Citi joins hands with InvestPenang
12 September 2013
News, Asia, Malaysia
By Asia Asset Management
Citi is teaming up with InvestPenang to further promote Penang and Malaysia as a strategic centre for treasury management activities.
The government-private sector pro-business collaboration aims to attract foreign and local companies in the technology industry to centralise or consolidate their regional or global treasury management operations in Malaysia.
“Together with InvestPenang, we aim to present a stronger proposition for companies in the global technology industry to establish their treasury management operations in Malaysia. As a leader in transaction services, Citi is committed to delivering innovative and best in class solutions to help companies improve operational efficiency, minimise risks and lower costs,” said Noel Saminathan, managing director and country head treasury and trade solutions at Citi.
He said this after speaking at a treasury and finance forum entitled “Emerging Trends of the Technology Industry” in Penang.
Citi offers products and solutions that assist companies with centralised or decentralised operations – from diversified industries ranging from technology and industrial to transportation – manage finances efficiently especially in the area of working capital management including payments, receivables, liquidity management and trade finance.
Lee Kah Choon, special advisor to the chief minister of Penang, who also spoke at the forum, said: “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. We are constantly improving and expanding the technology ecosystem in Penang to further encourage and ensure sustainable economic and social growth.”
Mr. Saminathan added: “The supportive government policies including ongoing initiatives to simplify foreign exchange administration rules, developed infrastructure, a vibrant business environment and an educated workforce is transforming both Penang and Malaysia into an attractive destination for investors to integrate their regional or global businesses to realize better cost and operational efficiency.”
Last year, Malaysia attracted 162.4 billion ringgit (US$49.6 billion) in investments, more than any other year despite the uncertain global economic conditions. The approved investments were in the manufacturing, services and primary sectors. Of the total investments approved, 127.6 billion ringgit (78%) were contributed by domestic investments and 34.8 billion ringgit (22%) came from foreign investments.
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