MIDA expects many more MNCs to populate TRX

KUALA LUMPUR: MIDA, in collaboration with TRX City yesterday hosted prominent foreign chambers of commerce on a visit to TRX, KL’s international financial district.

The private event was attended by delegates from various chambers of commerce representing six of Malaysia’s prominent trading partners; India, New Zealand, France, Japan, Australia and South Korea. This visit is part of MIDA’s initiative to highlight investment opportunities in highimpact projects like TRX to the international business community.

Datyk Azman Mahmud, CEO of MIDA said, “MIDA sees TRX as a long-term profitable location for businesses to expand due to its excellent accessibility and connectivity to the vibrant ecosystem available in the existing city centre and the rest of Greater Kuala Lumpur.

“It offers exciting prospects for companies seeking to centralise their key functions in one location and streamline their global support services to enhance efficiency and productivity. By locating here, companies can be closer to an established supply chain and matured workforce.

“Given the strategic value propositions, MIDA expects many more multinational companies (MNCs) and local conglomerates to seize these budding opportunities and increase their competitiveness by setting up their operations in TRX.”

As the country’s investment promotion agency, MIDA has long played an active role in promoting the establishment of regional operations in Malaysia. Recognising the rising trend of offshoring activities, the Principal Hub scheme was introduced in 2015 as part of MIDA’s initiative to make Malaysia a regional and global hub.

As to date, MIDA has approved 26 Principal Hub companies from different industries such as electrical & electronics, food & beverage, oil & gas and consumer products.

These approved projects will significantly impact Malaysia’s economy over the next 10 years by creating over 1,800 high value jobs and incurring RM16.8 billion in business spending.

A 70-acre development, TRX aims to strengthen Kuala Lumpur’s position as a leading centre for international finance and business by creating a seamless and central business environment for financial services firms, MNCs and supporting ancillary businesses.