InvestKL on track to attract RM40b

2020 TARGET: Multinational corporations expected to create 200,000 high-skilled jobs in Greater Kuala Lumpur


INVESTKL is expected to attract direct and indirect investments of more than RM40 billion from multinational corporations (MNCs) operating in various sectors in Greater Kuala Lumpur by 2020.

The non-profit-making entity is a government vehicle entrusted to attract investments from 100 Fortune 500 and Forbes 2,000 MNCs into the region by 2020.

It is estimated that the MNCs will create 200,000 high-skilled jobs collectively and contribute up to RM40 billion to gross national income (GNI).

Since its inception in July 2011, InvestKL has secured direct investments of RM2.2 billion from 32 MNCs. The MNCs also drew RM2.8 billion in GNI and created 6,239 jobs.

InvestKL chairman Datuk Seri Michael Yam is quite bullish on its prospects and expects more MNCs to establish their regional headquarters and regional hubs here, in their drive to expand globally.

"The MNCs are coming here because of political stability as well as the ecosystem and First-World infrastructure that we have.

The cost to do business and our talent pool are other reasons why they want to be here," Yam told Business Times on the sidelines of an InvestKL corporate function, here, yesterday.

Yam said MNCs are an important play for Malaysia, bringing multiplying impact on the daily fabric of Malaysian life and economy.
These include an improved banking system and better rental market for both houses and offices.

"Some 20 per cent of the 6,239 jobs created so far by MNCS include expatriates. With those numbers, we can expect daily consumables to increase. There will be higher enrolment in international schools and foreign universities with branch campuses here.

"Tourism will also pick up as they explore Malaysia. Airlines and telcos will benefit. Most importantly, Malaysia will have a stronger talent pool in several key sectors," he said.

InvestKL chief executive officer Zainal Amanshah said it is on track to draw 100 MNCs by 2020, having achieved one third of the target so far.

"The idea is to have a minimum of 10 MNCs coming into Greater KL every year, but we are exceeding that, attracting 15 MNCs in 2013 and 11 in 2012.

This year, we are aiming for more than 15 MNCS and are talking to a few parties involved in agriculture, especially food processing; business services and healthcare (medical devices); wholesale and retail; oil, gas and energy; and environmental technology," he said at a media briefing.

Zainal expects more MNCs from the United States and Europe to relocate their businesses here.

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