NEW YORK: Two major United States (US) electrical and electronic firms are set to expand their operations to Malaysia, one of which is expected to invest at least RM500 million.
At the same time, Alton Industry Ltd Group -- a global supplier of consumer and commercial tools, appliances and floor care -- will be investing a minimum of RM500 million to set up its manufacturing and research and development base in Johor, said Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
The investment also perfectly aligns with Malaysia's recently launched New Industrial Master Plan 2030, which aims to create an investment-friendly environment and rapidly embrace technology to elevate the manufacturing sector’s ecosystem, he said."These companies want to diversify their supply chain, and they are also looking to bring in their suppliers into Malaysia, thus firmly establishing Malaysia as a global technology and innovation hub,” the minister said.
The company has been sourcing home furniture from Malaysia since 2000, with total imports amounting to approximately RM840 million to-date. Malaysia was the US’ sixth largest source of imported furniture in 2022, accounting for 2.78 per cent of the US’ total furniture and bedding import value, he said.
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