United Overseas Bank Malaysia Bhd (UOB Malaysia) signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to attract more foreign direct investments (FDI) into high value-added sectors. These sectors, which include electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology, are among MIDA’s key priority sectors in promoting investments for industry development.
Under the MoU, UOB Malaysia and MIDA will work together to attract global companies that can contribute positively to the local economy through sustainable investments. This in turn will help facilitate the transfer of technology and knowledge to local companies and create opportunities to develop a highly-skilled domestic workforce.
Mr Wong Kim Choong, Chief Executive Officer, UOB Malaysia, said that Malaysia has sharpened its focus on attracting quality investments in targeted sectors that will have significant benefits for the domestic economy.
“Malaysia, with its favourable business conditions such as skilled labour force, developed infrastructure connectivity, ongoing policy reforms and government incentives, remains an attractive investment destination for global companies. In turn, global companies with sustainable investment practices will help to enhance the competitiveness of Malaysia’s domestic industries by creating more skilled jobs and deepening technology capabilities, ultimately helping in Malaysia’s progress towards a knowledge-based economy. Our collaboration with MIDA not only enables us to help more global companies seize investment opportunities in Malaysia, but also to contribute to industry development in the country,” Mr. Wong said.
To promote Malaysia as an investment destination, UOB Malaysia and MIDA will organise a series of roadshows across key focus markets such as China, ASEAN and Japan.