NCIA and Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad
Announces Milestone Collaboration
Northern Corridor Implementation Authority (NCIA) today announces milestone collaboration with Bank of Tokyo-Mitsubishi UFJ (Malaysia) Berhad (BTMU) to increase investment activities of Japanese companies in the Northern states of Malaysia. This collaboration helps to promote partnership between Malaysian and Japanese entrepreneurs.
Among its services, BTMU will provide general banking, specialized products such as supply-chain financing and trade-related transactional banking solutions. The bank opened its operations in Juru, Penang in July 2012.
The choice of the location for the northern branch is to lend closer proximity to the existing corporate customers who are based in the industrial areas of Penang, Kedah and Northern Perak. This also ties in with the recent influx of Japanese investors, not just Koridor Utara, but in Malaysia as whole. The bank believes that their customers in the northern region will benefit tremendously from the increased business activity in the region.
With this collaboration, BTMU also hopes that the bank will be able to widen their customer contact network and improve the quality of their services for greater convenience to the Northern customers.
The bank is confident that the northern region will develop rapidly with the momentum generated by Koridor Utara, new foreign direct investments and the establishment of some large manufacturing facilities by foreign investors in the region.
According to the Chief Executive of Northern Corridor Implementation Authority, Dato’ Redza Rafiq, “NCIA plays a pivotal role in ensuring a consistent and sustainable development of Koridor Utara. It acts as the regional enabler, facilitator and business partner to the private sector; as well as a friend to the community.”
“In the course of delivering our mandate, NCIA facilitates private sector participation by providing the industry with an enabling eco-system; by assisting in the coordination with Government Agencies; by creating linkages and networks with supporting institutions and by matching human capital requirements. The key differentiator for the NCIA is their ability to engage with the private sector, right form the pre-investment stage through to the investment stage as well as keeping close contact with them once the investment has landed into Koridor Utara.” Dato’ Redza Rafiq added.
NCIA will provide the bank with the overview information on investment projects and also assist the bank and interested Japanese companies on prospective projects for direct investment in Koridor Utara.
This MoU will assist both parties to coordinate business matching/meetings for the purpose of attracting increased industrial investment form Japan in the light of NCIA’s promotion programmes. NCIA will collaborate with the bank in cases of mission or seminars intended to facilitate investment and trade in their respective areas. Both parties should likewise work towards achieving closer relationships among investors and entrepreneurs.
NCIA has been collaborating with various companies in Koridor Utara that are either from Japan or of the ones that have links to Japanese entities. Among them are Boon Siew Honda, Global Outreach Energy, JPB Asia Pacific Sdn Bhd, Toyo Tyres, Panasonic Solar, Hanan Corporation, Fuji Logistics Sdn Bhd and DreamEdge Sdn Bhd.
NCER has registered the largest number of investments in projects for the year 2011, with RM 15.3 billion. This collaboration will further enhance Malaysia’s attractiveness as a destination for FDI, as relationship forged between NCIA and the bank will lend further support to business ventures in Malaysia.