Amcham: US firms invest RM165.73b in Malaysia despite Covid-19

Amcham: US firms invest RM165.73b in Malaysia despite Covid-19

08 Feb 2022

The American Malaysian Chamber of Commerce (Amcham) has said that a total of RM165.73 billion have been invested by American companies into the Malaysian economy despite the challenges posed by the Covid-19 pandemic.

According to Amcham’s 2020/21 Economic Impact Survey (EIS) of 80 member companies, more than 130,000 people have been employed, with 90% local hires, and contributions of more than RM100 billion were made towards the country’s export earnings. 

Chairman Antony Lee said the survey highlights the commitment of American firms to helping create a thriving business environment that creates jobs and opportunities for ordinary Malaysians.

The EIS also revealed that 85% of businesses surveyed expect to grow over the coming year.

“I’m particularly pleased about the positive economic outlook that our members have for the national economy over the coming 12 months,” Lee said in a statement on Tuesday (Feb 8).

The survey also highlighted that Amcham members have provided direct support to the Malaysian economy by sourcing nearly RM20 billion worth of goods and services locally and signing more than 10,000 contracts worth more than RM100,000 each with local businesses.

Meanwhile, Amcham chief executive officer Siobhan Das said the success of its members in Malaysia is particularly visible in the manufacturing, agribusiness, extraction and energy, and service industries.

“Malaysia is now a critical node in many global supply chains, demonstrating the success of our members in developing local talent and businesses for the global stage.

“With the recent influx of US investments, we look forward to the ecosystem expanding and propelling the country to further economic success,” she said.

Source: Bernama