Mustapa at the MIDA Open Day yesterday. With him are: Deputy International Trade and Industry Minister Datuk Ahmad Maslan (right)), and International Trade and Industry Minister II Datuk Seri Ong Ka Chuan (second, right) and MIDA's Datuk Azman Mahmud (left) - Bernama
KUALA LUMPUR: Malaysian multinational companies’ (MNCs) outbound investments are crucial and a normal practice to widen their markets in order to earn better returns for shareholders and spur the country's economy, International Trade and Industry Minister Datuk Seri Mustapa Mohamed said.
Local MNCs such as Petroliam Nasional Bhd (Petronas), Sime Darby Bhd
and YTL Bhd have been investing abroad, which promised good returns to their shareholders, he told reporters after officiating the Malaysian Investment Development Authority (Mida) Open Day here yesterday.
He was commenting on Datuk Seri Najib Tun Razak's recent visit to the United States.
During the meeting with US president Donald Trump, the Prime Minister said the Employees Provident Fund (EPF) and Khazanah Nasional Bhd planned to expand their investments in the United States.
The EPF is expected to spend between US$3bil and US$4bil to support the country’s infrastructure redevelopment.
Mustapa said Trump has proposed an infrastructure development spending of US$1.3 trillion involving roads, bridges and highways, for which some needed restoration or renovation.
“The EPF has been investing abroad, it has invested US$8bil in the United States since 2008. Our money has grown over the years and of course, EPF has to look at (more) investment opportunities (abroad),” he said, adding that Petronas and Sime Darby had also been making outward investments for a long time.
“So, the plan to increase investments in the United States is normal. There are opportunities in Malaysia, but this is a small country and some of the local companies need to widen their investments abroad," he said.
Earlier, in his speech, Mustapa said companies needed to cultivate and manage their intellectual assets (employees), especially in knowledge economy as the availability of the right skill set talents would be a critical enabler in accelerating Malaysia’s shift into high value-added, high-technology and knowledge-intensive industries.
“The International Trade and Industry Ministry, through Mida and other agencies, has been an active conduit between the industry and academia, bridging the gaps in building talents.We want to ensure that our talents have the necessary skills and competencies to advance the country’s economic transformation agenda,” he said.
Meanwhile, Mida chief executive officer Datuk Azman Mahmud said 57 local and foreign companies involved in the aerospace, chemical, machinery and equipment, electrical and electronics, and logistics and e-commerce industries took part in the career fair at the open day.
He said 76.9% of over 7,000 job vacancies offered were for managerial, professional, technical and associate professionals category, while the rest were for semi to low-skilled levels, including craftsmanship and customer service and sales. — Bernama
