Standard Chartered Malaysia inks MoU with MIDA to bring in foreign investments

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KUALA LUMPUR (June 11): Standard Chartered Bank Malaysia Bhd has inked a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to attract foreign investments as part of the country's recovery from Covid-19.

The MoU will entail the bank bringing in foreign investors to invest in high-value, high-technology and high-impact sectors such as those in the electrical and electronics, machinery and equipment, medical devices, aerospace, renewable energy and the consumer technology.

In order to attract the investments, Standard Chartered Malaysia will be complementing MIDA's marketing and trade exchange initiatives such as trade and investment missions, conferences and round-table meetings.

"Having operated in Malaysia for 145 years, we remain as committed as ever to facilitating the economic growth of the country. Our strong presence in Asia, Africa and the Middle East is an important enabler of foreign investments and will go a long way in supporting companies to venture in Malaysia," said Standard Chartered Malaysia managing director cum chief executive officer (CEO) Abrar A Anwar at the MoU's signing today.

MIDA CEO Datuk Azman Mahmoud added that public-private partnerships are more important now than ever when it comes to achieving Malaysia's development objectives.

"Despite the multiple challenges faced, Malaysia remains resilient. Our diversified economic structure and the sound track record of macroeconomic management continue to be conducive in supporting the country's economic fundamentals going forward.

"The sustainable and progressive development of industries in Malaysia has also strengthened the nation's position as the best place to invest," he said.

When asked if there were any investment targets for the MoU, Abrar said the sky is the limit, and that the bank will be looking at bringing its existing customers to make more investments in Malaysia, as well as bringing new investors into the fold.