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The new office will serve as a regional hub for consolidated services functions for OCI Japan, China, Philippines, and Malaysia, housing the regional management team for sales & marketing, HR, and more.
OCI Malaysia (OCIM), a part of South Korean chemical company OCI Company, has launched its regional headquarters in Kuala Lumpur.
Officiated by Malaysia's Minister of Investment, Trade and Industry, Tengku Datuk Seri Utama Zafrul Abdul Aziz on 21 April 2024 (Sunday), the headquarters will serve as a regional hub and see the consolidation of services functions for OCI Japan, China, Philippines, and Malaysia — from the setting of financial budgets to the development of business plans, and to the identification of new growth investment initiatives.
As shared by Tengku Zafrul in his speech at the launch event, the regional HQ will also manage and support a network of OCI Group's subsidiaries and affiliates across multiple countries, including investment ventures in chemicals and energy solutions not only in Southeast Asia but also globally, from Malaysia. The HQ will also house OCI's regional management team, in functions including sales & marketing, and HR.
The minister added that OCIM’s latest investments amounts to RM7bn, which will be used to produce polycrystalline silicon for semiconductor and solar cells as well as Epichlorohydrin (ECH). "The manufacturing of ECH will strengthen the value chain of epoxy manufacturing, contributing towards increasing the competitiveness of the chemical industry in Malaysia", he shared.
Minister Zafrul further affirmed that this expansion aligns with the Government’s aspirations under the 12th Malaysia Plan to transition into a Global Services Hub by 2025.
"This signifies a significant step forward not only for OCIM but also for the continued growth and prosperity of our nation. The entrance of foreign companies like OCIM into our economy holds the promise of unlocking vast benefits across various sectors.
"This move also reaffirms our nation's attractiveness as a preferred destination for foreign investment, while underscoring global companies’ confidence in our economy, infrastructure, and skilled workforce."
As shared by Minister Zafrul, Malaysia's main sources of foreign direct investments (FDI) into Malaysia in 2023 were Singapore, the US, China, and Japan.
"We are optimistic that South Korea will climb up the rank in no time, especially when most of the investments from South Korea are in the chemical and petrochemical sector, which is one of the focus sectors under the New Industrial Master Plan (NIMP 2030)."
Notably, chemicals were identified as one of the high-impact, high-growth sectors that would contribute to the NIMP overall targets, of the 11 priority segments identified. Malaysia has also laid out its strategies in its Chemical Industry Roadmap 2030, which aims for the chemical industry to be ranked first in ASEAN in terms of FDI inflow by 2030.
Lead image / Tengku Datuk Seri Utama Zafrul Abdul Aziz's Facebook
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