KUALA LUMPUR – A Memorandum of Understanding (MOU) was inked between the Malaysian Investment Development Authority (MIDA) and UMW Corporation Sdn. Bhd., a wholly-owned subsidiary of the UMW Group, to further drive high-value quality investments into the country.
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. These include mobility, aerospace, machinery and equipment, manufacturing and engineering, talent training, research and development as well as industrial land development.
The MOU will be a stepping stone to accelerate innovatively and high-value industry stakeholders, including the UMW Group, to seize opportunities arising from the technology revolution in the new norm.
The MOU was signed by Dato’ Azman Mahmud, Chief Executive Officer (CEO) of MIDA and Dato’ Ahmad Fuaad Kenali, President and Group CEO of UMW Holdings Berhad, at MIDA Headquarters yesterday.
Dato’ Azman reiterated, “As a vibrant industrialising and services-oriented nation, Malaysia has geared into the next level of development as our economy becomes more diversified to cater to new growth areas. Malaysia’s investment landscape will likely remain challenging in the backdrop of the pandemic, and this timely collaboration with UMW will facilitate our nation’s industrial ecosystem with the much-needed infrastructure and new technologies. MIDA trusts that through UMW’s vast industry expertise and network, our 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. Support for businesses includes the competitive tax incentives to spur investment activity under the National Economic Recovery Plan (PENJANA) stimulus package; dedicated Project Acceleration and Coordination Unit (PACU) unit to facilitate towards successful implementation of approved projects; as well as the timely One Stop Centre (OSC) initiative to enable business travellers to travel to and continue their work in Malaysia during this pandemic,” added Dato’ Azman.
He further added that a strong collaboration between government agencies and private sectors is paramount in positioning Malaysia as an attractive investment destination.
In 2020, Malaysia recorded RM164 billion in approved investments through 4,599 projects in the manufacturing, services and primary sectors. These 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, as 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.