Malaysia attracts foreign investment through friendly approach

Petronas Twin Tower in Kuala Lumpur, Malaysia (Photo source: thesundaily.my)

Kuala Lumpur - Malaysia is expected to receive more investments going forward, supported by investors’ confidence in the Madani Economy framework and from offshoots from existing investments, said Malaysia Semiconductor Industry Association (MSIA).

MSIA President Datuk Seri Wong Siew Hai said the investment-friendly approach practised by the government will attract foreign companies to enter the Malaysian market.

Prime Minister Anwar Ibrahim is working very hard to attract investments from all over the world, including China, the US and even CEO of Tesla’s Elon Musk.

Besides, there are other investment announcements from European semiconductor firms. Investors will view these approved investments positively.

Wong Siew Hai said US companies have expanded their footprint in Malaysia such as Intel Corp and there are new companies coming in. TSo, investors are confident about Malaysia but the country wants more quality investments.

US Ambassador to Malaysia Brian McFeeters said US companies made investment pledges totalling 100 billion RM (21.5 billion USD) in various sectors over the last 18 months.

He said these involve significant investments in areas where the US wants to strengthen its presence, namely electronics and semiconductor sectors, as well as the data centre segment which is a big growth area.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz had previously said that Malaysia would prioritise improving the ease of doing business in the country to lure quality investments.

According to him, the government will continue to streamline processes and monitor and track these investment processes closely and in real time through a project management and delivery unit within the ministry.

Meanwhile, Bank Muamalat Malaysia Bhd chief economist and social finance head Mohd Afzanizam Abdul Rashid opined that Malaysia has always portrayed itself as non-partisan and has been accommodative to bilateral ties.

According to him, threats of deglobalisation are seen to be taking root which can be counterproductive if allowed. Therefore, forging economic alliances with various (countries) should signify Malaysia’s commitment to remain open to foreign direct investments (FDIs).

More importantly, Mohd Afzanizam Abdul Rashid, said investments by foreign companies could be a catalyst for infrastructure development as well as transfers of technology.

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US companies pledge 100 bln USD investment in Malaysia US companies have made investment pledges totaling 100 billion USD in various sectors in Malaysia over the last 18 months, US Ambassador to Malaysia Brian McFeeters said on August 21.