Zhuhai CosMX Battery Co Ltd, a China-based manufacturer of consumer lithium-ion batteries and power lithium-ion batteries, has announced plans to build its first manufacturing plant in Kedah, Malaysia with an investment of MYR 1 billion ($230 million).

Malaysian Investment Development Authority (MIDA) said in a statement on Friday that the new facility under Unimx Technology Malaysia Sdn. Bhd. will be implemented in several phases at Kulim East Industrial Park, with groundbreaking expected to begin in the last quarter of 2024.

This substantial MYR 1 billion ($230 million) 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, said the statement.

“This (investment) marks a significant step in our global strategic deployment and is a testament to our recognition and trust in Malaysia as an investment destination,” said Xu Yanming, Chairman of CosMX.

He noted that CosMX has always adhered to the concept of green development, committed to reducing environmental impact through technological innovation and industrial upgrading.

“We are looking forward to working together with our Malaysian partners and community to build this factory into a model project, achieving success not only economically but also setting a benchmark in promoting sustainable development,” he added.

Zafrul Tengku Abdul Aziz, the Minister of Malaysia’s Investment, Trade and Industry (MITI), said this investment aligns with the mission of Malaysia’s New Industrial Master Plan (NIMP) 2030 to enhance their industries’ economic complexity, while helping to solidify Malaysia’s position as a key manufacturing and services hub for ASEAN and Asia.

Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of the Malaysian Investment Development Authority (MIDA), said this project is set to create over 1,000 jobs and boost the nation’s skilled workforce and tech capabilities.

“Their cutting-edge expertise is going to have a big ripple effect on our local ecosystem…we’re confident that their presence will have a positive impact on both the economy and Malaysians,” he added.

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