The Malaysian Investment Development Authority (MIDA) inked a Memorandum of Understanding (MOU) with Standard Chartered Malaysia on 11 June 2020. Both parties will further collaborate to attract targeted global investments within a higher value, impactful and technology-intensive investments, in the key priority sectors such as electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology. These sectors' ability in attracting quality investment augurs well for the country's economy as the market looks to get back in shape post the COVID-19 pandemic.
Dato' Azman Mahmud, CEO of MIDA, in his address, said, "Public and private sector collaborations are more important now than ever to achieve Malaysia's objectives as the country moves forward to reboot, restart and revitalise the economy in this new normal. This ongoing partnership is very timely and crucial as MIDA is starting to receive more investment interests into the country following the Government's announcement of Pelan Jana Semula Ekonomi Negara (PENJANA)."
PENJANA, announced on 5 June 2020, will be the catalyst for the economy of the country to recover, particularly in returning the volume of investments to historical levels.
The MOU will leverage on both organisations' global network and expertise to facilitate companies to develop mutually beneficial partnerships and capitalise on FDI opportunities into Malaysia. Standard Chartered Malaysia's local expertise and global reach will enable potential foreign investors to not only gain access to banking services but also relevant foreign direct investment advisory to conduct businesses across various markets.