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‘Major deals will boost future investors’ confidence’

‘Major deals will boost future investors’ confidence’

17 Nov 2023

Investments made by large multinational corporations in Malaysia, such as Google and Enovix Corporation, are advantageous for the nation, particularly in light of the challenging global economic environment, experts said.

Universiti Kuala Lumpur Business School economic analyst Associate Professor Aimi Zulhazmi Abdul Rashid considered the investments brought in by these two companies after a meeting with Prime Minister Datuk Seri Anwar Ibrahim on the sidelines of the Asia-Pacific Economic Cooperation (Apec) Summit as substantial for Malaysia’s economic growth.

“(The investment) is huge, not only in terms of amount, but also in terms of prestige and building confidence among other investors, especially international corporations,” he said.

“It signifies that Malaysia is still the best place for investments.”

He added that the prime minister’s hard work should be applauded as he had successfully convinced the companies to invest and set up their operations in the country, despite the challenging global economic environment.

Google yesterday announced a strategic collaboration with the Malaysian government to invest in the country’s digital competitiveness, including infrastructure and artificial intelligence (AI) innovation programmes.

The initiative will see both parties getting together to help businesses of all sizes advance their digital competitiveness through skilling programmes, investment in digital infrastructure, responsible AI innovation and cloud-first policies.

Meanwhile, Enovix Corporation, an advanced silicon battery company, will establish its first high-volume manufacturing facility in Penang, marking a significant milestone in the company’s global expansion strategy.

Another economist, Putra Business School Associate Professor Dr Ahmed Razman Abdul Latiff said the deals would lift the Malaysian economy in various aspects, as well as boosting future investors’ confidence.

“It will definitely bring incremental benefits to Malaysia in the form of the offering of high-skill jobs that promised competitive salaries, infusion of capital into the country, transfer of high technology and creation of the supply chain ecosystem consisting of local vendors,” he said.

“This in turn will boost other investors’ confidence in placing their investment here as these deals signify the assurance that the Madani government is indeed a stable government and that it will remain in power until the end of its mandate.”

Source: NST