KUALA LUMPUR, Aug 30 (Bernama) -- China’s Zhuhai CosMX Battery Co Ltd (Zhuhai CosMX), a global manufacturer of consumer lithium-ion batteries and power lithium-ion batteries, announced today that it will invest RM1 billion to build its first manufacturing plant in Kedah.
In a joint statement with Zhuhai CosMX and InvestKedah, the Malaysian Investment Development Authority (MIDA) said the new facility under Unimx Technology Malaysia Sdn Bhd will be implemented in several phases at the Kulim East Industrial Park, with groundbreaking expected to begin in the last quarter of 2024.
“This substantial RM1 billion investment marks a significant milestone in the company’s global expansion strategy towards enhancing its manufacturing capabilities to serve the increasing demand in the lithium-ion battery segment globally,” it said.
MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said the project is expected to create over 1,000 jobs and boost the nation’s skilled workforce and tech capabilities.
“Revolutionising battery technology is no easy task, but MIDA is proud to support and facilitate Zhuhai CosMX on this ambitious journey.
“Their cutting-edge expertise is going to have a big ripple effect on our local ecosystem. As a partner, we are committed to providing Zhuhai ÇosMX with the support and facilitation they need for the project to succeed, and we’re confident that their presence will have a positive impact on both the economy and rakyat,” he said.
Meanwhile, Zhuhai CosMX chairman Xu Yanming said the upcoming investment to construct a lithium-ion battery factory in Malaysia marks a significant step in its global strategic deployment and is a testament to the company’s recognition and trust in Malaysia as an investment destination.
He said Zhuhai CosMX has always adhered to the concept of green development and is committed to reducing environmental impact through technological innovation and industrial upgrading.
“We are looking forward to working together with our Malaysian partners and community to build this factory into a model project, achieving success not only economically but also setting a benchmark in promoting sustainable development,” he added.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz also said Zhuhai CosMX’s RM1 billion investment clearly affirms Malaysia’s position not only as a preferred investment destination for tech-based companies but also as a country that is serious about the swift implementation of investors’ commitments.
“This investment also aligns with the mission of our New Industrial Master Plan (NIMP) 2030 to enhance our industries’ economic complexity while helping to solidify Malaysia’s position as a key manufacturing and services hub for ASEAN and Asia,” he added.
-- BERNAMA
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