Chief Minister: Malacca set to achieve RM7.6b in investments by year-end - MIDA | Malaysian Investment Development Authority
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Chief Minister: Malacca set to achieve RM7.6b in investments by year-end

Chief Minister: Malacca set to achieve RM7.6b in investments by year-end

02 Aug 2023

The Malacca state government is confident of achieving investments worth RM7.6 billion by the end of this year, surpassing the initial target of RM5 billion, said chief minister Datuk Seri Ab Rauf Yusoh.

He said Malacca has received almost RM6 billion worth of investments so far and he believes that the remaining amount can be fulfilled through investments from China and Germany in the future.

“We are expecting an investment of RM5 billion this year from Texas Instruments and we are confident of receiving RM2.6 billion worth of investment from China and Germany by the end of this year,” he told reporters at the sidelines of the state legislative assembly here today.

It was reported that Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said Texas Instruments plans to invest RM14.6 billion to expand operations in Kuala Lumpur and Malacca, with production in both locations expected to commence as early as 2025.

Out of that total potential investment, RM5 billion is to be invested in Malacca, creating 500 jobs.

While winding up the debate, Ab Rauf said the state government is reviewing several matters that need attention, to ensure the vibrancy of the investment sector in the state, which includes participation by the private sector to receive quality investments.

He said the state government will also prioritise existing and new growth areas that have high-added values, led by technology including high-technology semiconductor manufacturing.

The state government is also targeting development in new industrial areas such as MCorp Hi-Tech Park on an area of 2,023 hectares (ha) in Alor Gajah, 243.5ha at Elkay industrial park in Lipat Kajang, Jasin, and at the Malacca Waterfront Economic Zone (M-WEZ) encompassing 809.3 hectares.

“Development will also be carried out for a new industrial area known as German Industrial Park and Malacca Industrial Master Plan that outlines the direction of Malacca’s industries in five years.

“Facilitating all matters relating to investment or facilitate and not frustrate, Invest Malacca Bhd will be tasked to form the Malacca state investment advisory committee as an investment facilitator,” he said.

Ab Rauf noted that technical and vocational education and training (TVET) will continue to be supported through partnerships with industry players, especially in the manufacturing sector.

The allocation of conducive centralised labour quarters will be implemented in a targeted manner in all districts in Malacca, starting in 2025, he noted. 

Source: Bernama