Zhuhai CosMX Battery Co Ltd, a leading global manufacturer of consumer lithium-ion batteries and power lithiumion batteries, plans to invest RM1 billion to build its first manufacturing plant in Kedah, Malaysia. The project is expected to create over 1,000 jobs.
The new facility under Unimx Technology Malaysia Sdn. Bhd. will be implemented in several phases at Kulim East Industrial Park, expected to begin in the last quarter of 2024.
In a statement issued by the Malaysian Investment Development Authority (Mida), it said the substantial RM1 billion investment marks a significant milestone in the company's global expansion strategy, towards enhancing its manufacturing capabilities to serve the increasing demand in the lithium-ion battery segment globally.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz said Zhuhai CosMX's RM1 billion investment affirms Malaysia's position not only as a preferred investment destination for tech-based companies, but also as a country that is serious about the swift implementation of investors' commitments.
He said the investment also aligns with the mission of our New Industrial Master Plan (NIMP) 2030 to enhance our industries' economic complexity while helping to solidify Malaysia's position as a key manufacturing and services hub for Asean and Asia.
"As a partner, we are committed to providing Zhuhai ÇosMX with the support and facilitation they need for the project to succeed, and we're confident that their presence will have a positive impact on both the economy and rakyat", Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said.
Kedah State Executive Council Members (Committee Chairman of Industry & Investment, Higher Education and Science, Technology & Innovation of Kedah Darul Aman) Dr. Haim Hilman bin Abdullah mentioned there is a lot of potential for Kulim East Industrial Park to be the new hub for energy storage production in the northern part of Malaysia.
"This investment is a testament to the state's economic potential and confidence in our investment climate. We hope this investment will result in economic growth, technology transfer, and skill development, ultimately benefiting our workforce and society", he added.