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MIDA, UMW Holdings in alliance to attract high-quality investments

MIDA, UMW Holdings in alliance to attract high-quality investments

16 Mar 2021

Malaysian Investment Development Authority (Mida) and UMW Holdings Bhd’s wholly-owned UMW Corporation Sdn Bhd have formed a partnership to drive high-value quality investments into Malaysia.

Mida chief executive officer Datuk Azman Mahmud said Malaysia’s investment landscape would likely remain challenging in the backdrop of the pandemic.

The collaboration with UMW Holdings would facilitate the nation’s industrial ecosystem with the much needed infrastructure and new technologies, Azman added.

“Mida trusts that through UMW Holdings’ vast industry expertise and network, the country’s local players and technology providers could benefit in the global supply chain network.

“This partnership will also boost the government’s on-going efforts to position Malaysia as the pre-eminent preferred investment destination in the region,” he said in a statement today.

The two parties will capitalise on each other’s capabilities and strengths to explore potential key areas of collaboration to attract investments that would create value to the nation’s economy.

This includes mobility, aerospace, machinery and equipment, manufacturing and engineering, talent training, research and development as well as industrial land development.

The companies said the collaboration be a stepping stone to accelerate innovative and high-value industry stakeholders to seize opportunities arising from the technology revolution in the new norm.

UMW Holdings president and group chief executive officer Datuk Ahmad Fuaad Kenali said it was embarking on a transformation journey to strengthen its businesses through innovation and technology as key enablers to meet the challenges of the evolving business environment.

Fuaad said the group was constantly exploring and evaluating relevant opportunities to expand and grow its businesses to meet the anticipated future demand.

“A strong collaboration between government agencies and private sectors is paramount in positioning Malaysia as an attractive investment destination,” he added.

Last year, Malaysia recorded RM164 billion in approved investments through 4,599 projects in the manufacturing, services and primary sectors.

The investments are expected to create 114,673 new jobs once implemented.

Mida has also identified high-profile foreign investment projects, including Fortune 500 companies in the manufacturing and services sectors.

Negotiations are on-going with companies from various sectors such as automotive, chemical, and advanced electronics to make Malaysia their high-value manufacturing, services and global supply chain hub.

Source: NST

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