Foreign firms rationalising ops

Foreign companies in Malaysia are rationalising their business rather than winding them up to offset the weakening ringgit.

Malaysian Investment Development Authority (Mida) chief executive officer Datuk Azman Mahmud said they were rationalising some products and technologies that were becoming obsolete or non-competitive.

“They will bring new technologies and products so that business will be as usual. It’s normal to have upswing and downswing when it comes to currencies.

“That’s why, we must look at other fundamentals such as good infrastructure, connectivity and a strong supply chain,” he told a press conference after the opening of Sin Kwang Plastic Sdn Bhd’s production facility in Senai here yesterday. Azman was asked whether there was any investment withdrawal from foreign companies due to the sliding ringgit.

Armed with dynamic ecosystem and fundamentals as well as positive investment environment, he said Malaysia still has valuable propositions to offer foreign investors.

He cited the opening of Sin Kwang Plastic’s new production facility as a testimony as it reflected the company’s confidence in longterm investment in the country.

Built on a 2.02ha site, the new production facility of Sin Kwang Plastic is dedicated for Dyson, a British company noted for its innovative technology embedded in vacuum cleaners, hand dryers, bladeless fans and heaters. Sin Kwang Plastic is a wholly-owned subsidiary of SKP Resources Bhd.

Source : Star Biz & Bernama 

Posted on : 16 September 2015
Last Updated : Friday 14th August 2020