Target FDIs from tech sector, says Singapore law firm director

by AZALEA AZUAR / pic MUHD AMIN NAHARUL

MALAYSIA should target the technology sector in its efforts to attract foreign direct investment (FDI), said a Singapore-based lawyer.

“I’ll say Malaysia should continue to focus on developing your technology sector. Malaysia, Penang in particular, is well known to  attract FDIs for electronic sectors. So you should continue to build up your presence and strong position to develop the technology sector,” Drew & Napier LLC director for corporate and finance Wu Geng told a conference in Petaling Jaya today (Dec 7).

He said that another key reason was that the sector was destined to grow for another 20 years.

“So Malaysia is in the position to continue to grow its tech sector,” he said at the CEO Series 2023 conference organised by Real Estate and Housing Developers’s Association of Malaysia (REHDA).

Bank of China (Malaysia) Bhd deputy CEO Datuk Alvin Tay Swee Gim also spoke on the importance of focussing on a particular area in efforts to attract FDI, pointing to neighbouring Singapore which went for the biotechnology sector.

“They [even] built the laboratory for biotech. They did it with a cost of hundreds of millions,” he said.

The event discussed Malaysia’s 2024 economic outlook, focusing on attracting strategic foreign direct investments, key economic issues and regional real estate trends.