Malaysia remains preferred hub for global manufacturers, says Azmin

Malaysia remains preferred hub for global manufacturers, says Azmin
-A +A

KUALA LUMPUR (Sept 24): The move by Tokyo Stock Exchange-listed Taiyo Yuden Co Ltd’s subsidiary Taiyo Yuden (Sarawak) Sdn Bhd to expand its multilayer ceramic capacitor manufacturing facility in Kuching is a testament to Malaysia being a preferred hub for global manufacturers.

Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said Taiyo Yuden’s decision to inject RM680 million capital investments for its new facility, which will generate 2,000 high-skilled jobs, speaks volumes for foreign investors’ confidence in Malaysia’s business ecosystem.

In a statement, he said the major investment bodes well for the National Investment Aspirations (NIA), which aim to ensure that Malaysia stays at the forefront as a global hub for quality investments.

This can be realised through increasing economic diversity, creating high-skill jobs and addressing economic imbalances, in line with the national Shared Prosperity Vision commitment, which would enable Malaysia to become a country that achieves sustainable, fair, equitable and inclusive economic growth.

Mohamed Azmin said Taiyo Yuden’s expansion is the culmination of a series of active and substantive engagements which began during the trade and investment mission (TIM) to Japan in April 2021. 

He said the company’s 36,500 sq m facility in Kuching will have state-of-the-art, high-tech equipment and high-energy conservation through the incorporation of solar-powered roofs. 

"These environmentally-friendly features will not only enhance production efficiency but also reduce harmful greenhouse impact, in line with the environmental, social and corporate governance values as outlined in the United Nations Sustainable Development Goals (UN SDGs)," he added.

Since 1980, Japan has been the largest foreign investor in terms of implemented projects in Malaysia, with total investments of RM91.4 billion. 

As of 2020, a total of 2,761 manufacturing projects with Japanese participation had been implemented in industries such as electrical and electronics (E&E), chemicals, non-metallic mineral products and transport equipment.

Going forward, Mohamed Azmin said Malaysia is confident that foreign direct investment (FDI) will continue to flow into the country in spite of the challenging global economic landscape as the government continues to implement initiatives to enhance the business environment and investors’ confidence.