China’s Zhuhai CosMX invests $230 M to construct Malaysia’s first manufacturing facility

With an investment of MYR 1 billion ($230 million), Zhuhai CosMX Battery Co Ltd, a Chinese company that produces power and consumer lithium-ion batteries, has revealed plans to construct its first manufacturing facility in Kedah, Malaysia.

The new Unimx Technology Malaysia Sdn. Bhd. facility will be built at Kulim East Industrial Park in phases, with groundbreaking anticipated to start in the latter quarter of 2024, according to a statement released on Friday by the Malaysian Investment Development Authority (MIDA).

According to the statement, this sizeable MYR 1 billion ($230 million) investment represents a critical turning point in the company’s global expansion strategy, as it strengthens its manufacturing capabilities to meet the growing demand in the lithium-ion battery segment worldwide.

“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 stated that CosMX has consistently upheld the idea of green development and is dedicated to minimizing its negative effects on the environment by advancing technology and modernizing its industrial processes.

“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.

The investment, according to Malaysia’s Minister of Investment, Trade, and Industry (MITI), Zafrul Tengku Abdul Aziz, is in line with the goals of the country’s New Industrial Master Plan (NIMP) 2030, which aims to increase the economic complexity of the country’s industries and bolster its status as a major hub for services and manufacturing in ASEAN and Asia.

The Malaysian Investment Development Authority’s (MIDA) chief executive officer, Sikh Shamsul Ibrahim Sikh Abdul Majid, stated that the project is expected to increase the country’s tech capabilities and skilled labour force by over 1,000 jobs.

“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.