Samsung invests in Malaysia

Samsung invests in Malaysia

KUALA LUMPUR (AFP): South Korea's Samsung Group yesterday opened its largest overseas manufacturing complex in Malaysia and announced plans to invest further in the country's growing electronics sector.

Prime Minister Mahathir Mohamad, inaugurating the 52-hectare (128-acre) Samsung complex in Seremban, a town south of Kuala Lumpur, called for more South Korean firms to invest in high value-added industries in Malaysia.

Crediting multinational corporations with propelling Malaysia's export boom over the last two decades, Mahathir urged other foreign firms to follow Samsung's lead and invest in the country as it shifts to more advanced industries.

Samsung has invested 2.1 billion ringgit (US$840 million) in the complex -- which turns out picture tubes, monitors and components. Turnover from the three operations in the facility reached 2.065 billion ringgit in 1996.

An additional 727.5 million ringgit is to be invested by Samsung in the complex until 2000 for a training center, dormitories, automated machinery and potential expansion of production lines, Samsung said.