffirming the strong partnership between both organisations to attract more global investments into Malaysia and to further facilitate the establishment and expansion of multinational corporations in the country.
The MOU focuses on revitalising and reforming Malaysia’s economy during and post Covid-19 by maximising potential FDI opportunities into Malaysia, particularly in the manufacturing sector, namely the electrical and electronics, chemical, machinery and equipment, aerospace and medical devices industries.
Despite the pandemic, these industries continue to play a critical role in propelling Malaysia towards strategic diversification to increase competitiveness, by focusing on complex, knowledge-intensive and high-end products and services.
Arham Abdul Rahman, Chief Executive Officer (CEO) of MIDA remarked, “This MOU echoes our National Investment Aspirations (NIA) framework to entice more higher quality investments, particularly in the areas of technology and innovation. Malaysia is, and will continue to be, a strategic business partner to businesses within ASEAN and beyond.
“We boast of a robust pool of talent and a well-diversified economy resting on the back of strong economic fundamentals.”
Meanwhile Stuart Milne, CEO of HSBC Malaysia said, “As the impact of the pandemic continues to be felt across the globe and as businesses look to recover from the universal economic slowdown, we continue to remain committed to the nation’s agenda to make Malaysia a preferred destination for investment in Asia.
“With our international footprint, and access to key markets globally, we are eager to collaborate with MIDA on nation-building programmes to capture growth opportunities.”
This strategic public-private partnership will leverage on MIDA’s marketing and trade exchange initiatives, such as trade and investment missions, while capitalising on HSBC’s global presence with access to more than 90 per cent of global GDP through trade and capital flows as well as connectivity to global corporate customers in more than 60 countries.
-NIAGATIMES
