By The Malketeer
In a significant move to fortify Malaysia’s investment ecosystem, Hong Leong Bank(HLB) and the Malaysian Investment Development Authority (MIDA) have signed a significant collaboration, aimed at providing robust financing and banking services for businesses eyeing the Malaysian market.
This strategic partnership not only seeks to bolster the nation’s SMEs and commercial sectors but also underscores a broader commitment to sustained economic growth.
At the heart of this collaboration lies a shared vision to foster a conducive environment for investment and business expansion.
Tengku Zafrul Aziz, Minister of Investment, Trade, and Industry, reiterated the pivotal role of partnerships in driving development initiatives, underscoring the necessity of collaboration between governments, civil society, and the private sector for national and regional progress.
“Through such partnerships, we are setting the stage for Malaysia to shine as a preferred destination. The MIDA-Hong Leong MoU aligns with our roadmap to a thriving economy, with opportunities for all,” he added.
RM329.5 billion Approved for Various Sectors
The MoU officiated by Datuk Wira Arham Abdul Rahman, CEO of MIDA, and Kevin Lam, Group Managing Director and CEO of Hong Leong Bank, signifies a concerted effort to propel Malaysia’s economic trajectory forward.
Set against the backdrop of Malaysia’s approval of substantial investments totallinga staggering RM329.5 billion in various economic sectors for 2023, this collaboration paves the stage for accelerated economic innovation and success.
Datuk Wira Arham highlighted the importance of continually enhancing support systems, economic frameworks, and technological infrastructure to attract and empower investors.
He added that collaborations like the one with Hong Leong Bank are instrumental in achieving this goal. Leveraging Hong Leong Bank’s comprehensive financing solutions and advisory services, the aim is to elevate Malaysia’s investment environment, ensuring competitiveness both regionally and globally.
The MoU with Hong Leong Bank supplements MIDA’s existing funding facilitation initiatives, which play a pivotal role in catalysing Malaysia’s industrial growth and economic development.
Strategically Designed Tailored Solutions
These initiatives, including the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI), and the Foreign Investment Accelerator Fund (FIAF), are strategically designed to provide tailored solutions for local manufacturers and service providers.
Through this collaborative effort, MIDA and Hong Leong Bank are poised to drive Malaysia’s economic landscape towards greater resilience, innovation, and competitiveness.
By providing comprehensive support to businesses and investors, they aim to position Malaysia as a prime investment destination, fostering sustainable growth and prosperity for years to come.
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