HSBC Bank Malaysia and the Malaysian Investment Development Authority (Mida) have agreed to collaborate in helping the Southeast Asian country attract more global investors.
The multinational banking and financial services company said that as part of the deal, it will partner with MIDA in providing advisory and other banking services to multinational companies (MNCs) that are looking at expanding their business in the country or entering the market.
“These MNCs will be able to use HSBC’s banking expertise and capabilities in cross-border trade and investment facilitation,” it said.
HSBC said investors will also be assisted in making well-informed investment decisions, in addition to having easy access to the necessary financial services.
Mida chief executive officer Azman Mahmud said the efforts of HSBC to collaborate with the agency in attracting investments reflect the bank’s confidence in Malaysia as a profitable investment location.
“With this MOU, we look forward to receiving more investments coming from HSBC’s global network. It is also an important step towards ensuring sustainable economic progress as it complements Mida’s goal to stimulate an effective investment environment in Malaysia,” he added.
Malaysia is a key destination for MNCs looking to invest in the Association of Southeast Asian Nations region. The Global Competitiveness Report 2015-2016 released by the World Economic Forum ranked Malaysia 18th out of 140 of the world’s most competitive economies.
IPI improved in April
In related news, Malaysia’s Industrial Production Index (IPI) grew by 3.0% year-on-year in April after registering 2.8% in March, the Statistics Department said.
In a statement, the agency said the rise was supported by growth in all three indices of manufacturing, mining, and electricity.
It said the manufacturing sector increased 3.3%, propelled by electrical and electronics products (7.9% growth); petroleum, chemical, rubber, and plastic products (4.8%); as well as non-metallic mineral products, basic metal, and fabricated metal products (4.1%).
The mining sector’s output improved 0.6% for the month under review after a decrease of 2.5% in March, supported by an increase of 3.7% in the natural gas index, while the crude oil index declined by 1.6%, said the department.
The electricity sector’s output grew at a stronger pace of 9.4% in April after registering a 7.7% growth in March.
Photo: Mr Tan and modery
