Malacca a 'key investment' hub for MNC, says Mida

Malacca is a key recipient of investments by multinational corporations (MNC) investing in Malaysia, particularly in outsourcing their manufacturing processes.

Malaysian Investment Development Authority (Mida) deputy chief executive officer II N Rajendran said from 2011-2013, the state recorded investments of more than RM6.9 billion in the manufacturing sector, with foreign investments at more than RM4.08 billion, compared to the RM2.82 billion by domestic investors.

“For the first nine months of 2014, Melaka attracted RM4.4 billion worth of investments in the manufacturing sector, whereby 59.1% (RM2.6 billion) was from domestic sources, and 40.9% (RM1.8 billion) from foreign sources.

“A majority of the investments approved were for transport equipment, electronics and electrical products, paper, printing and publishing, textile and textile products,” he added.

He was speaking at the one-day seminar, titled, “Grow With Us”, in Malacca on Tuesday.

The seminar is part of the outreach programmes of Mida and the Malaysian Investment Development Finance Bhd (MIDF).

The seminars serve as a platform to encourage interactions between the private sector and government to explore, evaluate and execute swiftly the opportunities available in the country.

Rajendran also said most Malaysian companies are now capable of meeting the stringent demands of original equipment manufacturers (OEMs).

“Local players are further encouraged to utilise the facilities provided by the federal government and agencies, including the various financial assistance available with the MIDF, to upgrade their services, capabilities and production quality to meet the requirements of high value-added and advanced technologies,” he added.

In a statement by Mida, Rajendran said the organisation, working with the MIDF, will continuously organise seminars to enhance the domestic investment landscape.

As of December 2014, Mida had approved RM631.8 million from the Domestic Investment Strategic Fund grant for 148 projects with investments of RM6.3 billion.

A total of 11 companies located in Malacca received grant approvals of RM42.9 million and were involved in the aerospace, automotive, electronics and electrical, machinery and equipment and pharmaceutical industries.

Posted on : 18 February 2015
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Last Updated : Thursday 17th October 2019