MIDA Inks MOU with Citi Malaysia on Business Financial Facilitation
Kuala Lumpur, 8 Sept 2021 – The Malaysian Investment Development Authority (MIDA) and Citibank Berhad (Citi Malaysia) today inked a Memorandum of Understanding (MOU) for a partnership to extend a financial platform and a seamless provision of end-to-end banking services by Citi Malaysia to new and existing foreign investors in Malaysia.
The MOU was signed virtually by MIDA Chief Executive Officer, Mr. Arham Abdul Rahman and Citi Malaysia Chief Executive Officer, Mr. Usman Ahmed. The ceremony was also attended by Citi Malaysia’s Head of Corporate Banking, Ms. Zuliana Tann, Head of Global Subsidiaries Group, Mr. Biplab Banerjee and Head of Treasury and Trade Solutions, Mr. Abdul Jalil Jalaludin; as well as MIDA’s Deputy Chief Executive Officer, Mr. Sivasuriyamoorthy Sundara Raja, and Director of Foreign Investment Promotion, Mr. Faizal Jalaludin.
Mr. Arham Abdul Rahman, CEO of MIDA, appreciated the collaboration to stimulate active business environment in the current economic recovery. He added, “In response to the changing global business landscape, Malaysia is adopting bold and impactful initiatives to encourage existing as well as new investors and industry players to induce new investments into the country. The MOU with Citi Malaysia signifies MIDA’s continuous commitment in pursuing high technology and high value-added investment projects according to the National Investment Aspiration (NIA) framework and goals of the 12th Malaysia Plan in driving further economic growth. I trust this partnership will also boost the Government’s on-going efforts to position Malaysia as the pre-eminent preferred investment destination in the region”.
Citi Malaysia Chief Executive Officer, Mr. Usman Ahmed remarked, “Citi Malaysia is very pleased to partner with MIDA as we expand our institutional business in Malaysia and continue to present Malaysia as an attractive investment destination to our clients across the globe. Despite the challenges posed by the Covid-19 pandemic, we have witnessed significant growth in flows across key investment corridors as Malaysia continues to stand out as an important and competitive investment destination. Our Global Subsidiaries and Commercial Banking businesses have been at the forefront in facilitating these flows and the collaboration with MIDA will help both organisations to complement each other’s efforts.”
“We thank MIDA for this opportunity to work together to promote FDI and trade flows. As the world’s most global bank, Citi has a presence in 96 countries and does business in over 160 countries and through this MoU we look forward to harnessing the full potential of our network, world-class products and digital banking capabilities to further deepen our commitment to the country.” he added.
Citi Malaysia’s multinational clients operate in various industries spanning across the high-technology manufacturing, industrials, energy (including renewables), consumer, health care, services as well as hardware and software technology sectors.
Citi Malaysia is also one of the largest market makers for Malaysian Government Securities and is among the top foreign banks in Malaysia for Corporate Foreign Exchange, cross border cash management and institutional investor transactions.
MIDA is the government’s principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram, Facebook, LinkedIn and YouTube channel.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management.
Manjit Kaur Balkar Singh (Ms)
Email: [email protected] | Tel.: +603 2267 3509
Sara Yasmine Mohamed
Email: [email protected] | Tel.: +6012 2160022