FOUR multinational companies, including Goodyear Malaysia Bhd, have stopped operations here within the first half of 2024.
Investment, Trade and Industries Minister Datuk Seri Tengku Zafrul Abdul Aziz said Goodyear was a rubber-based products company with many foreign shareholdings, while another two companies were in the transportation, iron, and steel industries.
“These would phase out operations gradually by December this year, while another in the food industry with a majority of local shareholdings will phase out one of its operations gradually by December 2024 in Port Klang, Selangor. However, it will continue its factory operations in Johor,” he said.
The total investment for all four companies amounted to RM7 billion.
Zafrul said this in a parliamentary written reply to Bera MP Dato’ Sri Ismail Sabri Yaakob, who had asked the minister to state the number of – and provide reasons for – multinationals that had ceased operations in Malaysia.
“Goodyear Malaysia Bhd’s decision to close its Shah Alam factory was driven by a new business plan (restructuring) in response to the company’s losses since 2017.
“Other Goodyear factories closed include those in Germany and Australia.”
He said the government, through his ministry and the Malaysian Investment Development Authority would continue to be proactive and responsive in attracting new foreign investments while encouraging growth of domestic investments, as both categories complemented each other.
He stressed that efforts to strengthen the investment ecosystem and supply chain would continue, including enhancement of existing policies and strategies.
“We will conduct periodic engagement sessions and consultations with stakeholders and various relevant parties to strengthen service delivery systems and ensure investors can operate in a conducive environment,” he added. – July 2, 2024.
