ECONOMY AND BUSINESS
The early history of Ipoh as a settlement was due to its mining industry. By the mid 20th century Ipoh had become one of the richest cities in the country and region.
During the 1980s when tin prices collapsed, the economy of Ipoh was hit particularly hard. However the city has since recovered and gained momentum in its growth and prosperity.
In 2017, the city opened the first Movie Animation Theme Park (MAPS), which is the first ever in South East Asia. Tourism is booming in the city, and many shops in the old town transformed into chic cafés and eateries.
In addition to its service sector, Ipoh also hosts some big local manufacturing and multinational corporations. Kuala Lumpur Kepong (KLK) Berhad, a palm oil company, which is also among the top 15 biggest companies in Malaysia has its headquarters in Ipoh. Batu Kawan Berhad, an investment company also has its headquarters in Ipoh.
Old Town Berhad, a food & beverage public listed company, specializing in white coffee is based in the city. Other publicly listed companies in Ipoh include Perak Transit Berhad, Tasek Cement Berhad, DKLS Industries Berhad, Wellcall Holding Berhad, Rubberex Berhad, Perak Corp, etc. Foreign multinational companies include Finisar, Voith, ITL Asia Pacific, and Sagami Manufacturers.