Budget 2023: MITI gets RM1.59 bln allocation to ensure investment, trade remain intact

24 Feb 2023

The Ministry of International Trade and Industry (Miti) and its agencies have received an allocation of RM1.59 billion under Budget 2023.

The ministry said the amount covers operating expenditure of RM625 million and development expenditure worth RM960 million.

“This allocation clearly proves that the MADANI government is committed to planning the national development inclusively and holistically, subsequently strengthening Malaysia’s position as a choice destination for investment and trade as well as the gateway to the Asian region,” said Miti in a statement.

Budget 2023 was tabled by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim in Dewan Rakyat earlier today.

Miti said the focus on three key sectors, namely industrial development, international trade and domestic and foreign investments, remains intact so as to maintain the economic growth momentum, improve the supply chain resilience, and empower the human capital development in Malaysia.

The ministry led by its Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz is also in the midst of renewing and updating the New Industrial Master Plan 2023 (NIMP 2023) which will analyse the major issues.

This includes structural reforms, increase economic diversification, creating an appropriate ecosystem for target industries, as well as building capacity for small and medium enterprises to adopt environmental, social and governance principles to meet global market demand.

As announced in Budget 2023 speech, the NIMP 2023 renewal is expected to be completed in the third quarter of 2023, said Miti.

Source: Bernama