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BUSINESS

Malaysia's pro-business stance attracts more French companies

01/07/2021 03:21 PM

KUALA LUMPUR, July 1 -- Malaysia still remains as a favourite investment destination in Southeast Asia for foreign companies, said Chamber of Commerce and Industry France Malaysia (CCIFM) chairman Datuk Zainal Amanshah.

He said the pro-business stance by country leaders and government agencies such as the Malaysian Investment Development Authority (MIDA) saw the implementation of policies and incentives to facilitate investments; creating an attractive business environment.

“Beyond the warm welcomes and being at the centre of a 600-million people market, Malaysia is just about the overall best average of the many indicators you need to confidently set up your business.

“French investors are like most investors, they need stability,” he said in a statement Wednesday.

CCIFM said since its establishment in 1991, its membership has increased from 19 founding members to more than 300 member companies across all industries and service sectors today, adding that it has supported hundreds of French and Malaysian companies in developing their businesses in both countries.

“There are about 500 legal entities linked directly or indirectly to France, employing more than 30,000 people with a total turnover of 5 billion euros (1 euro = RM4.94),” it said.

CCIFM president Gilles Waeldin said most of the French companies that had set foot in Malaysia have stayed on and expanded their business over the past 30 years.

“They brought with them sustainable values, which translate into localising knowledge and minimising foreign worker intake,” he said.

According to MIDA,126 manufacturing projects with French participation worth RM4.36 billion have been implemented in the country, creating close to 11,000 local jobs over the past 40 years.

-- BERNAMA


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