GEORGE TOWN: State-owned InvestPenang and HSBC Bank Malaysia Berhad (HSBC) yesterday inked their first memorandum of understanding (MoU), which focuses on bringing high-quality foreign direct investments into Penang and Malaysia.
"With its strategic location in the Association of Southeast Asian Nations region and significant integration in the global supply chain, Penang is a preferred investment destination for multinational corporations," said a joint statement issued by both parties.
"This strategic public-private partnership," it said, "aims to elevate the State's existing efforts in attracting high-quality investors, by riding on HSBC's international network which provides access to more than 90 per cent of global gross domestic product trade and capital flows and key markets in more than 60 countries, while capitalising on InvestPenang's investment promotion initiatives."
The MoU was signed by InvestPenang's chief executive officer Datuk Loo Lee Lian and HSBC's chief executive officer Stuart Milne at the Eastern and Oriental Hotel.
Also present were InvestPenang director Datuk Seri Lee Kah Choon, and HSBC Malaysia's head of global banking Christina Cheah and head of multinationals for global banking, Shreyas Krishna.
In welcoming the collaboration to foster "an active business climate", Lee said: "The global supply chain reconfiguration and technological advancement have moved the needle in terms of business establishment.
"Corporates are being prompted to shift away from prioritising cost-cutting manufacturing measures, towards practices that ensure reliability, consistency and sustainability."
Lee noted that HSBC's international network bodes well in widening Penang's reach to attract more strategic investments.
"Attracting high quality investments is critical to support Malaysia's path to a high-income economy, creating quality jobs and shared prosperity," Milne said.
"At HSBC, we believe that Penang is an ideal location for many multinationals to invest, taking advantage of a very well established ecosystem, a deep local supply chain and an ample supply of highly trained personnel.
"In entering into this MoU with InvestPenang, HSBC renews our longstanding commitment to the region where we opened our first branch in 1884," he added.
"Our international network connects Penang to the world and we look forward to deploying it in support of Penang's objective of accelerating its growth and development. In so doing, we are opening up a world of opportunity for our customers while supporting the Penang State Government's ambitious plans for the region", Milne added.
