Is Malaysia still an attractive destination for foreign investors? InvestKL, a government Investment Promotion Agency mandated to attract Fortune 500 and Forbes 2000 type multinational companies seems to think so.
In an interview with a local media in June 2020, its CEO, Muhammad Azmi Zulkifli said that InvestKL is confident it can attract at least 10 multinational companies (MNCs) into the country in 2020.
From 2011 to 2019, InvestKL’s record stood at 91 MNCs, bringing in total investments worth RM13.95bil and creating 12,500 jobs, according to Azmi.
“Last year was one of our best years in terms of performance. We brought in 13 MNCs, accounting for RM2.3bil in investments and creating 890 high value jobs and this was on the back of a strong economic cycle. We saw a very good representation of companies from Europe, US and Asia. That’s very encouraging and we will be building on the momentum of 2019,” he told the local business media.
Azmi added that the various initiatives granted by the government in the National Economic Recovery Plan (PENJANA), announced on June 5, was timely.
“The stimulus is timely to really put Malaysia out there; to signify that we are interested and that we want you to come into Malaysia and perhaps look at some activities that you can relocate into Malaysia.
Azmi believes that with 10 companies, it will bring their accumulated MNCs to 101. “We believe we can achieve it because a number of discussions are still carrying forward from some years back.”
Azmi noted that discussions with foreign investors could take “several years” before coming into fruition.
InvestKL is an investment promotion agency under the International Trade and Industry Ministry. It is tasked to attract large global multinationals to establish regional business services headquarters in Greater Kuala Lumpur and strategically grow their business in Asia.