Malaysian investment authority partners with Chinese firm's overseas branch for supply chain program
Sep 03, 2022
Kuala Lumpur [Malaysia], September 3: The Malaysian Investment Development Authority (MIDA) said Friday it has partnered with Xinyi Energy Smart (Malaysia), an overseas division of China's integrated glass manufacturer Xinyi Glass Holdings Limited, for a supply chain program.
This supply chain program seeks to establish a conducive supply chain ecosystem by partnering with local suppliers, vendors and service providers, the two sides said in a statement.
Xinyi Energy Smart, which is located at the Elkay Industrial Park in Malacca, is looking to expand its supplier base as part of its localization plan.
MIDA, which has played an instrumental role in helping Xinyi set-up its operations in Malaysia, said it is supportive of the firm's supply chain program as it opens up opportunities for local suppliers to grow and develop their businesses.
This is in tandem with the supply chain facilitation program initiated by the Malaysian government, tasked to MIDA, to assist both domestic and foreign companies in their operations in Malaysia.
MIDA deputy chief executive officer for investment promotion and facilitation Lim Bee Vian said the agency's supply chain program aims to create opportunities for domestic companies, narrow gaps in the supply chain, support multinational companies and limited liability companies in outsourcing their manufacturing activities to domestic companies, as well as to develop and upgrade domestic companies.
She also said MIDA is looking forward to the success of this program in bridging the needs and opportunities between Xinyi and local companies.
Xinyi has invested approximately 2.1 billion ringgit (468.6 million U.S. dollars) in Malaysia and created more than 1,900 jobs.
Xinyi Smart Energy managing director Sin KetHin said, "We are happy that the (Malaysian) government has initiated the supply chain facilitation program to assist investors to identify suitable local suppliers. This certainly will ease our efforts in sourcing for raw materials and transportation services as local suppliers sign up under our program."
Source: Xinhua
