NEW YORK: Two major United States (US) electrical and electronic firms are set to expand their operations to Malaysia, one of which is expected to inv...
Two major United States electrical and electronic firms are set to expand their operations to Malaysia, one of which is expected to invest at least RM500 million.
“Another company, which I am not able to name for the moment, will be investing a significant sum in Penang. Both Alton Group and this company have operations in China and they want to expand to Malaysia,” he told a press conference here. “These companies want to diversify their supply chain, and they are also looking to bring in their suppliers into Malaysia, thus firmly establishing Malaysia as a global technology and innovation hub,” the minister said.
The company has been sourcing home furniture from Malaysia since 2000, with total imports amounting to approximately RM840 million to-date. Malaysia was the US’ sixth largest source of imported furniture in 2022, accounting for 2.78 per cent of the US’ total furniture and bedding import value, he said.
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