The Ministry of Investment, Trade and Industry (MITI) has successfully concluded a one-day investment mission to Singapore, resulting in a substantial RM2.8 billion in committed Foreign Direct Investment (FDI). The committed funds were secured through fruitful business engagements with two key companies.
Among the companies expressing commitment to Malaysia’s growth is Equinix, a renowned global digital infrastructure company. With a vast network comprising 52 data centers across 13 cities in the Asia-Pacific region, Equinix specialises in interconnecting industry leaders in the digital realm.
The company plans to leverage its global expertise by establishing network-dense data centers in Johor and Kuala Lumpur. This strategic move aims to provide an interconnected platform facilitating access to a multitude of international and regional networks, thereby enhancing Malaysia’s position in the Asia-Pacific digital landscape.
Additionally, representatives from a global food manufacturing company, already with a presence in Malaysia, unveiled plans to expand and diversify their product portfolio. The company intends to establish a state-of-the-art facility featuring an advanced manufacturing line.
This facility will be powered by Industry 4.0 enablers, including the Internet of Things (IoT) and robotics, reflecting a commitment to innovation and efficiency in integrated food ingredients production.
Tengku Zafrul, the overseeing Minister, expressed delight at the companies’ decisions to either establish or expand their businesses in Malaysia. The RM2.8 billion in committed FDI underscores Malaysia’s continuous efforts to create a conducive environment for investors.
He emphasised the importance of these investments not only in fostering economic growth but also in supporting the development of Small and Medium Enterprises (SMEs) and generating employment opportunities.
“We are pleased that these companies have chosen Malaysia to either establish or expand their business. The RM2.8-billion committed FDI is yet another endorsement of Malaysia’s efforts in easing the investor’s journey, and in facilitating the realization of their investments. This is an excellent start to the year, and MITI, together with its agency, the Malaysian Investment Development Authority (MIDA) will be more strategic in attracting the right investments from the increased inflows into ASEAN: these investments must not only grow our economy, but must also develop our SMEs and create jobs for our people.” he said.
Singapore, recognising Malaysia’s rule of law, strategic regional location, trainable workforce, and vital role in regional and global supply chains, views Malaysia as a highly attractive investment destination.
Between January and September 2023, investment projects from Singapore valued at RM20.4 billion were approved, solidifying Singapore’s standing as the second-largest FDI source during this period.
The investment mission, attended by senior officials from MITI and the Malaysian Investment Development Authority (MIDA), marks a pivotal milestone in Malaysia’s pursuit of becoming a hi-tech, global innovation hub.
The country remains committed to fostering a resilient and sustainable investment ecosystem, attracting strategic investments that contribute not only to economic growth but also to the development of SMEs and job creation.
