Amidst Global Economic Woes, Greater Kuala Lumpur Remains a Choice Base for MNCs’ Regional Expansion

Malaysia’s Capital City Investment Promotion Agency, InvestKL, Confident of Attracting 100 MNCs Regional HQs in Greater Kuala Lumpur by 2020.

KUALA LUMPUR, 7 August 2015 - InvestKL released its 2014 Performance Report which outlines its achievements in securing 14 new multinational companies (MNCs) investments in Greater Kuala Lumpur, beating its target of 13 for the year. Despite a challenging year for the nation in the face of economic uncertainty, volatile commodity prices, and weakening of the Ringgit, InvestKL is confident towards attracting 100 Fortune 500 and Forbes 2000 MNCs to set up regional headquarters (RHQs) in Greater Kuala Lumpur by 2020. Having achieved RM4.48 billion in total approved and committed investments with 6,820 high-skilled regional jobs as of June 2015, InvestKL is near its half-way mark of 100 MNCs. These include global giants such as Cameron, Saipem, Zurich, Indra, Cargill, Linde, Schlumberger and Clariant to Greater Kuala Lumpur, and continues to draw foreign investments from the US, Europe, China and Japan.

Malaysia and Greater Kuala Lumpur remain fundamentally strong as investment destinations. This is clear from the nation’s economic growth of 5.6% in the first quarter ended March 31, 2015 (compared to Singapore’s 2.6%) and increasing FDI of RM28.73million from RM26.01million registered in the first quarter this year.

InvestKL also won the Asia Pacific Top Investment Promotion Agencies from Site Selection, a global investment publication, for its efforts in making Greater KL a top investment destination.

" We are extremely proud of the global recognition accorded to us by Site Selection, as it is a testament to our team’s dedication and commitment. This would not be possible without the support of our key stakeholders, agencies and partners. "

Datuk Zainal Amanshah, CEO of InvestKL

“While we are pleased with the investments secured to date and we recognize that this is a very challenging year, our team is committed to going full force for the rest of 2015. With a solid foundation laid down over the past three and a half years, Greater Kuala Lumpur named as a Competitive City as part of the 11th Malaysia Plan, and the game changing Principal Hub incentive from the federal government, we are confident and will push harder to secure MNCs that are keen to set up their regional base of operations and supply chain management hubs.”

Of the total approved and committed investments and high-skilled regional jobs created by MNCs investing in Greater Kuala Lumpur, RM1.38 billion and 3,856 regional jobs have been realized respectively. Based on the realized high-skilled regional jobs, more than 86% are held by locals, affording Malaysians with regional job opportunities. This will provide local talents to build capabilities through knowledge transfer, insights, experience and skills, and provide exposure to global markets and work opportunities. In addition, the MNCs in Greater KL have created new office space of 385,600 sq ft, equivalent to 7 times of a football field, increased fund flows through Malaysia and spurred the usage of local ancillary services.

InvestKL’s Chairman Datuk Seri Michael Yam said that the MNCs who have already set up their RHQs in Greater Kuala Lumpur are tributes to Malaysia’s value proposition, not only as an investment destination but for its vibrant eco-system as a regional home for business and livability. He added that, “with the establishment of a single market through the ASEAN Economic Community and the tireless efforts put in by the InvestKL team to help MNCs set up their regional offices, the country’s capital is proving to be an increasingly attractive entry point to the ASEAN region for global MNCs.”

Continuing, Datuk Zainal Amanshah commented that, “What draws MNCs to Greater Kuala Lumpur is not just our business-friendly environment and ready pool of world-class talent. It is also the commitment by our government in transforming the city into a Top 20 Livable City internationally, with initiatives such as the MRT well underway and Greater Kuala Lumpur’s vibrant culture and heritage. Taken as a whole, these factors strengthen the Greater Kuala Lumpur proposition in this part of the world and allow us to remain the choice base for MNCs’ regional expansion in Southeast Asia.”

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