ID :
183203
Thu, 05/19/2011 - 18:46
Auther :
Shortlink :
https://oananews.org//node/183203
The shortlink copeid
CORRECTION US COMPANIES TO INVEST US$1.66-US$2 BLN IN MALAYSIA, SAYS PM NAJIB
From D. Arul Rajoo
(CORRECTING FIGURES IN HEADING AND INTRO)
NEW YORK, May 19 (Bernama) -- Several multinational American companies will
invest between RM5 billion and RM6 billion (US$1.66 billion and US$2 billion)in
Malaysia over the next two to three years, said Prime Minister Najib Tun Razak.
He said the investments would flow into the advanced electronic, renewable
energy, oil and gas, information and communication technology, health care
equipment, pharmaceutical and services sectors.
In fact, he said Motorola, which has been operating in Malaysia for the past
37 years with about 7,000 employees, would invest about RM4 billion (US$1.33
billion) to set a Global Excellence Centre at its Pulau Pinang plant to
provide service support for customers throughout the Asia Pacific.
"This is a big achievement...they are satisfied with the cooperation given
by the Federal Government. They are now involved in the technical system for the
Royal Malaysian Police," he told Malaysian journalists Thursday on the second
day of his visit to New York.
Najib will visit the Johns Hopkins University in Washington on Thursday.
Najib expressed satisfaction at the response and commitment shown by
several industry captains and fund managers, who are attending the two-day
"Invest Malaysia New York 2011" here, to invest in Malaysia.
The prime minister, who earlier attended a roundtable meeting and luncheon
with the US Chamber of Commerce, said several high-tech companies have also
indicated they were planning to invest about RM1 billion, especially in
Cyberjaya, which would ultimately create 2,000 highly-skilled jobs.
"I cannot reveal the exact companies because they need to get approval from
their boards and regulatory bodies, both in Malaysia and here. But the
investment is imminent," said Najib, who was pleased investments were pouring
into the knowledge-based and high-tech industries and not into the labour
intensive sector.
American companies have invested about US$40 billion in the manufacturing
and service sectors of Malaysia and the US was the nation's fourth biggest
trading partner with total trade amounting to RM117.32 billion (US$39.10
billion).
"I hope our agencies will give the necessary approvals as soon as they can.
They (investors) have choosen Malaysia...I got feedback that some of them were
under pressure to invest in other countries and, if we are late, we will lose
them," he added.
Others expressed the view that the water agreement problem with the Selangor
State Government should be solved, he said.
Asked about the impact of impending investments on Malaysia, Najib said it
would lead to higher income among the people.
He also said the country cannot achieve developed nation status without an
average annual growth of six per cent.
"If we don't have new technology, we can't compete with other countries. We
need to create jobs because we have about 20 public institutions of higher
education as well as private institutions. Students are also going overseas and
not all can secure jobs with the government," he added.
On reasons cited by propective investors keen on Malaysia, Najib said
political stability and continuity in government policies, as well as, the New
Economic Model were the pull factors.
He said more than 230,000 Americans visited Malaysia last year while 1,500
families have joined the Malaysia Second Home Programme.
Najib, who attended a function hosted by Steve Forbes on Wednesday, said
the President and Chief Executive Officer of Forbes told him that the Forbes
Global Conference involving chief executive officers from overseas, would be
held in Malaysia this September.
The Prime Minister also held individual meetings with Gene Delaney,
Executive Vice President of Motorola, Vikram Pandit, Chief Executive Officer of
CitiGroup, Frank Kem, Senior Vice President and Managing Director Partner of IBM
and Jeff Hayman, the Presdent/CEO of AIG Consumer.
He also witnessed the signing of three memorandum of understanding.
They were between General Electric and AirAsia X, Universiti Putra Malaysia
and University of Maryland and, the Ministry of Health and University of
Maryland.
-- BERNAMA
(CORRECTING FIGURES IN HEADING AND INTRO)
NEW YORK, May 19 (Bernama) -- Several multinational American companies will
invest between RM5 billion and RM6 billion (US$1.66 billion and US$2 billion)in
Malaysia over the next two to three years, said Prime Minister Najib Tun Razak.
He said the investments would flow into the advanced electronic, renewable
energy, oil and gas, information and communication technology, health care
equipment, pharmaceutical and services sectors.
In fact, he said Motorola, which has been operating in Malaysia for the past
37 years with about 7,000 employees, would invest about RM4 billion (US$1.33
billion) to set a Global Excellence Centre at its Pulau Pinang plant to
provide service support for customers throughout the Asia Pacific.
"This is a big achievement...they are satisfied with the cooperation given
by the Federal Government. They are now involved in the technical system for the
Royal Malaysian Police," he told Malaysian journalists Thursday on the second
day of his visit to New York.
Najib will visit the Johns Hopkins University in Washington on Thursday.
Najib expressed satisfaction at the response and commitment shown by
several industry captains and fund managers, who are attending the two-day
"Invest Malaysia New York 2011" here, to invest in Malaysia.
The prime minister, who earlier attended a roundtable meeting and luncheon
with the US Chamber of Commerce, said several high-tech companies have also
indicated they were planning to invest about RM1 billion, especially in
Cyberjaya, which would ultimately create 2,000 highly-skilled jobs.
"I cannot reveal the exact companies because they need to get approval from
their boards and regulatory bodies, both in Malaysia and here. But the
investment is imminent," said Najib, who was pleased investments were pouring
into the knowledge-based and high-tech industries and not into the labour
intensive sector.
American companies have invested about US$40 billion in the manufacturing
and service sectors of Malaysia and the US was the nation's fourth biggest
trading partner with total trade amounting to RM117.32 billion (US$39.10
billion).
"I hope our agencies will give the necessary approvals as soon as they can.
They (investors) have choosen Malaysia...I got feedback that some of them were
under pressure to invest in other countries and, if we are late, we will lose
them," he added.
Others expressed the view that the water agreement problem with the Selangor
State Government should be solved, he said.
Asked about the impact of impending investments on Malaysia, Najib said it
would lead to higher income among the people.
He also said the country cannot achieve developed nation status without an
average annual growth of six per cent.
"If we don't have new technology, we can't compete with other countries. We
need to create jobs because we have about 20 public institutions of higher
education as well as private institutions. Students are also going overseas and
not all can secure jobs with the government," he added.
On reasons cited by propective investors keen on Malaysia, Najib said
political stability and continuity in government policies, as well as, the New
Economic Model were the pull factors.
He said more than 230,000 Americans visited Malaysia last year while 1,500
families have joined the Malaysia Second Home Programme.
Najib, who attended a function hosted by Steve Forbes on Wednesday, said
the President and Chief Executive Officer of Forbes told him that the Forbes
Global Conference involving chief executive officers from overseas, would be
held in Malaysia this September.
The Prime Minister also held individual meetings with Gene Delaney,
Executive Vice President of Motorola, Vikram Pandit, Chief Executive Officer of
CitiGroup, Frank Kem, Senior Vice President and Managing Director Partner of IBM
and Jeff Hayman, the Presdent/CEO of AIG Consumer.
He also witnessed the signing of three memorandum of understanding.
They were between General Electric and AirAsia X, Universiti Putra Malaysia
and University of Maryland and, the Ministry of Health and University of
Maryland.
-- BERNAMA
