Citi partners with InvestPenang to promote treasury management operations

September 11, 2013

PENANG: Citi is teaming up with InvestPenang to promote Penang and Malaysia as a strategic centre for treasury management activities. The Government-private sector pro-business collaboration aims to encourage foreign and local companies in the technology industry to centralize or consolidate their regional or global treasury management operations in Malaysia.

Dato’ Lee Kah Choon, Special Advisor to the Chief Minister of Penang, said supportive Government policies include on-going initiatives to simplify foreign exchange administration rules. “Penang continues to be considered a prime location with significant outsourcing potential, and this is evidenced by the presence of the many multinational companies operating in the Island State,” he said. “We are constantly improving and expanding the technology ecosystem in Penang to further encourage and ensure sustainable economic and social growth.”

Last year, Malaysia attracted RM162.4 billion in investments, more than any other year despite uncertain global economic conditions. Approved investments were in the manufacturing, services and primary sectors. Of total investments approved, RM127.6 billion (78%) were contributed by domestic investments (DDI) and RM34.8 billion (22%) came from foreign investments (FDI). www.citigroup.com (ATI).