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Malaysia seen posting strong growth in 3Q GDP

Kuala Lumpur (10 Nov 2022): Riding on a solid Malaysia economic recovery this year, InvestKL has successfully attracted big names in global multinational companies from Tupperware to Arnott’s in setting up a regional hub in Greater Kuala Lumpur ‘Greater KL’ to serve the Asia Pacific market.

The Malaysian economy is projected by analysts from MIDF Amanah Investment Bank and AmBank Group Research to grow as much as 12.5% in the third quarter this year from a year ago, following a strong showing in the first six months. The Ministry of Finance has projected a 2022 GDP growth of 6.5% to 7%, accelerating from a 3.1% economic expansion last year.

InvestKL Chief Executive Officer, Muhammad Azmi Zulkifli said the country’s resilient post-pandemic economic performance is also reflected in the increased foreign investments coming in, with more global companies deciding to establish their global services hub in Greater KL this year.

“This is a testament to Malaysia’s continued appeal to foreign investors as an investment destination of choice due to the country’s solid fundamentals, investor-friendly policies, robust infrastructure and dynamic pool of talent. We are heartened by the confidence and positive response as more global companies have picked Greater KL as their regional home base,” he said.

Among notable investments this year, Australian manufacturer The Arnott’s Group (TAG), which produces food items under well-known brands such as Arnott’s, Prego and Kimball, has launched its Asian hub in KL as part of its expansion plans to become a regional powerhouse. TAG is in discussion with the Government on a three-stage expansion plan that includes a A$50 million investment in a manufacturing hub and recruitment of 200 talents in high value and high technology jobs.

Another household name, Tupperware Brands Corp, has picked Greater KL to set up the consumer products company’s first Global Business Services hub in the region. In addition, Tupperware’s office in Malaysia will also house regional corporate functions including Marketing, IT, Finance, Legal and Customer Care.

British public-listed software development company Endava Plc is yet another MNCs which recently announced plans to expand its delivery operations footprint in Greater KL, making it the company’s first delivery operation centre in Southeast Asia and a hub for future growth into the region.

Marking another big win for Malaysia, Baxter Southeast Asia, a healthcare company headquartered in the US, has set up a Business Services Office in Greater KL this year. The presence of this leading MNC is envisaged to bring immense benefits to Malaysia’s business landscape, particularly in the healthcare ecosystem and the development of talent.

The sign up of the four major companies amongst others facilitated this year has bolstered InvestKL’s 10-year strategic plan to attract RM35 billion in investments, anchored by the National Investment Aspirations for leading global companies to set up regional services and technology hubs in Malaysia through 2030. The agency under the Ministry of International Trade and Industry (MITI) had already completed a similar mission after securing over RM15 billion by 103 MNCs to invest in Greater KL over the last decade.

In the first half of 2022, InvestKL has successfully attracted RM1.68 billion worth of investments, creating 1,919 high-skilled executive job opportunities.

“We have seen strong interest from global companies in coming to Greater KL this year, which is a solid vote of confidence from foreign investors in our post-pandemic economic recovery and Malaysia’s bright prospects for future growth,” Azmi said.

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