Malaysia bags nearly RM2b investment from TF AMD - MIDA | Malaysian Investment Development Authority
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Malaysia bags nearly RM2b investment from TF AMD

Malaysia bags nearly RM2b investment from TF AMD

13 May 2022

Malaysia has secured nearly RM2 billion investment via semiconductor company TF AMD Microelectronics (Penang) Sdn Bhd following the handover of the Malaysian Investment Development Authority’s (MIDA) approval letter to the company on Thursday (May 12).

Senior Minister and International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the investment is for the company’s expansion plan, which is poised to create 2,000 high-value jobs for Malaysians.

“Indeed, this is aligned with Malaysia’s direction towards fostering innovation and high-impact value adding for local businesses and remaining as the manufacturing hub of the region,” he tweeted this after witnessing the handover ceremony along with Prime Minister Datuk Seri Ismail Sabri here on Thursday.Advertisement

The approval letter was handed over by MIDA chief executive officer Datuk Arham Abdul Rahman to TF AMD executive vice-president, chief financial officer and treasurer Datuk Devinder Kumar.

According to Azmin, TF AMD has invested about RM900 million in Malaysia to date.

“Devinder has expressed the company’s commitment to establishing collaborative opportunities with local vendors and universities.

“This includes targeting to employ more than 2,000 additional employees predominantly from the science and technical backgrounds as well as develop local vendors within the next five years in the areas of Industry 4.0, automation and engineering services,” he tweeted.

Azmin said TF AMD’s growth journey with Malaysia spans five decades, and it had been investing in Malaysia across different parts of the semiconductor value chain through the years.

“TF AMD has played an integral role in developing the capacity and capability we witness in Malaysia’s semiconductor ecosystem today.

He said with the wealth of knowledge that TF AMD brings, the strategic expansion would open up vast opportunities for not only providing high-skilled jobs, but also creating a strong talent pipeline through training programmes, upskilling and reskilling initiatives.

“I am optimistic that this partnership will see another 50 years and I look forward to be on this growth journey with TF AMD.

“To TF AMD, I say, ‘We value your partnership, and we look forward to another 50 years in Malaysia,’” he tweeted.

Meanwhile, MIDA’s Arham said the authority looks forward to the contribution from TF AMD to create more high-value jobs for Malaysians, more opportunities for small and medium enterprises for them to be part of the supply chain as well as collaborative opportunities with local vendors and universities.

“This is in line with Malaysia’s National Investment Aspirations, where we are targeting more high-tech, capital intensive and knowledge-driven projects into Malaysia,” he told Bernama on the sidelines of the handover ceremony.

Source: Bernama