MOF, MIDA studying special incentives for DNeX, Foxconn investment
08 Aug 2022
The Ministry of Finance (MOF) and the Malaysian Investment Development Authority (MIDA) are studying the special incentives for the investment made by Dagang NeXchange Bhd (DNeX) and Hon Hai Precision Industry Co Ltd (Foxconn) from Taiwan.
Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said his ministry is considering it as the joint effort between the two companies can draw high technology investments.
“The finance ministry and MIDA are studying the said investment. It is being discussed and I believe it will be considered by the MOF as it can attract new investments as at present we want to introduce more innovative investments to draw in high technology and quality investments,” the minister told Dewan Negara today in reply to questions about the latest development on the cooperation between DNeX and Foxconn.
On May 17, DNeX signed an MOU with Foxconn subsidiary Big Innovation Holdings Limited (BIH) to set up a joint venture to build a wafer fabrication plant in Malaysia.
The facility can produce up to 40,000 wafers a month on 28-nanometer and 40-nanometer technology.
According to the minister, in 2021 MIDA had approved 94 projects in the electrical and electronics sector worth RM148 billion.
“Of that, 64 per cent, or RM95 billion, is from new projects and expansion by multinational companies such as Infineon, Fuji Electric, Intel, Onsemi, Nexperia, AT&S, and others,” he added.