The Malaysian Investment Development Authority (MIDA) participated as one of the panellists in the webinar entitled ‘Post Covid-19 Economic Situation Prediction in Malaysia’, organised by the Chinese Enterprises Chambers of Commerce in Malaysia (CECCM) on 15 May 2020. The session attracted a total of 14,200 views on CECCM, and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM)’s Facebook pages.
Ms. May Lim Ming Yee, Senior Deputy Director of Foreign Investment Promotion Division who represented MIDA at the Webinar, shared a topic on ‘Investment Environment in Malaysia’. MIDA highlighted that the Malaysian Government has taken pro-active and responsive measures in balancing public health, economic sustainability and the livelihood of the people. Almost all economic sectors have been allowed to operate subject to strict adherence to health and safety guidelines.
A recent survey by Singapore’s leading social research agency Blackbox Research and a technology company Toluna on the sentiments of citizens from 23 countries and regions towards their COVID-19 crisis management efforts has placed Malaysia fourth with a 58 index score, ahead of its neighbours namely Indonesia and Singapore. Malaysia’s cautious approach in handling the crisis was key to the country’s favourable performance. China emerged on top with an index score of 85. The survey assessed the response of governments across four key performance indicators such as national political leadership, corporate leadership, community and media.
Since 2016, China has been Malaysia largest source of foreign investment in the manufacturing sector for four consecutive years. In 2019, a total of 79 projects with participation from China were approved with investments totalling USD3.74 billion (RM15.3 billion). These projects are expected to create 14,174 jobs.
At least 21 Chinese companies of Fortune Global 500 and 54 Chinese Companies of Fortune China 500 have established their operations in Malaysia. To date, MIDA had approved a total of 100 Global Establishments with Chinese interest with investments amounted to USD28.4 million (RM105.5 million). These establishments have created 398 jobs in the country.
The Eleventh Malaysia Plan is very much in line with the Chinese government’s Made in China 2025 policy that seeks to upgrade its manufacturing base by rapidly developing high-technology industries. Currently, both countries are focusing on global high-tech manufacturing industries such as electrical and electronics, machinery and equipment, chemicals, medical devices and aerospace.
Despite COVID-19 disrupting businesses globally, Malaysia remains an investor-friendly location for the long term business growth. Malaysia and China share common interests and great potential benefits for the future. Malaysia welcomes more quality investments focusing on high technology, high value-added, knowledge and capital intensive from China.
In closing, Ms. May assured the webinar audience that MIDA, especially its offices in Beijing, Shanghai and Guangzhou stand ready to tenaciously work alongside Chinese investors and industry stakeholders in embracing the new normal to remain competitive in the global marketplace. The full session of the Webinar can be accessed at: https://www.facebook.com/1259754840787466/videos/173580427321273/