US firms invest over 39 million USD in Malaysia despite COVID-19: Amcham
A total of 39 billion USD have been invested by US companies into the Malaysian economy despite challenges posed by the COVID-19 pandemic, the American Malaysian Chamber of Commerce (Amcham) has said.
Amcham members have provided direct support to the Malaysian economy by sourcing nearly 20 billion RM worth of goods and services locally and signing more than 10,000 contracts worth more than 100,000 RM each with local businesses. (Photo: theedgemarkets.com)
Kuala Lumpur (VNA) – A total of 39 billion USD have been invested by US companies into the Malaysian economy despite challenges posed by the COVID-19 pandemic, the American Malaysian Chamber of Commerce (Amcham) has said.
According to Amcham’s 2020/2021 Economic Impact Survey (EIS) of 80 member companies, more than 130,000 people have been employed with 90 percent being locals. They contributed over 100 billion RM (23.8 billion USD) to the country’s export revenue. It also revealed that 85 percent of companies surveyed expect to grow in 2022.
The EIS also highlighted that Amcham members have provided direct support to the Malaysian economy by sourcing nearly 20 billion RM worth of goods and services locally and signing more than 10,000 contracts worth more than 100,000 RM each with local businesses.
Amcham Chairman Antony Lee said the survey underscored the commitment of American firms to helping create a thriving business environment that creates jobs and opportunities for ordinary Malaysians.
Meanwhile, Siobhan Das, Amcham chief executive officer, said the success of its members in Malaysia is particularly visible in the manufacturing, agribusiness, extraction and energy, and service industries.
🎶 Malaysia is now a critical node in many global supply chains, demonstrating the success of our members in developing local talent and businesses for the global stage, she said, adding that with the recent influx of US investments, Amcham looks forward to the ecosystem expanding and propelling the country to further economic success./.
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Malaysia has outpaced other emerging Southeast Asia peers as the most attractive country for foreign direct investment in the 2022 Milken Institute Global Opportunity Index released on January 27, said the Malaysian Ministry of International Trade and Industry on January 28.
Malaysia’s wholesale and retail trade valued at 1.3 trillion MYR (310 billion USD) in 2021, posting a year-on-year expansion of 4 percent, according to the Department of Statistics Malaysia (DOSM).
There are great opportunities and a bright future for US companies within sight in Vietnam despite the economic implications of the COVID-19 for the country, said Adam Sitkoff, executive director from the American Chamber of Commerce (AmCham) Hanoi, in a recent interview.
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
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Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
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In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Amcham members have provided direct support to the Malaysian economy by sourcing nearly 20 billion RM worth of goods and services locally and signing more than 10,000 contracts worth more than 100,000 RM each with local businesses. (Photo: theedgemarkets.com) 
