Hong Leong Bank and MIDA ink MoU to advance MY’s investment ecosystem

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Hong Leong Bank has formed a strategic collaboration with the Malaysian Investment Development Authority (MIDA) to support the overall investment ecosystem and provide comprehensive financing and banking services for businesses entering the Malaysian market.

Through the agreement, MIDA and Hong Leong Bank aim to promote sustained business growth and engagement across Malaysia’s SMEs and commercial sectors.

“The key to all development activities is partnership. Partnerships with governments, civil society and the private sector are crucial for nation-building as well as regional cooperation,” said Zafrul Aziz, minister of investment, trade and industry (MITI).

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“The MIDA-Hong Leong MoU aligns with our roadmap to a thriving economy, with opportunities for all, enabling us to look forward to a future where we build on our proud achievements, and collaborate towards more economic innovation and success,” he added.

Officiated by Wira Arham Abdul Rahman, CEO of MIDA, and Kevin Lam, group managing director and CEO of Hong Leong Bank, the commitment also builds on Malaysia’s approval of RM329.5 billion in investments across various economic sectors for the year 2023.

Through the recent injection of investments and a robust economic framework, the government hopes to elevate Malaysia’s standing on the global stage to establish the country as a prime investment destination by ensuring a seamless and integrated investment process.

“In doing so, we have to continually enhance our support systems, economic guardrails, and technological infrastructure for investors to utilise and benefit from, and this can only be achieved through collaborations like this with Hong Leong Bank,” added Rahman.

“With HLB’s end-to-end, tailor-made financing solutions and advisory services, we hope to boost the investment environment of Malaysia to remain competitive within the region and beyond,” he explained.

The MoU with Hong Leong Bank adds to MIDA's funding facilitation initiatives aimed at catalysing Malaysia’s industrial growth and fostering economic development which it released last year.

These initiatives include the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI) and the Foreign Investment Accelerator Fund (FIAF), which aim to play a pivotal role in advancing Malaysia’s economic landscape.

According to MIDA, DIAF and SAG MADANI have been strategically designed to offer a variety of tailored solutions that assist in the development of high-value economic activities for local manufacturers and service providers.

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