MIDA facilitated 86 foreign companies relocating to Malaysia — MITI

MIDA facilitated 86 foreign companies relocating to Malaysia — MITI

28 Jul 2020

The Malaysian Investment Development Authority (MIDA) has facilitated the relocation of 86 foreign companies to Malaysia as at May 31, 2020, amid the trade war between US and China, the Dewan Rakyat was told.

From these companies, a total of 28 projects worth RM8.36 billion have been approved, while four projects worth RM9.14 billion are being evaluated, said Deputy Minister of International Trade and Industry Datuk Lim Ban Hong.

These projects will be located in Selangor, Johor, Penang, Negeri Sembilan, Melaka and Perak, he said.

“Out of the 28 approved projects, 10 projects worth RM2.67 billion are by China companies, which will create 1,131 jobs. Besides that, two projects that have been approved are by Japanese companies with a total investment of RM188.18 million, creating 206 jobs,” said Lim.

While the trade dispute between China and the US has disrupted the global supply chain, Lim said the Malaysian government will continue in its efforts to ensure the country remains a choice investment location.

He said the government is also targeting companies in the global supply chain that have been affected by the trade war and the Covid-19 pandemic and is taking steps to attract these companies to Malaysia.

These efforts include the repositioning of Malaysian products as substitutes for goods imported from China, by companies in the US and other countries.

The Ministry of International Trade and Industry is also promoting Malaysia as a relocation destination for companies affected by the headwinds, as well as an alternative regional production hub, said Lim.

Source: The Edge Markets