Hong Leong Bank signs MoU to promote investments in Malaysia

Malaysia approved RM329.5bil in investments across various economic sectors for 2023.

PETALING JAYA: Hong Leong Bank Bhd (HLB) has formed a strategic collaboration with the Malaysian Investment Development Authority (Mida), pledging to support the country’s overall investment ecosystem and provide comprehensive financing and banking services for businesses entering the Malaysian market.

Malaysia approved RM329.5bil in investments across various economic sectors for 2023.

Boosted by the recent injection of investments and a robust economic framework, the government hopes to elevate Malaysia’s standing on the global stage, establishing the country as a prime investment destination by ensuring a seamless and integrated investment process, the two parties said in a joint statement.

The agreement also marks a commitment by both parties to foster a strategic alliance that promotes sustained business growth and engagement across Malaysia’s small and medium enterprises and commercial sectors, said HLB and Mida.Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, who witnessed the signing of the memorandum of understanding (MoU) for the collaboration, said the key to all development activities is partnership.

“Partnerships with government, civil society and the private sector are crucial for nation-building as well as regional cooperation. Through such partnerships, we are setting the stage for Malaysia to shine as a preferred investment destination.

“The Mida-HLB MoU aligns with our roadmap for a thriving economy, with opportunities for all, enabling us to look forward to a future where we build on our proud achievements, and collaborate towards more economic innovation and success,” Tengku Zafrul added.

“The collaboration with Mida also goes deeper than a simple partnership; banks like HLB have a key role to play in supporting a vibrant industrial and investment ecosystem, and in advancing Malaysia’s socio-economic prosperity,” he added.

Tengku Zafrul noted that Mida, which was established in 1967, has now transformed into Malaysia’s key investment promotion and marketing agency, a strategic move to strengthen the country’s investment landscape, ensuring the nation remains a competitive and attractive investment destination.