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MITI’S investment mission to Singapore yield RM2.8 billion of committed FDI for Malaysia

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The Ministry of Investment, Trade and Industry’s (MITI) one-day investment mission to Singapore has yielded RM2.8 billion of committed Foreign Direct Investment (FDI), from business meetings with two companies.

The first company, Equinix is a global digital infrastructure company that interconnects industry-leading organizations across a digital-first world. Through its global reach, Equinix helps organizations fast-track competitive advantage across digital enablers including cloud, networking, storage, computing and software. With 52 data centers across 13 cities in the Asia-Pacific region, including Australia, China, Hong Kong, India, Japan, Korea, and Singapore, Equinix plans to open network-dense data centers in Johor and Kuala Lumpur to provide an interconnected platform that offers access to many of the international and regional networks connecting Asia-Pacific.

The Minister also met up with representatives of a global food manufacturing company who has an existing presence in Malaysia, with plans to expand and diversify its products portfolio. The company will set up a state-of-the-art facility with an advanced manufacturing line, powered by Industry 4.0 enablers such as Internet of Things (IoT) and robotics for its integrated food ingredients production.

Tengku Zafrul said, “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.”

Singapore views Malaysia as a viable investment destination due to various factors, including Malaysia’s rule of law, strategic regional location a trainable workforce, and a crucial position in many regional and global supply chains. Between January and September 2023, investment projects from Singapore valued at RM20.4 billion were approved, making it the second largest FDI source during the period.

This investment mission, attended by senior officials from (MITI) and the Malaysian Investment Development Authority (MIDA), is an important milestone towards realizing Malaysia’s goal of becoming a hi-tech, global innovation hub with a resilient and sustainable investment ecosystem.

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