COCHLEAR SETS ASIDE RM10 MLN FOR EXPANSION, EXCLUDING TOOLS AND EQUIPMENT

KUALA LUMPUR, April 18 (Bernama) -- Cochlear Malaysia Sdn Bhd is expanding with an investment of about RM10 million, excluding tools and equipment, to meet the growing demand in the country and region.

Vice-president for manufacturing and logistics Samuel Pooranakaran said the total investment by the Australian-based global implantable hearing solutions provider to date, since manufacturing-related activities started in 2016, is close to RM50 million.

"We are mindful that we will run out of space in the next few years. Growth is driven by the market. We are committed here and we are going to be here for a long time," he told reporters after Australia’s Assistant Trade and Manufacturing Minister Tim Ayres visited the company today.

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In November 2022, Cochlear announced an investment expansion of more than RM30 million to support the growing demand for cochlear and acoustic hearing implants in Malaysia and more than 180 countries.

Cochlear general manager for Asian growth markets Amy Zheng said the investment benefitted the job market and related businesses.

"Cochlear is the first (Australian) company that came to Malaysia. The first cochlear implant surgery in  Southeast Asia took place in Malaysia. Cochlear is working shoulder-to-shoulder with healthcare professionals here and in other parts of the world. 

"Going forward, we want to work with the government and are looking into ways to be more accessible. A lot of work has been done but cochlear implant adoption among children is still very low," she said.

Meanwhile, Ayres said about 20 Australian businesses are looking for opportunities to invest in maritime decarbonisation.

He said Australia has a comparative advantage as a renewable energy superpower to support the region's transition from low-cost energy to zero emissions.

"I have come to Malaysia with a business exchange delegation of 23 leading Australian businesses in the maritime, decarbonisation and renewable energy sectors,” he said, adding the two countries have strong trade and investment ties.

Trade sits at about A$30 billion a year and two-way investments are strong.

"Malaysian companies investing in Australian firms and industrial capability are announcing new expenditure and expansions here. There is much room for growth, coupled with enormous requirements in these big shared challenges, like the transition to renewable energy and zero emissions and the maritime decarbonisation strategy that offer opportunities for industrial growth, jobs and investment," he said.

-- BERNAMA