US-China Conflict: MIDA attracts 32 projects worth RM17.5 bln via relocations to Malaysia

US-China Conflict: MIDA attracts 32 projects worth RM17.5 bln via relocations to Malaysia

28 Jul 2020

The Malaysian Investment Development Authority (MIDA) has attracted 32 projects with investments worth RM17.5 billion to Malaysia via the relocation of foreign companies affected by the trade war between the United States (US) and China.

International Trade and Industry Deputy Minister Senator Lim Ban Hong said this was achieved through the facilitation services provided by MIDA to 86 companies from various countries up to May 31.

“Of the total, 28 projects with investments worth RM8.36 billion have been approved, while another four projects with investments totalling RM9.14 billion are currently being evaluated.

“The projects will be implemented in Selangor, Johor, Penang, Negeri Sembilan, Melaka and Perak,” he told the Dewan Rakyat today. 

He said this in answer to a question from Datuk Wira Amiruddin Hamzah (Independent-Kubang Pasu) on the government’s success rate in attracting investors from China and Japan who are choosing to relocate their operations out of China due to the US-China trade tiff and the COVID-19 pandemic.

Of the 28 approved projects, 10 projects worth RM2.67 billion involves Chinese companies, and are expected to generate 1,131 jobs.

Meanwhile, the list of approved projects also includes two which involves Japanese companies, with investments totalling RM188.18 million, creating 206 jobs, said Lim.

“Although the US-China trade war and the COVID-19 pandemic has changed and disrupted the global supply chain, the government will continue to intensify its efforts to ensure that Malaysia remains as an investor-friendly location to support the country’s long-term growth,” he added.

Source: Bernama