KUCHING, 24 October 2023 – Export-Import Bank of Malaysia Bhd (EXIM Bank) recently entered into an agreement with Sarawak Medical Innovation Technology Hub (SMITH), sealing the support towards making the state a revolutionary healthcare hub in the region.

SMITH is a medical hub, featuring medical device manufacturing and technology commercialisation, being categorised into a few sectors;

• Manufacturing Medical Devices & Pharmaceuticals
• Innovation – Healthcare R&D (patent & IP ownership)
• Education & Human Capital – (Nursing & Long-term caretaker training telehealth)
• Digital Transformation – Healthcare Technologies
• Commercial, Agriculture & Agro-Commodities – Health food & beverages

The first phase of SMITH will be a medical glove manufacturing facility located within SEDC Petchem Industrial Park, a 36-acre land, about 10km away from Bintulu Port, in Tanjung Kidurong, Sarawak. It is strategically located to capture market share in this part of the world with healthcare-focused commercial network between Pan-Asia, North America, Europe, and the Middle East.

The glove manufacturing plant is broken down to 2 phases:

• Phase I – 4 Production Lines (104 million pieces/month)
• Phase II – 4 Production Lines (104 million pieces/month)

The partnership with EXIM Bank, a government-owned Development Financial Institution, responsible for delivering effective financing and credit takaful solutions for cross-border ventures, shows the confidence given to the SMITH project.

EXIM Bank President and Chief Executive Officer, Arshad Ismail said: “”The partnership between EXIM Bank and Sarawak Medical Innovation Technology Hub (SMITH) is testament to our commitment to fostering innovation and progress in healthcare. Together, we provide the financial support and security needed to propel the future of medical technology, ensuring that innovation knows no bounds and unemployment is addressed.”

SMITH Chief Executive Officer, Robert Hardin added: “This partnership between a government owned Development Financial Institution, shows the confidence given to the SMITH project. With this level of support this project will bring growth not only to Tanjung Kidurong in Bintulu but also Sarawak & Malaysia as a whole with more employment opportunities coming as the project progress”.

This project is expected to create more employment opportunities for Sarawakians, stimulating economic growth and lowering the unemployment rate in the state, while putting Sarawak as one of the global players in the pharmaceutical industry. Another reason for this project is also to reduce the over-reliance on importing pharmaceutical equipment and medicines.

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About EXIM Bank of Malaysia Berhad

The Export-Import Bank of Malaysia Berhad (EXIM Bank) was incorporated on 29 August 1995 and is wholly-owned by the Government of Malaysia. The Bank has assisted a diverse range of Malaysian business in various sectors in their global ventures.  EXIM Bank takes pride in meeting its mandated role of stimulating and enhancing the competitiveness of Malaysian industries for exports and investments globally via the provisioning of internationally and domestically competitive banking and insurance products and advisory services. The Bank also offers Shariah-compliant financing and Takaful instruments. For more information, visit www.exim.com.my.