SHAH ALAM: Sweden’s investment in Malaysia is expected to hit RM200 million by end of this year, spurred by vast manufacturing sector in the country.
Second International Trade and Industy Minister Datuk Seri Ong Ka Chuan said Sweden continues to be among Malaysia's top source of foreign direct investments.
He said the country’s investment in the first half of the year stood at RM130 million, while the overall investments from 1980 until June 2017 amounted to RM2.6 billion.
"Swedish investments in our manufacturing sector are strong in the machinery and equipment (M&E), transport equipment and electrical & electronics (E&E)," he said at a press conference on the sidelines of the opening of Atlas Copco's first Southeast Asia training academy centre, in Shah Alam, today.
He said Swedish investors are also active in the country's service sector with the likes of IKEA and H&M in retail and Scandinavia IBS construction.
"We want to promote Malaysia as a hub in the Asia Pacific region. For example, an automotive hub that leverages on innovative technology. We believe there is much scope of expansion for Swedish investments in Malaysia, particularly as the innovative capability of Swedish businesses have been proven to be the driving force in economic recovery," he added.
As at June, 126 manufacturing projects with Swedish participations worth RM2.69 billion had been approved, creating over 8,200 employment opportunities in Malaysia.
"Malaysia continues to be one of Sweden's strategic partners,” Ong said, adding last year, Sweden was Malaysia's 37th largest trading partner globally with a total trade of US$823.68 million.
Meanwhile, the Atlas Copco training centre in Malaysia is aimed to develop and enhance the competency level of the Swedish industrial company's technicians.
Atlas Copco Malaysia and Singapore general manager Dereck D Devlin said the training centre will be operating to provide around 50 training courses annually, making it a total of 700 training days.
"With this centre, we will be able to give better service and support, hereby building stronger relationships with our customers in the industries here as well as other countries in the Southeast Asia," he said.
The company also will collaborate with local universities, polytechnics like University Tunku Abdul Rahman and University of Malaya as well as Politeknik Sultan Salahuddin Abdul Aziz Shah for the development of local talents.