MIDA ready to attract more investments in solar manufacturing industry
GEORGE TOWN: The Malaysian Investment Development Authority (MIDA) is set to attract more investments in the solar manufacturing industry as Malaysia has made significant progress in the sector.
Chief executive officer Datuk Azman Mahmud said MIDA was looking forward to more participation from companies, either for new investments or diversification activities.
“The sophistication of the solar manufacturing industry is different from what it was five years ago, because it demands quality, efficiency and technology.
“Malaysia has developed the right infrastructure, from semiconductors to creating a conducive environment for the solar industry.
“Now we are ready to attract more investment in the solar industry,” he told a press conference after opening the two-day International Solar Conference - PV Celltech 2017 here jointly organised by MIDA and London-based PV Tech Solar Media Ltd.
Azman said Malaysia ranked number three in the world in the solar manufacturing industry with China at number one and Taiwan in second place.
Earlier, in his speech, Azman said MIDA attracted seven solar manufacturing projects and 83 renewable energy projects in the solar industry, last year, worth RM1.77 billion and RM650 million, respectively.
He said the biggest investment was from Xi’an LONGi Silicon Materials Corp, a major solar photovoltaic (PV) company from China.
The company invested RM1.06 billion to set up an integrated solar plant to produce solar ingot, wafer cells and modules in the Sama Jaya Free Industrial Zone in Kuching, Sarawak.
Azman said Malaysia had also progressed significantly in the solar PV industry over the last decade, and as of 2015, 48 solar projects had been implemented with total investments of RM28 billion to produce solar wafers, cells, modules and system components.
“Of this, 95.3 per cent were from foreign investments, and the rest were from domestic sources.
The projects created more than 26,700 job opportunities,” he said.
Azman said a recent survey by MIDA showed that in 2016, the value of export and local sourcing activities by top solar companies in the country stood at RM11.1 billion and RM1.42 billion, respectively. — Bernama