KULIM, Oct 30 ― Austria’s AT&S’ choice of Malaysia as the location for its first manufacturing plant in Southeast Asia with an investment of RM8.5 billion proves that the country continues to be a top destination for foreign investors to expand their business.

Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said the investment by the global leader in printed circuit board manufacturing and integrated circuit substrates was also in line with the government’s intentions outlined in the National Investment Aspiration (NIA).

"We set out in the NIA that we want to attract high-tech, quality investments to create quality jobs for the local workforce.

"This was proven when AT&S decided to come to Kedah and it will create 1,500 jobs among engineers and 4,500 jobs among blue-collar workers. More than 6,000 local youths will get jobs with the facilities built by AT&S here,” he told reporters here today.

Earlier, Mohamed Azmin together with Kedah Menteri Besar Muhammad Sanusi Md Nor officiated the groundbreaking ceremony for the AT&S manufacturing facilities at the Kulim Hi-Technology Park, here.

Malaysian Investment Development Authority (MIDA) chief executive officer Arham Abdul Rahman was present.

Mohamed Azmin said Malaysia must continue to remain competitive, as well as introduce policies and agendas that could attract foreign investors.

Hence, he said the government outlined new initiatives as stipulated in Budget 2022 and 12th Malaysia Plan (12MP) in line with the Environmental, Social and Governance (ESG) initiatives.

"This is an important element that needs to be introduced to attract foreign investors to Malaysia and this is what we are doing. As Malaysia is also strategically positioned and being an important member of the Regional Comprehensive Economic Partnership Agreement (RCEP), it can secure new markets not only in this region but also among RCEP member countries,” he said.

Mohamed Azmin said foreign investors not only wanted to see the fiscal incentives offered by the government before investing in the country but also how soon a decision could be made by the government or relevant authorities in approving investments.

"If we look at the ease of doing business reports, Malaysia has recorded a good performance where we have facilitated foreign investors to come to Malaysia and make quick decisions.

"This AT&S investment is a record that has been set by MIDA, which took 12 months to bear fruit, through the E10 (Express Construction Permit) initiative to expedite approvals at all levels whether at the federal, state or local authority.

"I want to state here that E10 will be continued and this is a new benchmark in MIDA to ensure that all investment applications can be expedited and it can help strengthen the confidence of foreign investors to invest in Malaysia,” he said. ― Bernama