KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) and Citibank Bhd (Citi Malaysia) have inked a memorandum of understanding (MOU) for a partnership to extend a financial platform and a seamless provision of end-to-end banking services by Citi Malaysia to new and existing foreign investors in Malaysia.

       MIDA chief executive officer Arham Abdul Rahman said the collaboration is to stimulate an active business environment in the current economic recovery.

       He added that in response to the changing global business landscape, Malaysia is adopting bold and impactful initiatives to encourage existing as well as new investors and industry players to draw new investments into the country.

       "The MOU with Citi Malaysia signifies MIDA’s continuous commitment in pursuing high technology and high value-added investment projects according to the National Investment Aspiration framework and goals of the 12th Malaysia Plan in driving further economic growth,” Arham said in a statement today.

       The partnership would also boost the government’s ongoing efforts to position Malaysia as the pre-eminent preferred investment destination in the region, he added.

       Citi Malaysia chief executive officer, Usman Ahmed said despite the challenges posed by the COVID-19 pandemic, the bank has witnessed significant growth inflows across key investment corridors as Malaysia continues to stand out as an important and competitive investment destination.

       "Our global subsidiaries and commercial banking businesses have been at the forefront in facilitating these flows and the collaboration with MIDA will help both organisations to complement each other’s efforts,” he added. - Bernama