Minister for International Trade meets with senior officials from U.S. companies Lovesac and Indium Corp as part of a trade mission

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KUALA LUMPUR: Deputy Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali(pictures) met with senior officials from US companies Lovesac and Indium Corporation in the United States (US) as part of his ministry’s Trade and Investment Mission (TIM) there, which began May 8.

Lovesac is a sofa company while Indium Corporation is an American global company specializing in the manufacture and design of solder paste and thermal metallic electronic materials for application in electrical and electronic chips.

Mohamed Azmin said Lovesac Founder and Managing Director Shawn Nelson expressed his “deep gratitude” to the Malaysia External Trade Development Corporation (MATRADE) for helping him find the right Malaysian Perak supplier for padded frames in wood.

The proactive facilitation “has paid off” for both Lovesac and the local furniture industry in Malaysia, the minister added.

“Aiming to triple the sourcing value from $20 million to over $50 million, Lovesac is committed to continuing to source not only wooden frames, but also electronic products for its furniture, such as electric hubs, from a company in Penang,” Mohamed Azmin said on his Twitter account.

Meanwhile, Indium Corporation has pledged to “establish a new solder paste manufacturing plant and consider an innovation laboratory and R&D training center in Malaysia”, the minister revealed.

Indium’s President and Chief Operating Officer, Ross Berntson, noted that Indium’s more than 40-year history of business in Malaysia is built on the country’s established supply chain ecosystem for l electronics industry.

“This is a major achievement as Indium’s expansion is a step up the value chain, truly demonstrating our aspiration to become an innovation-driven economy that will elevate Malaysia’s position as a hub manufacturing hub for the region,” said Mohamed Azmin. “The decision to choose Malaysia as the destination for the new Indium manufacturing facility in Penang is poised to further improve Indium’s productivity and efficiency in supply chain management.”-Bernama

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