MIDA Announced Zhuhai CosMX Investing RM1 Billion To Build A Plant In Kedah
It seems Malaysia is becoming a popular hub for global manufacturers these days
Zhuhai CosMX Battery Co Ltd, a leading global manufacturer of consumer and power lithium-ion batteries, has announced a substantial investment of RM1 billion to establish its first manufacturing plant in Kedah, Malaysia. This significant development will be realised through Unimx Technology Malaysia Sdn Bhd, with construction set to commence in the Kulim East Industrial Park in the last quarter of 2024.
According to a joint statement from Zhuhai CosMX and Investkedah, this investment marks a crucial step in the company’s global expansion strategy, aimed at enhancing its manufacturing capabilities to meet the growing global demand for lithium-ion batteries. The project will unfold in multiple phases, reflecting the scale and ambition of the initiative.
Moreover, Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of the Malaysian Investment Development Authority (MIDA), highlighted that this project is expected to create over 1,000 new jobs. It will significantly enhance the nation’s skilled workforce and technological capabilities.
He expressed MIDA’s pride in supporting Zhuhai CosMX’s venture, acknowledging the complex nature of advancing battery technology and affirming MIDA’s commitment to facilitating the project’s success. The local impact of Zhuhai CosMX’s cutting-edge expertise is anticipated to be profound, benefiting both the economy and the community.
Zhuhai CosMX Chairman Xu Yanming also emphasised that this investment is a pivotal component of the company’s global strategy and reflects its confidence in Malaysia as a prime investment destination. He reiterated the company’s dedication to green development and reducing environmental impact through technological innovation and industrial upgrades.
On top of that, Xu Yanming expressed eagerness to collaborate with Malaysian partners and communities to establish the factory as a model of success, both economically and in terms of sustainable development.
Minister of Investment, Trade, and Industry, Tengku Datuk Seri Zafrul Abdul Aziz, underscored that Zhuhai CosMX’s RM1 billion investment underscores Malaysia’s status as a preferred destination for technology-based investments.
He also noted that this development aligns with Malaysia’s New Industrial Master Plan (NIMP) 2030, which aims to enhance the country’s industrial complexity and strengthen its position as a key manufacturing and services hub in ASEAN and Asia.
The investment reflects Malaysia’s commitment to expediting investor commitments and fostering a conducive environment for technological advancement and industrial growth. We got all this from Bernama and their full article is linked here. Thank you Bernama for the information and images.
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