MIDA, HSBC MALAYSIA RENEW PARTNERSHIP TO ATTRACT MORE GLOBAL INVESTMENTS

KUALA LUMPUR, Aug 18 -- The Malaysian Investment Development Authority (MIDA) and HSBC Malaysia have renewed their Memorandum of Understanding (MoU), reaffirming their commitment to attracting more global investments into Malaysia.

The MoU also aims to further facilitate the establishment and expansion of multinational corporations in the country, with a focus on revitalising and reforming Malaysia's economy during and post-COVID-19.

This is done by maximising potential foreign direct investment opportunities into the country, particularly in the manufacturing sector, namely the electrical and electronics, chemical, machinery and equipment, aerospace and medical devices industries.

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In a joint statement today, the parties said despite the pandemic, these industries have continued to play a critical role in propelling Malaysia towards strategic diversification to increase its competitiveness by focusing on complex, knowledge-intensive and high-end products and services.

“This MoU echoes our National Investment Aspirations (NIA) framework to entice more higher-quality investments, particularly in the areas of technology and innovation.

“Malaysia is, and will continue to be, a strategic business partner to businesses within ASEAN and beyond,” said MIDA chief executive officer Arham Abdul Rahman.

He said the renewal of the partnership with HSBC Malaysia signals MIDA’s commitment to assist investors and provide stronger support as it weathers the current pandemic wave.

“HSBC’s vast expertise in cross-border trade and investment will continue to be an invaluable addition to MIDA’s stakeholders, helping them to make well-informed investment decisions while conducting their business across various markets.

“This will ultimately enable a continuous sustainable stream of quality investment activities in the country,” he said.

HSBC chief executive officer Stuart Milne said the bank remains committed to the nation's agenda to make Malaysia a preferred destination for investment in Asia.

“With our international footprint and access to key markets globally, we are eager to collaborate with MIDA on nation-building programmes to capture growth opportunities.

“We look forward to our enhanced partnership and exemplary collaborative accomplishments, connecting global investors to MIDA,” he said.

Milne said the strategic public-private partnership will leverage MIDA's marketing and trade exchange initiatives, such as trade and investment missions, while capitalising on HSBC's global presence and connectivity to global corporate customers in more than 60 countries.

-- BERNAMA