KUALA LUMPUR: United Kingdom-based vaping company Airscream UK Ltd plans to invest RM100 million in the next five years for its operations in Malaysia.
In a statement, the company stated it will invest further in expanding its distribution networks, administrative and field staff strength as well as research and development facilities.
Airscream envisions Malaysia to become its global headwuarters in the foreseeable future.
The company has set up its administrative, sales and marketing operations as well as a showroom in Shah Alam, with close to 40 employees locally and 100 globally.
It noted that Malaysia is a destination of choice because the domestic vape industry has grown in value to exceed RM3 billion over the last decade and has provided employment to more than 30,000 Malaysians, citing a report by the Malaysian Vape Chamber of Commerce on "Study on the Malaysian Vaping Industry 2021".
Airscream co-founder and chief executive officer Sam Ong said the Malaysian vape industry ecosystem is well established.
The market is poised for further growth, potentially driving more foreign direct investments into the country and bolstering high income job creation.
"We are also encouraged by the passing of the Control of Smoking Products for Public Health Bill 2023, which brings Malaysia on par to other countries around the world including the UK, Australia, Thailand and Singapore, which have standalone legislation on tobacco and vape.
"Airscream has and will always be supportive of sensible and practical regulations for the e-cigarettes industry so as to deliver tangible economic growth while at the same time safeguard consumers from potentially hazardous unregulated products as well as stopping underaged individuals from accessing these products," he stated.
Airscream was established in 2018 as a manufacturer and retailer of AirsPop vape product.
"We welcome the opportunity to collaborate and work hand-in-glove with industry stakeholders including the authorities and regulators, manufacturers and retailers and industry interest groups to elevate the industry as a whole."