Stantard Chartered partners MIDA to boost Malaysia’s economy

(L-R) Abrar Anwar, CEO of Standard Chartered Malaysia; Azman Mahmud, CEO of MIDA

Standard Chartered Malaysia signed a Memorandum of Understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to recharge the Malaysia’s economy by attracting targeted global investments into our nation.

The bank’s strong presence in Asia, Africa and the Middle East is an important enabler for foreign investments and will go a long way in supporting companies to venture into Malaysia.

Through Standard Chartered Malaysia’s local expertise and global reach, the MOU will enable potential foreign investors to gain access to banking services and foreign direct investment advisory.   The investment sectors include high-value, high-technology and high-impact investments such as electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and consumer technology.

According to Azman Mahmud, Chief Executive Officer of MIDA, 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, Azman said, adding that despite the multiple challenges faced, Malaysia remains resilient.

He also pointed out that the diversified economic structure and the sound track record of macroeconomic management continues to be conducive in supporting the country’s economic fundamentals going forward.

“The sustainable and progressive development of industries in Malaysia has also strengthened the nation’s position as the best place to invest. MIDA looks forward to a successful collaboration with Standard Chartered to attract more companies to  choose Malaysia and expand their business here,” Azman added.

Malaysia’s electrical and electronics industry today accounts for 10 percent 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 zerotax rate for up to 15 years under its recently-announced Short-Term Economic Recovery Plan.

In a statement, Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia said having operated in Malaysia for 145 years, they remain as committed as ever to facilitate the economic growth of the country.

“We are able to leverage our 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,” Abrar said.

Standard Chartered recently won the Best Trade and Supply Chain House in Malaysia award at the Corporate Treasurer Awards 2019 as well as Best in Treasury and Working Capital (Large Local Corporates) and Best Service Provider (Liquidity Management) in Malaysia at The Asset Triple A Treasury, Trade, SSC and Risk Management Awards 2020.

As the banking industry undergoes one of its biggest transformations, the awards is a recognition of the Bank’s suite of products and services that continue to be relevant to businesses today.

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