InvestKL targets RM5b investments via China Special Channel
KUALA LUMPUR: InvestKL is targeting RM5 billion in Chinese investments this year via the China Special Channel (CSC), launched yesterday, to act as a single-window for all investment opportunities from China to Malaysia.
InvestKL chairman Datuk Seri Michael Yam said the investments will come from high-tech, high-value and high- impact industries, in particular, related to the Industry Revolution 4.0.
“We are looking at sectors such as ICT (information and communications technology), artificial intelligence, consumer technology, medical devices rather than manufacturing and production,” he told a press conference after the launch of the CSC.
The CSC was first announced by Finance Minister Lim Guan Eng during the tabling of Budget 2020 last October.
In his speech at the launch event, Guan Eng said many innovative high-tech Chinese manufacturers can leverage on Malaysia’s value proposition, not just in terms of manufacturing mix, but also being cost-competitive compared with other countries.
“As we move into the era of Industry 4.0, Malaysia is focusing on attracting high-tech and high-value investments to support the reindustrialisation of Malaysia through digitalisation. We are spending RM50.3 billion in the next five years to realise our digitalisation agenda, and that spending includes the RM21.6 billion investment in our National Fiberisation and Connectivity Plan that will significantly widen high-speed broadband coverage across the country.
“At the same time, China is fast becoming a tech and innovation powerhouse in its own right. In this respect, we believe it is important to draw high-tech, high-value and high-impact investments from China to support our digitalisation agenda,” he said.
As the lead agency of the CSC initiative, InvestKL will evaluate and channel investment opportunities via active complimentary collaborations with other relevant agencies including the Malaysian Investment Development Authority, Malaysia Digital Economy Corp, as well as regional and state investment promotion agencies.
Source: TheEdgeMarkets