The visit, which was organised by Malaysian Industrial Development Finance Bhd (MIDF), was aimed at highlighting and celebrating the success of MIDF’s clients.

AHP, which was established in 1984 and went to create a separate entity, IQM, in 1992, has received financing to the tune of RM44 million from MIDF.

The financing has been a boon in the progression of both companies within the automotive industry, said Fitri.

“MIDF offers a fixed rate of four per cent interest for the entire tenure of the loan, which is great because we only need to pay RM1 million a year, while AHP alone is making RM10 million a month,” he said.

IQM and AHP are not looking for partnerships with foreign entities for the time being as they are concentrating on the local market, especially with the government’s new focus on energy-efficient vehicles (EEV).

“We are not thinking about expanding partnership with international car players as we believe there are huge opportunities for us to just concentrate on the local market,” he said.

Perodua makes the biggest portion of IQM’s clientele at 29.6 per cent, Proton (26.5 per cent), Japanese-owned manufacturer of metal-based automotive components PHN Industry Sdn Bhd (11 per cent) and AHP (10.2 per cent).

“We foresee more businesses coming our way with the need for more EEVs,” said Fitri.

Earlier, Hamim said the success of Bumiputera companies, such as IQM and AHP, is testament to the strength of the Malaysian economic landscape, especially in the manufacture of automotive parts and accessories.

“AHP and IQM have 12 factories across Selangor, Kedah and Perak. As much as we would like to bring in foreign investors and companies here, we should also recognise that our own companies have the strength and capability to compete in the international commerce arena,” he said.

AHP manufactures plastic injection moulding for major automotive companies such as Proton, Perodua, UMW Toyota and Isuzu, while IQM makes metal components.