KUALA LUMPUR: The government has approved a manufacturer's licence and incentives under the National Economic Recovery Plan (PENJANA) for the design, development and manufacturing of solar cells and solar modules in Malaysia for Risen Energy Co Ltd with a total investment of RM42.2 billion.

Prime Minister Tan Sri Muhyiddin Yassin said the investment through Risen Solar Technology Sdn Bhd for a period of five years from 2021 to 2025 is expected to generate 3, 000 jobs for Malaysians.

"Besides that, the company will collaborate with local universities/ institutions in conducting research and development (R&D) activities including internships," he said in a post on his official Facebook page today.

He said this after a virtual meeting with Risen Energy chairman and president Xie Jian, which was also attended by Senior Minister cum Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali and Malaysian Investment Development Authority chief executive officer Arham Abdul Rahman.

Muhyiddin said the presence of Risen Solar would make Malaysia an integrated production hub for solar products.

He said currently there are several global solar manufacturers such as Jinko Solar, Longi Solar, JA Solar, Hanwha Q Cell, First Solar and Sun Power operating in Malaysia.

"The investment from Risen Energy is a great success for the country as well as showing Malaysia's economic management capability at a time when the world is struggling with the challenge of the COVID-19 pandemic.

"This trend of continued inflow of high-impact foreign investment will certainly inject more confidence among the foreign investor community on the prospects of Malaysia's economic recovery in line with the aspirations of the National Recovery Plan which will definitely bring great benefits to the community in terms of employment opportunities and income generation," he added. - Bernama

Source: The Star