SAN FRANCISCO, Nov 15 – Tech giants such as Google, Enovix Corporation, Microsoft and Tiktok will extend their investments in Malaysia on a large scale, says Prime Minister Datuk Seri Anwar Ibrahim.
“I have held meetings with large companies that have acknowledged that they will extend their investments in Malaysia on a large scale,” Anwar said following meetings with these tech giants.
“A stable political system and clear policies are among the important factors for them to invest in Malaysia.
“The approval process will also give them confidence. The speed of the presence of new investors will give Malaysia a new record,” he told reporters from Malaysia after the meetings.
Google was represented by its president and chief investment officer Ruth Porat, Enovix by its chief operating officer Ajay Marathe, Microsoft Asia by its president Ahmed Mazhari and TikTok by chief executive officer Shou Zi Chew.
The San Francisco Bay Area is home to many of the biggest Fortune 500 companies, which are the most innovative firms in artificial intelligence (AI) development, biotech, software, clean technology, and social media.
Anwar – who is also the Finance Minister – has also received a courtesy call from TPG’s founding partner, executive chairman and director Jim Coulter. TPG is a leading global alternative asset management firm.
The Prime Minister arrived here on Monday (November 13) for the 30th APEC Economic Leaders’ Meeting (AELM) from November 14 to 17, marking his maiden visit to the official meeting as the Prime Minister of Malaysia.
Also present during the meetings were Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Communications and Digital Minister Fahmi Fadzil, Malaysia’s ambassador to the United States Datuk Seri Mohamed Nazri Abdul Aziz as well as other senior government officials.
In a related development, the Malaysian government and Google today (November 15) announced a strategic collaboration to create inclusive growth opportunities for more Malaysians and homegrown companies in the fast-growing digital economy.
The collaboration brings both parties together to help businesses of all sizes advance their digital competitiveness through skilling programmes, investment in digital infrastructure, responsible artificial intelligence (AI) innovation, and cloud-first policies, Google said in a statement here today.
“This latest commitment by Google, aimed at accelerating local innovation and talent development in the field of AI, will certainly boost the nation’s digital competitiveness, in line with the Madani Economy Framework and the New Industrial Master Plan 2030 (NIMP 2030),” Prime Minister, Datuk Seri Anwar Ibrahim said today.
Malaysia’s MADANI Economy Framework aims to increase the size of Malaysia’s economic pie, as well as ensure that all stakeholders – particularly the rakyat and small businesses – will enjoy the ensuing socio-economic benefits, he said.
Earlier, Google said the latest initiatives are built on its investments in Malaysia over the last 12 years.
In 2022 alone, the company’s products and programmes supported more than 47,900 jobs and also contributed, directly and indirectly, an estimated US$2.8bil (RM13.1bil) in economic benefits to local businesses.
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