KUALA LUMPUR: The American Chamber of Commerce in Malaysia (AmCham) expect more American corporates to invest in Malaysia following ON Semiconductor's commitment to spend RM1 billion to expand its factory in Negeri Sembilan.
President Ramzi Toubassy, in his recent speech to members of AmCham here, said Malaysia would continue to be an important country for American companies to
invest in, thanks to friendly business climate.
AmCham Malaysia represents 260 US and Malaysian companies with strong American ties.
Toubassy said American companies that are already based in Malaysia are reaffirming their commitments with major investments already in the pipeline.
For example, he said, MetLife has nearly US$1 billion invested in Malaysia, about US$500 million in government bonds and government related entities.
“We are also building a new center of excellence for finance in Kuala Lumpur which will employ over 80 people. We're looking to transfer 60 actuarial and accounting jobs to Kuala Lumpur,” said Toubassy, who is also AmMetLife Insurance Bhd chief executive officer.
Toubassy noted Coca-Cola continued to implement a RM500 million investment an additional to the RM1 billion it had invested in Malaysia since 2010.
Coca-Cola's additional investments will be channelled to technical training for warehouse associates to monitor, control, and optimise the productivity of the new logistics software.
There would also be more manufacturing line to produce low- & zero-sugar products in the state-of-the-art automated warehouse located in Negri Sembilan.
Toubassy highlighted insurer AIG Malaysia Insurance Bhd has introduced high-value-added technologies to handle claims for security services and emerging cyber risks.
The company has also hired a team of local doctors to handle highly complex medical travel assistance for customers travelling anywhere in the world.
On a broader outlook, Toubassy expects positive announcements from the recent Trade and Investment Mission to the US by Malaysia's Ministry of International Trade and Industry Minister Datuk Darell Leiking.
Two weeks ago, Darell in leading a trade delegation to the US, conveyed Malaysia’s concerns over trade war to senior American and Chinese officials including US Trade Representative Robert Lighthizer and Chinese Vice-Premier Liu He, who were holding talks in Washington at the time.
China and the US are the two biggest trading partners of Malaysia, which relies on exports of electrical components and auto parts, which account for 23 per cent of its RM1.8 trillion total trade.
While other countries had seen both good and bad impacts from the US-China trade war, Malaysia hoped to benefit from American and Chinese companies relocating their businesses to the country to hedge against the risk of the conflict worsening.
Darell had hinted there is potential American investments heading to Malaysia worth RM6.6 billion, mainly in key projects within the electrical & electronics and chemical industries.
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