US investment in Malaysia on the rise thanks to strong bilateral ties, says ambassador
14 May 2024
Investments from America in Malaysia have risen significantly due to the strong bilateral relationship between the two nations, said US Ambassador to Malaysia Edgard D Kagan.
He said American companies are the largest investors in Malaysia, with a strong presence for nearly 70 years.
“American companies have a strong presence here in the tin industry. American demand was critical in developing the rubber industry, but also Americans had a very strong role in oil and gas, as well as the development of American investment in the electrical and electronics sector.
“Today, American companies employ over 300,000 Malaysians; they pay over twice the average salary. In Malaysia, we pay RM6,500 a month on average,” he told a press conference after visiting the Semenggoh Wildlife Centre here yesterday.
He said how American companies have invested in Malaysians is also a point of pride.
“When I travel, I’m always impressed how many Malaysians who run major Malaysian companies, have started Malaysian companies, actually at one point in their careers, worked for American companies.
“I think that that’s a testament to the investment in the skills of the workforce that American companies have been putting in for decades,” he explained.
Kagan said the Sarawak government has done much to improve its infrastructure and made the state more attractive for investors.
He said what the state can offer in terms of renewable energy is deemed an increasingly important factor when companies decide where they invest.
“I believe my role as ambassador is to make sure American companies will have the opportunities in Malaysia as a whole, and then in specific parts of Malaysia, including Sarawak; while also engaging with the Malaysian government to make sure that they know what are the interests, what are the concerns that American companies have as they make decisions on policy. They know what kinds of policies will be attractive for serious investors the way American companies have been over so many years,” he said.
On collaboration between Malaysia and the US in terms of renewable energy and sustainability, Kagan said Sarawak is eager to attract more investors as the state has hydropower as well as the potential to expand significantly in other areas, which is vital for companies as they aim to achieve net-zero carbon emissions.
Source: Borneo Post
