Greater KL region draws in RM4.5bil investments from MNCs

PETALING JAYA: The greater Kuala Lumpur region has seen foreign multinational companies (MNCs) plough in 41%, or RM4.5bil, of the RM11.07bil of approved and committed investments between 2011 and last year.

InvestKL, the government agency set up to promote investments into the region, said in a statement that a total of 73 MNCs have committed to the investments since 2011.

“These 73 MNCs comprise 73% of InvestKL’s 2020 mandate of 100 MNCs and sets the corporation firmly on track to achieve its target in three years’ time.”

The agency noted that 10,971 regional high- skilled jobs over the seven-year period have also been created in that period.

“In addition, 5,831 or 53% of the 10,971 high-skilled regional jobs are already on the payroll. Of these, 80% employed are Malaysians with an average annual income of RM114,676 or US$29,705 based on the exchange rate on March 28, 2018,” the agency said.

Meanwhile, InvestKL has a target to attract 10 MNCs this year, its chief executive officer Datuk Zainal Amanshah said in the same statement.

“We remained focus on attracting high value and high skilled investments. This year, we aim to attract more MNCs who have access to the digital space and advanced technologies, Internet of Things or Industry 4.0 technologies, such as artificial intelligence, big data analytics and cyber security.

“Last year, we successfully attracted investments from 12 of the world’s most valuable companies, bringing our tally to 73 MNCs in seven years. These are what we call the 3Bs – big names, with big businesses providing big opportunities.”

Last year, Malaysia attracted investments from Fortune 500 MNCs such as the world leader in gases, technologies and services for industry and health Air Liquide, global insurer AXA and global leader in flavours and fragrances, Givaudan.

This illustrated the abilities of Malaysian talent to be at the forefront of innovation and digitalisation, said Zainal.

“The MNCs’ investments have created a ripple effect on our local economy. The real estate, hospitality, education, medical, tourism and entertainment industries have all benefitted with the real estate sector having enjoyed an estimated RM49.4mil in new office space rentals since 2011,” he said.