StanChart, MIDA inks MoU to attract investments
KUALA LUMPUR: Standard Chartered Bank Malaysia Bhd has inked a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to attract targeted global investments into Malaysia.
The targeted investment sectors are electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology.
MIDA chief executive officer Datuk Azman Mahmud said the sectors’ ability in attracting quality investment augurs well for the country’s economy as the market looks to get back in shape post the Covid-19 pandemic.
“Public and private sector collaborations are more important now than ever to achieve our objectives and bring ourselves forward in this new normal.
“Despite the multiple challenges faced, Malaysia remains resilient. Our diversified economic structure and the sound track record of macroeconomic management continues to be conducive in supporting the country’s economic fundamentals going forward,” said Azman.
The MoU, through Standard Chartered Malaysia’s local expertise and global reach, enables potential foreign investors to gain access to banking services and foreign direct investment advisory.
In order to attract the investments, the bank will be complementing MIDA’s marketing and trade exchange initiatives such as trade and investment missions, conferences and round-table meetings.
Malaysia’s electrical and electronics industry today accounts for 10 per cent of the global back-end semiconductor output.
MIDA currently has a pipeline of investment projects worth about RM37.8 billion with many foreign electrical and electronics firms looking to relocate their businesses to the country to diversify production.
To encourage foreign investors to set up their businesses in Malaysia, the government is also offering a zero-tax rate for up to 15 years under its recently-announced short-term Economic Recovery Plan (ERP).
Meanwhile, Standard Chartered Malaysia managing director and chief executive officer Abrar A Anwar said having operated in Malaysia for 145 years, the bank remains as committed as ever to facilitate the economic growth of the country.
Abrar said the bank’s strong presence in Asia, Africa and the Middle East is an important enabler for foreign investments and will go a long way in supporting companies to venture into Malaysia.
“We are able to leverage our extensive network, strong product capability, service innovation, as well as access to capital markets and funding, to help clients succeed in establishing businesses in Malaysia,” he added.
Source: NST