MIDA hopes 2019 investment will surpass 2018

Malaysian Investment Development Authority (MIDA) hopes that the total approved investments for 2019 will surpass that of 2018, which totalled RM204.36 billion.

Deputy chief executive Arham Abdul Rahman said between January-September 2019, Malaysia registered RM149 billion in total investments, adding that based on preliminary figures from October-December 2019, the target was possible.

“Moving into 2020, we aim to attract investments of around RM200 billion and we already have a few projects in the pipelines this year,” he told reporters at the sidelines of the signing of a Memorandum of Understanding (MoU) between MIDA and United Overseas Bank (Malaysia) Bhd (UOB) here today.

Arham said the collaboration with UOB Malaysia would enable MIDA to attract more quality foreign direct investments (FDIs) into high value added, capital and knowledge-intensive sectors.

He noted that the high value-added sectors include electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology.

Besides promoting the development of investment ecosystems, MIDA also aims to ensure that the enablers are in place to cater to business requirements.

“This includes providing easy access to essential financial services to help investors succeed in emerging markets like Malaysia,” said Arham.

He added that as one of the largest commercial banks in the world, UOB could also pave the way for business and investment opportunities globally by providing excellent financial services and information to local and foreign businesses.

On another note, Arham said MIDA would continue to monitor the ongoing trade conflict between the United States and China, Brexit and the geopolitical tension in the Middle East to see business relocation and investment potentials that Malaysia could leverage on.

Meanwhile, UOB Malaysia’s managing director and country head of Wholesale Banking, Ng Wei Wei said the bank was well-equipped to support key priority sectors under MIDA through its sector specialisation, FDI advisory capabilities and extensive regional network.

Under the MoU, both parties will collaborate to attract global companies that could contribute positively to the local economy through sustainable investments, which in turn will help facilitate transfer of technology and knowledge to local companies and create opportunities to develop a high skilled domestic workforce.

MIDA and UOB will also jointly organise a series of roadshows to promote Malaysia as an investment destination across key markets such as China, Japan and ASEAN.

Source: Bernama