‘Malaysia still preferred by foreign investors’

Malaysia is still a preferred destination for foreign investors despite the Covid-19 pandemic, said Prime Minister Tan Sri Muhyiddin Yassin.

However, he said, the global capital for investment had shrunk because of the pandemic.

“This means Malaysia is facing stiff competition because every country is looking to attract these investments. I believe Malaysia is still a preferred country for investors.”

He said 2021 and 2022 were special years as Malaysia decided to provide additional incentives to attract more investments.

“These incentives will be announced by the Finance Ministry.”

He said Malaysia was seeking to attract specific types of investments.

“We want to attract more hightechnology investments, like those involving robotics, artificial intelligence, Internet of Things and blockchain.”

He said this after launching the Pagoh Special Economic Zone in Bandar Universiti Pagoh here yesterday.

Muhyiddin, who is Pagoh member of parliament, said DRB Hicom Bhd and Malakoff Corp Bhd, both owned by businessman Tan Sri Syed Mokhtar Al-Bukhari, had expressed interest in investing in the economic zone.

“I have confirmed with Syed Mokhtar himself about this.

“DRB plans to develop a factory to make components for Proton cars, while Malakoff wants to build a factory that produces solar panels.

“Both factories involve substantial investments and require large plots of land.

“Hopefully, these investments can be realised in the first phase of the development of the zone.”

He said the economic zone was important not only for Pagoh, but also for northern Johor as the area was not within any economic regions.

“This development will attract investments to the areas, which in turn will create jobs for locals.”

The first phase of the economic zone will see Sime Darby Property Bhd develop an industrial park and an entrepreneur park on 343.9ha with a gross development value of RM1.1 billion.

The parks will take five to seven years to be fully completed.