Malaysian Investment Development Authority (MIDA) today announced that United States-based multinational conglomerate, Honeywell, has become the first global company to join Malaysia’s Principal Hub initiative.
In a statement, MIDA said the initiative was aimed at bringing in more foreign investment to the region as a catalyst to its development.
Under the initiative, Honeywell would be able to better allocate its resources to support its ambitious business expansion plans in Malaysia as well as the region.
In welcoming Honeywell’s initiative, Second International Trade and Industry Minister, Ong Ka Chuan, said this was a testament to Malaysia’s competitiveness as a strategic base for companies to tap into the emerging opportunities in Asean and the greater Asia-Pacific markets.
“This investment also serves as a powerful expression of confidence in Malaysia’s economy, the government’s pro-business policies and indicates the stronger US-Malaysia economic ties,” he said.
Honeywell Southeast Asia (Malaysia, Singapore, Thailand, Philippines) president, Jim Bujold, said the company was committed to bring its best technologies and solutions to the region.
“We are very excited to be the first multinational company to join this important Principal Hub initiative. We look forward to a new chapter of growth story in Malaysia and its neighbouring countries,” he added.
Honeywell, a Fortune 100 diversified technology and manufacturing leader, has served the region with its state-of-the-art technologies and solutions in aerospace, buildings, homes and industry, automobile, as well as oil and gas.