InvestKL needs one more MNC to meet quota

InvestKL needs one more MNC to meet quota

With nine multinational companies committed to expand their operations here in Malaysia, InvestKL will only be needing one MNC to complete this year's 10 annual quota set by the government to achieve 100 comes 2020.

This year's new entries include healthcare, consumer lifestyle and lighting enterprise Phillips, which will partner with Universiti Malaya to established a regional sleep competency centre in the university's Specialist Centre; and European oleochemicals producer Oleon, which will set up its regional headquarters alongside its processing plants here.

Meanwhile, American property developer Horizon Group Properties has partnered with Mainstay Properties to build a premium retail outlet in Sepang, Selangor.

Notably, the 100 companies brought in by InvestKL are expected to create over 60,000 employment as well as contribute RM40 billion in gross national income by 2020.

InvestKL is tasked by the International Trade and Industry Ministry (Miti), the Federal Territories Ministry and Performance Management and Delivery Unit (Pemandu) under the Prime Minister’s Department and works with the Malaysian Investment Development Authority (Mida) to lure MNCs with revenues exceeding US$500 million (RM1.61 billion) into the country.

“We aim to make Kuala Lumpur a regional hub, so we are showing MNCs that with the business and living facilities available here, it is entirely possible,” InvestKL chief executive officer Zainal Amanshah told Starbiz.

“In fast-blooming Asia, different cities have its own strengths. In South-East Asia, Singapore, which is often compared to Malaysia, has its specialties too. MNCs recognise that, but the higher cost in Singapore is a factor that holds them back,” he noted.

“What InvestKL does complements the efforts of Miti and Mida. It’s a matter of focus because those ministries are too widely spread. We, on the other hand, are niche, so we know where the hubs are. The ministries can leverage off us, so we complement one another,” added Zainal.