General Electric, Honeywell To Step Up Investments In Malaysia, Says Najib

By Wednesday May 18th, 2011 No Comments

NEW YORK, May 18 (Bernama) — General Electric and Honeywell, which has already realised Malaysia’s potential for tremendous growth, plans to step up investments in the country next couple of years, said Prime Minister Datuk Seri Najib Tun Razak.

He said National Instruments, Citigroup and St Jude Medical were also poised to significantly increase their headcounts.

“So, Malaysia is only going one way, and the earlier you get in, the greater the rewards you will reap,” the prime minister said in his keynote address at “Invest Malaysia New York 2011” forum here Tuesday at the New York Stock Exchange.

Najib said the US has consistently been Malaysia’s largest investor over the past 30 years and many major companies, including Microsoft, Dell and Intel, had already established bases in Malaysia.

“But in the coming decade, thanks to the Economic Transformation Programme, Government Transformation Programme and the dedication of my government, Malaysia is truly going to step up to the next level,” he told 363 brokers, index providers, bankers, fund managers and multinational companies who attended the forum.

Najib said last year foreign investments in approved projects amounted to almost US$10 billion, an increase of almost 32 per cent from 2009.

“And the biggest source of foreign investment? None other than the United States of America,” said Najib.

Last month, Japanese trading and investment giant, Mitsui, paid US$1.1 billion to acquire a 30 per cent equity in Integrated Healthcare Holdings.

“It is the largest foreign acquisition of a stake in a Malaysian company, so far this year, and a clear reflection of the faith that international investors have in our economic stability and good governance,” he added.

Najib also said there were several factors waking up to Malaysia’s potential, including the fact that the country was one of only 11 nations approved under China’s Qualified Domestic Institutional Investor programme.

In addition, the US Securities and Exchange Commission has also made Malaysia a designated offshore securities market, allowing investors to trade directly in all securities listed on Bursa Malaysia.

Currently, over 700 companies have invested about US$40 billion in Malaysia, including US$16 billion in the manufacturing sector.

Source : Bernama

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