Mida, Panasonic Eco Solutions Malaysia Sign MoU On FDI-Enhancement

KUALA LUMPUR, March 31 (Bernama) -- The Malaysian Investment Development Authority (Mida) and Panasonic Eco Solutions Malaysia Sdn Bhd (PESMY) have signed a memorandum of understanding (MoU) to enhance foreign direct investments (FDIs) from Japan and other countries to Malaysia, particularly for industrial development. Deputy Minister of International Trade and Industry Hamim Samuri, said the three-year MoU affirms the commitment of both parties to promote cooperation and explore synergic partnerships, in exchanging, providing technical and marketing information on FDIs for the mutual benefit of all parties. "Through the partnership, Mida will leverage on Panasonic's experience and knowledge in working with Japanese small and medium enterprises (SMEs) that specialise in niche technologies," he said at the signing of the MoU here Tuesday. Hamim said efforts made by PESMY to work with Mida in attracting investments reflects its confidence in Malaysia as a conducive and viable investment location. "This is apart from carrying out its corporate social responsibility role to encourage a sustainable and environmentally-friendly investment in Malaysia," he added. In 2014, Japan was Malaysia's largest foreign investor with total approved investments in the manufacturing sector of US$2.94 billion (RM10.9 billion). A majority of investments were in the electrical and electronics, chemical and chemical products, non-metallic mineral products, basic metal products, petroleum products and transport equipment sectors. Meanwhile, Panasonic Environmental Engineering Co Ltd President Tetsuo Ishizu said having had a presence for more than 50 years in Malaysia, the company is able to offer corporate advise through seminars to Japanese SMEs wanting to expand their business and make Malaysia a regional hub. Japanese SME activities plays a significant role in contributing more than 50 per cent to Japan's Gross Domestic Product (GDP). On the implementation of the Goods and Services Tax (GST) from Wednesday (April 1) in Malaysia, Ishizu said it was not an issue for the company, as Japan has implemented the tax regime as well as most in which it has operations. -- BERNAMA