Malaysia has secured potential investments from companies such as global semiconductor company Nexperia and X-Fab from the Ministry of Investment, Trade and Industry’s (MITI) recent trip to Germany and France.
These potential investments are reportedly worth RM46 billion and will boost potential Malaysian exports by RM2.4 billion.
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The development of local companies in export activities aims to strengthen Malaysia’s credibility as a major sourcing hub for products and services in the region to add to the country’s attractiveness as an investment hub, said Zafrul Aziz, minister for MITI in a post on X.
As local company IAQ currently is working together with X-Fab as a clean room contractor and component supplier for the French supply chain, MARTRADE will support the development of IAQ through the market development grant to help IAQ penetrate the global market.
Minister Zafrul added that the country wants export and investment synergy, not just the creation of job opportunities and an increase in high-value exports. He added that he wanted an ecosystem that helps local companies rise in the international market as well.
In tandem, during MITI’s meet with Nexperia in Germany, minister Zafrul said that as Nexperia has been in Malaysia since 1992 with an investment of over RM2 billion, the company has provided nearly 2,900 jobs. MITI has also worked together on Nexperia’s expansion in Malaysia to create more job opportunities.
MITI also had an open dialogue with network of French companies Mouvement des Enterprises de France International (MEDEF) on Malaysia’s potential as an investment destination and source for high-quality products.
The launch of the New Industrial Master Plan (NIMP 2030) marks the beginning of the country’s industrial reform, said minister Zafrul.
Malaysia’s focus is investment in areas such as aerospace, automotive, electronics, renewable energy, electric vehicles and 5G technology. French expertise in these areas can advance Malaysia’s manufacturing industry, increase exports and generate more high-paying jobs, added minister Zafrul.
Other notable companies that were engaged in the mission include Melexis, Infineon Technologies AG, Airbus Group, Schott Glass, BMW and Michelin, according to Malay Mail.
As MITI aims to put local companies on the map, it is aiming to have 100 Malaysian technology companies with an annual revenue of RM1 billion by 2030, according to Deputy Minister Liew Chin Tong. He was speaking at the Motion of Thanks for the Royal Address in the Dewan Rakyat on 12 March.
Liew added that the government will continue to support local companies in research and development, as well as in innovation. This will come in the form of assistance to small and medium enterprises (SMEs) nationwide.
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