US firms invest RM165.73bil in Malaysia

The iconic stone marker with the numerical ‘0’ along Jalan Raja. — Photos: LOW LAY PHON & IZZRAFIQ ALIAS/The Star

KUALA LUMPUR: The American Malaysian Chamber of Commerce (Amcham) says a total of RM165.73bil has been invested by American companies into the Malaysian economy despite the challenges posed by the Covid-19 pandemic.

According to its 2020/21 Economic Impact Survey (EIS) of 80 Amcham member companies, about 130,000 people have been employed with 90% local hires.

This contributed about RM100bil to the country’s export earnings.

Chairman Antony Lee said the survey shows the commitment of American businesses to helping create a thriving business environment that results in jobs and opportunities for Malaysians.

The EIS also revealed that 85% of businesses surveyed expect to grow over the coming year.

“I’m particularly pleased about the positive economic outlook that our members have for the national economy over the coming 12 months,” Lee said in a statement yesterday.

The survey also highlighted that Amcham members have provided direct support to the Malaysian economy by sourcing nearly RM20bil worth of goods and services locally and signing about 10,000 contracts worth some RM100,000 each with local businesses.

Amcham chief executive officer Siobhan Das (pic) said the success of its members in Malaysia is particularly visible in the manufacturing, agribusiness, extraction and energy as well as service industries.

“Malaysia is now a critical node in many global supply chains, demonstrating the success of our members in developing local talent and businesses for the global stage.

“With the recent influx of US investments, we look forward to the ecosystem expanding and propelling the country to further economic success,” she said. — Bernama

Source: The Star 

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