XP Power's presence can strengthen economy, inject investor confidence - Perak MB - MIDA | Malaysian Investment Development Authority
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XP Power’s presence can strengthen economy, inject investor confidence – Perak MB

XP Power’s presence can strengthen economy, inject investor confidence – Perak MB

08 Sep 2022

The presence of electrical and electronics (E&E) component manufacturer XP Power Pte Ltd can spur the economy in Perak and provide confidence to new and existing investors in the state, says Menteri Besar Datuk Seri Saarani Mohamad.

He said this included the construction of the company’s new factory here, which involved an investment of RM300 million in addition to creating 1,200 job opportunities.

“With over three decades of experience in the industry and being listed on the London Stock Exchange, I am confident that XP Power will provide ample opportunities for the transfer of technology and knowledge.

“What’s more, XP Power is also interested in working with Universiti Teknologi Petronas (UTP), Politeknik Ungku Omar (PUO), Advanced Technology Training Centre (ADTEC) Taiping, Universiti Tunku Abdul Rahman (UTAR), Institut Latihan Perindustrian (ILP) Ipoh and the Perak Entrepreneur and Skills Development Centre (PESDC) Ipoh,” he said.

Saarani said this in his speech at the groundbreaking ceremony for the construction of the XP factory at the Pharmaceutical Industrial Park here today.

Also present at the event were XP Power chief financial officer Oskar Zahn; State Industry, Investment and Corridor Development Committee chairman Datuk Shahrul Zaman Yahya and State Youth and Sports, Communication and Multimedia Committee chairman Khairul Shahril Mohamed. 

Saarani said the factory – XP Power’s first in Malaysia and third in the Southeast Asian region – was scheduled to begin construction this month and expected to be fully operational by the second quarter of 2024.

“The implementation of the project’s first phase, known as Asia III, is being developed on a 8.5-hectare industrial lot and it will be the largest factory for XP Power targeting a ‘Green Mark Gold Standard’ green building rating,” he added.

Source: Bernama