MIDA approves RM3.1b manufacturing projects involving EU

The Malaysian Investment Development Authority (Mida) approved 34 manufacturing projects with participation from the European Union (EU) worth RM3.1 billion for the January to September 2019 period.

These projects are expected to create 2,782 job opportunities, Mida said in a statement yesterday.

“As of September 2019, Mida has approved a total of 2,366 manufacturing projects with the participation from EU countries worth RM131.4 billion.

“These investments created 271,712 employment opportunities for the country,” the agency added.

Among the major European companies that have operations in Malaysia are Infineon Technologies AG, Compagnie de Saint-Gobain SA, Novartis International AG, Acerinox AG, STMicroelectronics, Dyson Ltd, OSRAM Opto Semiconductors GmbH, Aker Solutions ASA and B Braun Medical AG.

“For 2020, Mida will be organi-sing a series of trade and investment missions and working visits to Spain, Switzerland, Germany, the UK and France,” the agency said.

Its trade and investment missions this year will also cover other countries including Japan, South Korea, China, India, United Arab Emirates and the US.

Mida is the government’s principal promotion agency under the Ministry of International Trade and Industry to oversee and drive investments into the manufacturing and services sectors in Malaysia.

It held a networking event with EU chambers, associations and embassies on Jan 14, 2019, involving 40 representatives from Austria, Belgium, Czech Republic, France, Italy, Ireland, Germany, Norway, the UK, the Netherlands, Russia, Sweden, Switzerland and Spain offices in Malaysia.

Mida CEO Datuk Azman Mahmud said the get-together enabled both sides to catch up on many areas namely businesses, strengths and opportunities in a more personal setting.

“This is also a way for Mida to show our appreciation to our friends from the EU chambers, associations and embassies for their continuous support in our venture to increase investments into the country.

“Our next networking event, which will be organised soon, will be with the chambers and associations from the Americas, Oceania and Asia-Pacific regions,” he added.

Source: The Malaysian Reserve