NEW YORK – Countries that wish to invest in Malaysia should also ensure there is a spillover effect that benefits the nation as a whole.
Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said this is one of the main criteria the government looks at when foreign firms wish to set up businesses such as manufacturing plants in Malaysia.
“If you are looking to set up in Malaysia, you must also look at other factors including spillover effects and job creation (for locals),” Zafrul told Malaysian journalists here.
Zafrul is part of a high-powered delegation led by Prime Minister Datuk Seri Anwar Ibrahim to the 78th United Nations General Assembly (UNGA), where several meetings and bilateral talks are being held on the sidelines of UNGA.
He said 10 months on following the formation of the unity government, investors and businesses are now confident in the country’s political stability.
“At one time perhaps, they were interested to know how we work together, but now the questions are at the micro level where the queries are purely about business,” he added.
Zafrul also unveiled two major investments to Malaysia from US-based companies – Top Line Top Line Furniture Corporation which is investing RM230 million annually and Alton Industry Ltd Group with a significant RM500 million investment commitment in its manufacturing and research and development base.
This is part of the global supplier of vacuums and floor care’s RM2 billion commitment over the next seven years.
To illustrate his emphasis on adding value, Zafrul said of Alton’s investment: “We warmly welcome Alton’s investment and its potential for higher-paying, quality employment opportunities, particularly for Malaysians.” – September 20, 2023