MULTINATIONAL COMPANIES CONTINUE TO ENDORSE MALAYSIA’S ECONOMY
Posted on 20th July 2018
It was recently reported that InvestKL and Honeywell hosted three Members of Parliament at Honeywell’s ASEAN Regional Headquarters in Bangsar South, Kerinchi. The report added that the visit was to show the presence of multinationals like Honeywell and how large foreign multinationals have continued to support the economic growth of Malaysia through the creation of highly skilled jobs and technology transfer in Kuala Lumpur and the rest of the country.
Headquartered in Morris Plains, New Jersey, USA, Honeywell International Inc. is ranked by Fortune 500 as a top brand and ranked amongst the top 100 companies in the USA on revenue. Honeywell is just one of many other multinational players that have chosen to relocate their ASEAN operations to Malaysia and are open about their commitment to the country. InvestKL estimates that there are currently no less than 70 multinationals companies in Malaysia.
Many other multinational corporations also endorse the greater Kuala Lumpur region as a desirable location citing its affordability, abundance of talent and liveability.
David Ng who is the Country Manager of International SOS says that in terms of liveability, Greater KL remains one of the more affordable cities compared to others in Southeast Asia. He adds that, “Overall, Greater KL is a top choice in terms of cost-competitiveness, well-developed infrastructure, abundance of talents, flexible regulatory framework and available incentives for foreign companies to set up business and operations in the region.”
Having an available workforce that is diverse and adaptable also seems to be an important draw factor. Michael Doring of Turner Construction says: “The construction market in Greater KL is robust now and there is a lot of competition for good talent. However, the local talent pool has a lot of diversity and this bodes well for all industries including construction. Our current focus is in South-East Asia, particularly Malaysia, Indonesia and Vietnam, where we carry out our assignments through a regional and country-focused management structure.” Philip Smith, CEO of Zurich Insurance Malaysia agrees. “Being based in Greater KL has been beneficial as, to date, we have been able to hire suitable talent for our shared service operations. It was relatively straightforward a process to set up a regional shared service in Greater KL. It is important to note that the centre comprises skilled professionals rather than providing low value activities.”
Briand Greer, President of Honeywell ASEAN sum’s up Malaysian labour advantage as follows:
“One of the reasons that Greater KL was selected is its English-speaking, multi-ethnic and multi-racial population. With the principal hub located in Greater KL, Honeywell is able to develop talent that is willing to play a global role. To find the best talent, we need to be the best company and one that offers career progression.”
(For more information see also http://www.investkl.gov.my/Success_Stories_Landing-@-LandingStory.aspx, or contact caesar.loong@rlse.law)