PETALING JAYA: Standard Chartered Malaysia has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to attract targeted global investments into Malaysia.
The MoU enables potential foreign investors to gain access to banking services and foreign direct investment advisory, and targeted at high-value, high-technology and high-impact sectors such as electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology.
MIDA CEO Datuk Azman Mahmud said the sectors’ ability in attracting quality investment augurs well for the country’s economy as the market looks to get back in shape post the COVID-19 pandemic
“Public and private sector collaborations are more important now than ever to achieve our objectives and bring ourselves forward in this new normal. Despite the multiple challenges faced, Malaysia remains resilient. Our diversified economic structure and the sound track record of macroeconomic management continues to be conducive in supporting the country’s economic fundamentals going forward,” he said
Malaysia’s electrical and electronics industry today accounts for 10% of the global back-end semiconductor output. MIDA currently has a pipeline of investment projects worth about RM37.8 billion with many foreign electrical and electronics firms looking to relocate their businesses to the country to diversify production.
To encourage foreign investors to set up their businesses in Malaysia, the government is also offering a zero tax rate for up to 15 years under its recently-announced Short-Term Economic Recovery Plan.
Standard Chartered managing director and CEO Abrar A. Anwar said the bank is able to leverage its extensive network, strong product capability, service innovation, as well as access to capital markets and funding, to help clients succeed in establishing businesses in Malaysia.
