THE Malaysian Investment Development Authority (MIDA) and international conglomerate UMW Group have forged a collaboration to to further drive high-value quality investments into the country.
Towards this end, both partners will capitalise on each other’s capabilities and strengths to explore potential key areas of collaboration to attract investments that would create value to the nation’s economy.
These include fields such as mobility, aerospace, machinery and equipment, manufacturing and engineering, talent training, research and development as well as industrial land development.
This follows today’s inking of a memorandum of understanding (MOU) between MIDA and UMW Corporation Sdn Bhd, a wholly-owned subsidiary of the UMW Group.
The MOU will be a stepping stone to accelerate innovative and high-value industry stakeholders – including the UMW Group – to seize opportunities arising from the technology revolution in the new norm.
“Malaysia’s investment landscape will likely remain challenging in the backdrop of the pandemic, and this timely collaboration with UMW will facilitate Malaysia’s industrial ecosystem with the much needed infrastructure and new technologies,” commented MIDA’s CEO Datuk Azman Mahmud.
“This partnership will also boost the Government’s on-going efforts to position Malaysia as the pre-eminent preferred investment destination in the region.”
Moving forward, Azman expects the partnership to boost the Government’s on-going efforts to position Malaysia as the pre-eminent preferred investment destination in the region.
The array of support for businesses ranges from competitive tax incentives to spur investment activity under the National Economic Recovery Plan (PENJANA) stimulus package; dedicated Project Acceleration and Coordination Unit (PACU) to facilitate successful implementation of approved projects as well as the One Stop Centre (OSC) initiative to enable business travellers to travel and continue their work in Malaysia despite the pandemic.
In 2020, Malaysia recorded RM164 bil in approved investments through 4,599 projects in the manufacturing, services and primary sectors. These investments are expected to create 114,673 new jobs once implemented.
MIDA has also identified high-profile foreign investment projects, including Fortune 500 companies in the manufacturing and services sectors with negotiations on-going with companies from various sectors such as automotive, chemical, and advanced electronics to make Malaysia their high-value manufacturing, services and global supply chain hub. – March 16, 2021
