Latest news with #FDIs
Focus Malaysia
5 days ago
- Business
- Focus Malaysia
AIMS completes Cyberjaya Block 3 ahead of schedule, enabled M'sia to remain SEA's top data centre hub
AIMS Data Centre Sdn Bhd (AIMS), one of Southeast Asia's leading data centre operators, has continued to play a crucial role in nation-building by drawing foreign direct investments (FDIs) into Malaysia. The group's world-class infrastructure and expertise have attracted global cloud providers and content networks to Malaysia, thus spurring growth in fintech, e-commerce and artificial intelligence (AI), according to its CEO Chiew Kok Hin. Since DigitalBridge's acquisition of a stake in AIMS and formation of a partnership with existing shareholder Time dotCom in 2022, AIMS has raised over RM2 bil of debt and equity capital to support the growth of the Malaysian digital infrastructure sector. 'At AIMS, we derive immense fulfilment from knowing our presence has helped make Malaysia a regional base for global players, creating opportunities beyond data centres, and strengthening the wider digital economy,' shared Chiew. 'This cements Malaysia's position as Southeast Asia's leading data centre hub while continuously creating skilled jobs and has upskilling local talent.' Building on strong momentum, AIMS today (June 24) unveiled readiness of its AIMS Cyberjaya Block 3 facility. The new block adds substantial capacity while bringing AIMS' total potential capacity to more than 100MW in the Klang Valley by positioning it as the operator with the largest data centre capacity in Cyberjaya today. Spiralling demand Originally slated for completion next year, Block 3 was delivered ahead of schedule due to accelerated planning, strong customer backing and robust market demand. 'This achievement is a clear indication of market confidence that reflects our deliberate strategy to build in alignment with confirmed demand, rather than speculatively,' enthused Chiew. He further noted that AIMS is seeing surging demand from its strong international customer pipeline, driven by the region's rapid digitalisation, the rise of cloud and AI workloads as well as Malaysia's growing appeal as a strategic data centre destination. 'Hyper-scalers, enterprises and digital service providers are increasingly turning to Malaysia in view of our nation's competitive cost structure, abundant land and power resources, supportive government policies, and proximity to regional markets,' observed Chiew. 'Cyberjaya Block 3's early readiness is a testament to our operational agility, the trust our customers place in us, and the unwavering support of government stakeholders.' Founded in Malaysia in 1990, AIMS exemplifies the nation's ability to nurture digital economy champions. Backed by regional telecommunications service provider, Time dotCom Bhd and digital infrastructure-centric asset manager DigitalBridge Group Inc, AIMS is also progressively expanding its presence beyond Malaysia. Proactive support from Invest Selangor Malaysia Digital Economy Corp (MDEC), Malaysian Investment Development Authority (MIDA) and councils enables has been pivotal in the early delivery of AIMS Cyberjaya Block 3. – July 24, 2025
Time of India
21-07-2025
- Business
- Time of India
Appellate tribunal cuts Fema violation penalty slapped by ED on PwC from ₹230cr to ₹81cr
PwC NEW DELHI: An appellate tribunal here has imposed a Rs 81 crore penalty on PwC, reducing it from the Rs 230 crore slapped by Enforcement Directorate (ED) on the audit firm in a case of violation of the Foreign Exchange Management Act (Fema). PwC has been accused of receiving Rs 230 crore FDIs in violation of Fema rules as audit firms cannot receive foreign direct investment (FDI), according to ED. The case was initiated by ED on information that PwC had received FDI running in crores in the name of grant. "The company is engaged in audit practice which does not permit receipt of the FDI," the ED had argued and which was upheld by the tribunal on Safema (Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976). The transactions were carried by PwC without the approval of the RBI, violating Fema rules, it had said. The bench of the tribunal - headed by Justice Munishwar Nath Bhandari - in an order of July 9 accepted the investigation of ED but reduced substantially the penalty amount on the company, a former chairman and other officials. In a show cause notice issued on Sept 11, 2019, ED had imposed a penalty of Rs 230 crore on PwC, Rs 23 lakh on former chairman Deepak Kapoor, Rs 11 lakh on Shyamal Mukherjee, the then chairman of PwC, as well as Rs 5 lakh on Ramesh Rajan, also a former chairman. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 15 most beautiful women in the world Undo "We find the penalty to be excessive and disproportionate to the allegations against the appellant (PwC). The appellant has received grants under licence and accordingly inward remittance, though it is in contravention of the (Fema) Act and Regulations made therein. Taking the overall view, we reduce the penalty from Rs 230 crore to Rs 80.50 crore on the appellant, PwC," the judgment said, and ordered for release of the bank guarantee furnished by the accused. The judge further observed that the penalty of Rs 23 lakh on Kapoor was excessive and reduced it to Rs 5.75 lakh in place, finding it to be disproportionate to the contravention keeping in view the overall circumstances of the case. "In the light of the findings recorded above, we cannot subscribe the arguments raised by the counsel for the appellants, rather, find a case for contravention of Sections 6(2), 6(3), 9(b), 10(5), 10(6) of Fema," the judge noted.
News18
19-07-2025
- Business
- News18
India to attract USD 100 bn in FDI from EFTA countries: Comm Min Goyal
Mumbai, Jul 19 (PTI) India remains a key destination for overseas investments and is likely to attract USD 100 billion in foreign direct investments (FDIs) from the four-nation European bloc EFTA, Union Commerce and Industry Minister Piyush Goyal said on Saturday. The European Free Trade Association (EFTA) members are Iceland, Liechtenstein, Norway, and Switzerland. Speaking at an Assocham Managing Committee meeting here, Goyal also emphasised the need to stay competitive. Earlier, he said the free trade agreement between India and the EFTA will be implemented from October 1. The two sides signed the Trade and Economic Partnership Agreement (TEPA) on March 10, 2024. At a separate event in the financial capital, Goyal also inaugurated the Data Security Council of India (DSCI) Advanced Cyber Skill Centre at CII Model Career Centre in the western suburb Kandivali. 'My calculation, or my gut sense, is that USD 100 billion FDI, along with Indian promoter equity, when they come into your companies, it will catalyse to at least USD 500 billion investment in India into brownfield or greenfield," said the minister at the Assocham event. The minister said the FDI commitment would also create a million direct jobs in the coming years, and help technology and innovation through Swiss SMEs entering Indian markets. He asked Assocham members to focus on scale and quality to remain competitive and take advantage of these FTAs. Citing a game-changing initiative, Goyal said that the Cabinet has sanctioned Rs 1 lakh crore towards an innovation fund to drive R&D in the country. 'It can be given out to all of you or any company willing to do it in research and development in the form of a grant, in the form of a low-cost loan, interest-free loan, or term loan," he said. Recognising the key role of MSMEs, the minister stressed the need for enabling these enterprises with access to global markets, modern technology, and affordable capital. With 2.4 million STEM graduates annually, including 43 per cent women, India is well-positioned to scale up its manufacturing and innovation capabilities. Recognising India's potential as a global capability hub, he said the country can emerge as a high-quality destination for Global Capability Centres (GCCs), as India now offers comparable or superior talent at a fifth of global costs, lower-than-expected real estate and energy costs, and a compelling alternative to offshore operations amid declining H1B dependency. On the social security pact with the UK, Goyal said India has successfully negotiated a social security agreement with the UK, enabling Indian professionals on short-term UK work visas (up to 3 years) to contribute to their Indian EPF accounts rather than losing 25 per cent of their overseas earnings in UK social security contributions. On the government's Bharat Mart initiative, the minister said there are plans to replicate a similar model for Indian MSMEs, particularly leveraging Mumbai's strategic and financial advantage, with government support and incentives promised. On the upcoming EU Deforestation Regulation (EUDR), which mandates supply chain traceability for seven commodities like coffee, wood, and furniture, among others, requiring detailed farmer and production data to be uploaded, the minister acknowledged this regulation as a non-tariff barrier. He urged Indian industries to proactively engage and negotiate such barriers and emphasised that quality compliance, not just quantity, must be a national priority. The centre at Kandivli is equipped with advanced training infrastructure and facilities to conduct in-depth training in cybersecurity to create industry-ready talent. PTI IAS BAL BAL First Published: July 19, 2025, 21:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Business Times
18-06-2025
- Business
- Business Times
European, North Asian companies also eyeing the potential of JS-SEZ: UOB banker
[SINGAPORE] The Johor-Singapore special economic zone (JS-SEZ) is drawing interest from companies not just from Singapore, but also from Europe and North Asia. Chiok Sook Yin, UOB's head of foreign direct investment (FDI) advisory in the chief executive officer's office, said on Wednesday (Jun 18) that the bank has noticed a number of European and North Asian companies that are using Singapore as a base to tap into Johor's potential, thus creating new opportunities for the bank. The bank is also seeing increasing possibilities in the 'plus-one' strategy – in that companies are expanding beyond operating in 'China plus one' country into 'Vietnam plus one' and 'Europe plus one', she said. Chiok's remarks came in a panel discussion on the role of regional financial institutions in driving foreign direct investments (FDIs) into Asean, held as part of the Nikkei Forum held in Medini in Malaysia's state of Johor. Also speaking on the panel were Thean Szu Ping, executive director at Deloitte Malaysia, and Loong Chee Wei, head of research at Affin Hwang Investment Bank. The panel was moderated by FMT News managing director Azeem Abu Bakar. The panellists also discussed opportunities and concerns that investors might have when setting up in the JS-SEZ. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Affin Hwang's Loong said that companies which are in the supply chain for FDIs entering the JS-SEZ are finding opportunities there, including those in the electronic manufacturing services and medical devices sectors. He also noted rising investments in data centres, which would benefit construction and property companies which are building these data centre parks and developing modern industrial parks. Furthermore, there are also opportunities for companies in the business of outsourced airline maintenance works, he explained. But Loong noted that government policy changes and talent shortages are key concerns for foreign investors. 'The good thing for Malaysia is that since the new government came into power, it has been very stable – and that is boosting confidence,' he said. As for talent shortages, industries have to offer higher salaries, he added. Deloitte's Thean listed three main considerations for foreign investors to look into when it comes to tax: company structures, transfer pricing and immigration and employment. For example, companies may opt to site their manufacturing plant in Johor and their regional office and research and development centre in Singapore. They would also need to consider transfer pricing – the price that a company's division charges another division for goods and services – because they would then be setting up multiple operations in different jurisdictions, she explained. 'Each country would want to tax an appropriate amount of income in that respective country, so setting up a good or correct transfer pricing policy right from the beginning is very important.' Turning to immigration, she said that companies would likely move staff together with their operations to Johor, so they would need to look into the immigration and tax aspects of these individuals. Thean added that specific companies operating in the JS-SEZ would be granted tax incentives that are more attractive than if they were to operate outside the zone, making it 'very beneficial' for the business environment. Nevertheless, many other factors are in play when an investor wants to invest in a specific country, she pointed out. 'Incentives are usually just the icing on the cake.'
Business Times
18-06-2025
- Business
- Business Times
European, North Asian companies also eyeing the potential of JSSEZ: UOB banker
[SINGAPORE] The Johor-Singapore special economic zone (JSSEZ) is drawing interest from companies not just from Singapore, but also from Europe and North Asia. Chiok Sook Yin, UOB's head of foreign direct investment (FDI) advisory in the chief executive officer's office, said on Wednesday (Jun 18) the bank has noticed a number of European and North Asian companies that are using Singapore as a base to tap into Johor's potential, thus creating new opportunities for the bank. The bank is also seeing increasing potential in the 'plus-one' strategy – in that companies are expanding beyond operating in 'China plus one' country into 'Vietnam plus one' and 'Europe plus one', she said. Chiok's remarks came in a panel discussion on the role of regional financial institutions in driving foreign direct investments (FDIs) into Asean, held as part of the Nikkei Forum held in Medini in Malaysia's state of Johor. Also speaking on the panel were Thean Szu Ping, executive director at Deloitte Malaysia, and Loong Chee Wei, head of research at Affin Hwang Investment Bank. The panel was moderated by FMT News managing director Azeem Abu Bakar. The panellists also discussed opportunities and concerns that investors might have when setting up in the JSSEZ. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Affin Hwang's Loong said companies which are in the supply chain for FDIs entering the JSSEZ are finding opportunities there, including those in the electronic manufacturing services and medical devices sectors. He also noted rising investments in data centres, which would benefit construction and property companies which are building these data centre parks and developing modern industrial parks. Furthermore, there are also opportunities for companies in the business of outsourced airline maintenance works, he said. But Loong noted that government policy changes and talent shortages are key concerns for foreign investors. 'The good thing for Malaysia is that since the new government came into power, it has been very stable – and that is boosting confidence,' he said. As for talent shortages, industries have to offer higher salaries, he added. Deloitte's Thean listed three main considerations for foreign investors to look into when it comes to tax: company structures, transfer pricing and immigration and employment. For example, companies may opt to site their manufacturing plant in Johor and their regional office and research and development centre in Singapore. They would also need to consider transfer pricing – the price that a company's division charges another division for goods and services – because they would then be setting up multiple operations in different jurisdictions, she said. 'Each country would want to tax an appropriate amount of income in that respective country, so setting up a good or correct transfer pricing policy right from the beginning is very important.' Turning to immigration, she said companies would likely move staff together with their operations to Johor, so they would need to look into the immigration and tax aspects of these individuals. Thean noted that specific companies operating in the JSSEZ would be granted tax incentives that are more attractive than if they were to operate outside the zone, making it 'very beneficial' for the business environment. Nevertheless, many other factors are in play when an investor wants to invest in a specific country, she said. 'Incentives are usually just the icing on the cake.'
