MITI holds engagement sessions with 2 E&E firms in Penang

MITI holds engagement sessions with 2 E&E firms in Penang

29 Aug 2020

The Ministry of International Trade and Industry (MITI) says it held engagement sessions with two electrical and electronics (E&E) companies under the Western Digital group — WD Media Sdn Bhd and SanDisk Storage Sdn Bhd — in Penang yesterday.

In a statement, MITI said the sessions were aimed at gathering information on the industry and the challenges faced by investors amid the COVID-19 outbreak, and were attended by its secretary-general Datuk Lokman Hakim Ali.

MITI said it found that the two firms had been operating at full capacity since the reopening of the economy in stages, compared with early in the Movement Control Order period in March.

It said the sessions also aimed to understand how the government’s initiatives such as tax incentives for investors under the PENJANA economic stimulus package facilitate investors’ operations.

“Such visits are important to ensure that MITI can introduce policies that encourage foreign investors especially those in the E&E sector so that Malaysia continues to be their production hub in Asia,” it said.

The Western Digital group has since 1973 invested RM16 billion in Malaysia and created over 9,000 job opportunities, with locals making up 90 per cent of its workforce, besides opening up business opportunities for 900 Malaysian small and medium enterprises, it said.

It added that Western Digital’s success reflects foreign investors’ confidence to continue to expand their operations in the country.

“In the efforts to make Malaysia’s economy sustainable and revive it, MITI as the nation’s economic frontliner will ensure the business ecosystem in Malaysia is improved in order to attract more foreign investments into Malaysia,” it said.

These efforts, it said, would ensure that more job opportunities are created for Malaysians besides opening up opportunities for local SMEs to supply their products or services to foreign investors.

It added that MITI and its agencies will continue to hold engagement sessions with E&E industry players.

In 2019, the E&E sector contributed 6.3 per cent to Malaysia’s gross domestic product with export value standing at RM372.67 billion, while approved investments for the sector amounted to RM25.7 billion or 31 per cent of total approved investments.

Source: Bernama Posted on : 29 August 2020