MIDA evaluating RM1 bln potential investments from French companies

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) is evaluating potential investments worth RM1.0 billion from several French companies.

Deputy Chief Executive Officer II, Datuk N. Rajendran, said the investments in the transportation, research and development, integrated circuit design, testing facility and biotechnology sectors were expected to be approved within the next few months.

"The whole idea is to form collaborations so that we can step up our efforts in terms of technology and innovation," he told reporters at a briefing in conjunction with the visit of a French Business Confederation (Medef) delegation here yesterday.

As at 2015, 118 manufacturing projects with French interest, valued at US$1.08 billion (US$1=RM4.46), were implemented in Malaysia, making France the country's fifth largest foreign investor among the European Union countries.

The investments were largely in petroleum products, machinery and equipment, transport equipment, chemical and chemical products and basic metal products.

French Ambassador to Malaysia, Christopher Penot, said French companies have a strong economic footprint in Malaysia with more than 270 companies having invested in the country to date.

"These companies employ about 26,000 people and have an annual turnover totalling RM18 billion," he said.

Meanwhile, Medef President, Pierre Gattaz, said the two-day visit was aimed at deepening the understanding of the Malaysian market and the needs of the country's infrastructure, transportation, tourism, agro-industry and energy sectors, as well as its digital economy.