Tuesday, September 24

Swedish firms invest RM2.43 billion in Malaysia so far


Ong(second left) looks on at a display during his factory tour yesterday accompanied by (from left) SKF Nilai factory manager Dario Cardone, Juhlin-Danfelt, Fogelberg and Danielson. — Bernama photo

NILAI: Swedish investors have recorded  90 manufacturing projects worth US$729.19 million (RM2.43 billion) in Malaysia as of December 2016 and generated 5,800 jobs at various levels.

Second International Trade and Industry Minister Datuk Seri Ong Ka Chuan said Malaysia is pleased that Swedish companies continue to view the country as an attractive investment destination.

“Last year the Malaysian Investment Development Authority (Mida) approved four additional manufacturing projects with Swedish interest, valued at US$438.9 million or RM161.1 million.

“Other than SKF, renowned Swedish companies that have established their global foothold in Malaysia include Volvo, SCA Hygiene, Bromma and Scania,” he added.

He said this in his officiating remarks at the factory expansion and launching of new products namely, Tailored range of spherical roller bearings (SRB) and spherical roller thrust bearings by SKF Malaysia yesterday.

Also present was SKF Group president and chief executive officer Alrik Danielson, SKF Malaysia Managing Director Anders Fogelberg and Swedish Ambassador to Malaysia, Dag Juhlin-Danfelt.

Ka Chuan said Malaysia’s machinery and equipment (M&E) industry is now among the largest and strongest in Asean, in line with the national transformation from being a commodity-based country to manufacturing.

“This industry boasts a strong export performance that contributed more than five per cent to the total export of manufactured goods last year.

“With a healthy Compound Annual Growth Rate (CAGR) of 4.3 per cent, the M&E export is projected to reach US$10.8 billion in 2020,’ he added.

He said Mida approved  88 manufacturing projects last year with investments worth US$4342.1 million or RM1.5 billion from both foreign and local sources.

“We are proud that Malaysia is increasingly becoming a choice destination for multinational companies seeking to outsource their manufacturing processes,” he added.

Ka Chuan said Malaysia as an open economy continues to welcome quality foreign investments and via collaboration with foreign companies such as SKF, it can foster greater partnership with global firms and facilitate strategic linkages between them and local entities. — Bernama