Friday 01 Mar 2024
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KUALA LUMPUR (March 16): UMW Holdings Bhd is teaming up with the Malaysian Investment Development Authority (MIDA) to further drive high-value quality investments into the country. 

The group said its wholly-owned subsidiary UMW Corporation Sdn Bhd and MIDA will capitalise on each other’s capabilities and strengths to explore potential key areas of collaboration to attract investments that would create value to the nation’s economy.

These include mobility, aerospace, machinery and equipment, manufacturing and engineering, talent training, research and development, as well as industrial land development, the group said in a statement.  

UMW added that the partnership will be a stepping stone to accelerate innovative and high-value industry stakeholders including the UMW Group, to seize opportunities arising from the technology revolution in the new norm.  

UMW president and group CEO Datuk Ahmad Fuaad Kenali said a strong collaboration between government agencies and private sectors is paramount in positioning Malaysia as an attractive investment destination.  

“The UMW Group is embarking on a transformation journey to strengthen our businesses through innovation and technology as key enablers to meet the challenges of the evolving business environment.  

“We are constantly exploring and evaluating relevant opportunities to expand and grow our businesses to meet the anticipated future demand,” he said. 

MIDA CEO Datuk Azman Mahmud said the partnership will boost the government’s ongoing efforts to position Malaysia as the pre-eminent preferred investment destination in the region.  

“Malaysia’s investment landscape will likely remain challenging in the backdrop of the pandemic, and this timely collaboration with UMW will facilitate our nation’s industrial ecosystem with the much needed infrastructure and new technologies.  

“MIDA trusts that through UMW’s vast industry expertise and network, our local players and technology providers could benefit in the global supply chain network,” he said.  

Shares of UMW closed three sen or 0.86% lower at RM3.46 today, giving the group a market capitalisation of RM4.04 billion.

Edited ByS Kanagaraju
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