KUALA LUMPUR: Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali(pix) has met with the top officials of American companies Lovesac and Indium Corporation in the United States (US) as part of his ministry’s trade and investment mission (TIM) there, which began on May 8.
Lovesac is a sofa company while Indium Corporation is a global American company specialising in the manufacturing and design of solder paste and thermal metal electronic materials for application in electrical and electronic chips.
Mohamed Azmin said Lovesac founder and chief executive officer Shawn Nelson expressed his “deep appreciation” to the Malaysia External Trade Development Corporation (MATRADE) for helping it find the right Malaysian supplier from Perak for wooden upholstered frames.
The proactive facilitation “has borne fruit” for both Lovesac and Malaysia’s local furniture industry, the minister added.
“Targeting to triple the sourcing value from US$20 million to more than US$50 million, Lovesac is committed to continuing to procure not only wooden frames but also electronic products for their furniture, such as power hubs, from a company in Penang,” said Mohamed Azmin on his Twitter account.
Meanwhile, Indium Corporation has committed to “establish a new manufacturing plant for solder paste and considering a research and development innovation lab and training centre in Malaysia,” the minister revealed.
Indium president and chief operating officer Ross Berntson noted that Indium’s more than 40-year history of doing business in Malaysia is founded upon the country's established supply chain ecosystem for the electronics industry.
“This is a major accomplishment since Indium’s expansion is a move higher up the value chain, truly manifesting our aspiration towards becoming an innovation-driven economy which will elevate Malaysia's position as the manufacturing hub for the region,” Mohamed Azmin said. “The decision to choose Malaysia as the destination for Indium’s new manufacturing facility in Penang is poised to further improve Indium’s productivity and efficiency in managing the supply chain.”-Bernama
