A total of USD 39 billion haS been invested by US companies into the Malaysian economy despite challenges posed by the COVID-19 pandemic, according to the American Malaysian Chamber of Commerce (AMCHAM) in its 2020/21 Economic Impact Survey (EIS). Around 71% of the companies expect to boost their investment in Malaysia over the next five years.
The EIS polled 80 AMCHAM members, accounting for over a third of the AMCHAM’s membership. The report demonstrated that despite Covid-19 pandemic impacts, AMCHAM members directly supported the Malaysian economy by sourcing almost MYR 20 billion (USD 4.7 billion) in goods and services locally and signing more than 10,000 contracts worth more than MYR 100,000 (USD 23,000) each with local businesses. The report also found that 85% of businesses surveyed anticipate growing by 2023.
The United States is currently Malaysia’s second-largest foreign investor and Malaysia is the United State’s second-largest trade partner in the Southeast Asia region. AMCHAM Chief Executive Officer Siobhan Das said the success of AMCHAM members is visible in the manufacturing, agribusiness, extraction and energy, and service industries. Das further noted that Malaysia has become a crucial node in many global supply chains, emphasizing its members’ success in nurturing local talent and businesses for the global stage. AMCHAM also anticipates the ecosystem flourishing and driving the country to further economic success as part of its ‘local for global’ agenda.
(Sources: AMCHAM; The Star Online; The Sun Daily)