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Malaysia proud to host French businesses

Malaysia proud to host French businesses

04 Jun 2021

Malaysia is proud to host more than 300 French businesses that vary from individual owners, to small- and medium-scale enterprises and large multinational corporations.

Presently, 30 out of 40 top French companies listed under the main French index of NYSE’s Euronext stock have a presence in Malaysia.

Among the notable French companies operating in Malaysia include STMicroelectronics, Peugeot (Stellantis), Arkema, Airbus, Safran, Saint-Gobain, Air Liquide, Schneider Electric, TechnipFMC and Decathlon.

France is a significant European investor in Malaysia. Within the manufacturing sector alone, from 1980 to last year, 126 manufacturing projects with French participation worth RM4.36 billion have been implemented in the country, creating 10,913 jobs.

The Malaysian Investment Development Authority (Mida) is committed to ensuring that Malaysia continues to be investor-friendly for the long-term growth of both foreign and domestic businesses.

Last year, amid the pandemic, Malaysia successfully recorded a total of RM164 billion in approved investments through 4,599 projects in the manufacturing, services and primary sectors, of which foreign direct investment (FDI) accounted for RM64.2 billion (39.1 per cent).

FDI accounted for 62 per cent (RM56.6 billion) of total approved investments in the manufacturing sector. Despite the challenging year, FDI in the sector had increased by 3.9 per cent compared with 2019.

During the year, Mida partnered with CETIM (the French leading Technical Centre for Mechanical Industry) to encourage, promote and facilitate cooperation in engineering and manufacturing technology, including in emerging fields like smart manufacturing, Industry 4.0 and the circular economy.

This collaboration will strengthen Malaysia’s technological ecosystem as it allows for joint initiatives, such as applied research, training and attachment programmes; exchange of technical information and expertise; and industrial technology development that may facilitate collaboration with local higher learning institutions and research organisations.

CETIM is also considering setting up its Asia-Pacific office in Malaysia.

Mida is looking forward to working with more French investors, particularly in high technology sectors, such as electrical and electronics, aerospace, chemicals, machinery, oil and gas, hospitality, healthcare and e-commerce.

Malaysia’s well-established local supporting industry network and talented workforce to undertake high-tech products manufacturing and high value-added services are undeniable pull factors for global investors.

To improve the ease of doing business in Malaysia, Mida has intensified efforts to re-engineer delivery processes to improve the efficiency of various functions.

Among the initiatives is [email protected] (Project Acceleration and Coordination Unit), which provides end-to-end facilitation for project approvals to enable the timely implementation of investments in the country.

There is also a new structured online application submission via the InvestMalaysia portal to accelerate approvals for manufacturing licences, incentives and tax exemptions to expedite the execution of project operations.

Despite the closure of international borders and strict standard operating procedures to contain the spread of Covid-19, Mida continues to be responsive in providing advice and support to existing and potential investors through its 20 overseas and 12 regional offices.

A One-Stop-Centre (OSC) has also been established to process applications of foreign business representatives who need to enter Malaysia.

One of the crucial components of the OSC is the Business Travellers Centre in Kuala Lumpur International Airport.

Since the establishment of the Malaysian French Chamber of Commerce and Industry (CCIFM) in 1991, Mida has been partnering with CCIFM to promote Malaysia as an investment destination for French companies.

Mida is proud to congratulate CCIFM on its 30th anniversary and looks forward to more engagements in promoting Malaysia as one of the best investment destinations for French companies in the Asia-Pacific region.

Source: NST

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