Taiwanese electronics manufacturer Hotayi Electronic (M) Sdn Bhd has invested MYR 1 billion (USD 243 million) in a new 350,000 sq ft plant located in Batu Kawan, Penang. Since 1992, the electronic Manufacturing services company has been operating in Bukit Tengah Industrial Park, Bukit Metajam in Penang.
This new investment will see the company’s staff headcount increase from 850 to more than a 1000 people in Penang according to Malaysia’s Finance Minister. He further added the company’s reinvestment plan is in line with the national Industry4WRD policy and the government’s desire to create more quality, higher-paying jobs for Malaysians.
Hotayi is not the only company investing in Penang, as the Malaysian Investment Development Authority (MIDA) states the region attracted as much as RM 8.8 billion (USD 2.14 billion) of total approved Manufacturing investments between January – March 2019. Penang is a hub for electrical and electronics Manufacturing in Malaysia and a leading FDI destination in the country, accounting for 42% of Malaysia’s total Manufacturing FDI in 2019’s first quarter.
Hotayi announced the plans for this investment two years ago, before the ongoing China-US trade war commenced, which has led to manufacturers shifting operations from China to South East Asia in a bid to escape the high tariffs imposed by the US on imports from China.
(Source: The Star)