Investment Promotion Functions Streamlined Under MIDA

The National Investment Council, chaired by the Prime Minister, YAB Dato’ Seri Anwar Ibrahim, has entrusted MIDA with a crucial role of being the main driver for investment promotion for our country. With this responsibility, MIDA is mandated to spearhead efforts to market Malaysia as the top choice for global investors. To streamline and enhance our promotional activities, all investment and promotional marketing efforts, previously managed by regional economic corridors namely East Coast Economic Region Development Council (ECERDC), Northern Corridor Implementation Authority (NCIA) and Iskandar Regional Development Authority (IRDA), will now be unified and coordinated under MIDA.

Effective from 1 June 2024, InvestKL will operate as a subsidiary under MIDA. This decision aligns with the MADANI Government’s broader strategy aimed at optimising public resource utilisation and enhancing public service delivery. This is specifically aimed at eliminating duplicative and redundant functions, preventing investor’s confusion as well as improving investment facilitation, while efficiently consolidating institutional expertise more effectively.

MITI is diligently working to ensure a seamless transition of operations from InvestKL to MIDA. This process includes comprehensive mapping of existing skills and expertise within MIDA to support the efficient implementation of key policies such as the New Industrial Master Plan 2030, the Chemical Industry Roadmap 2030, and the recently announced National Semiconductor Strategy.

The transfer of InvestKL under MIDA is part of the realignment of IPAs which includes regional economic corridors namely ECERDC, NCIA and IRDA to ensure a unified approach to promoting investments into the country, crucial for advancing a cohesive National Investment Agenda. During this phase, InvestKL will continue to facilitate its existing investors and remain committed to attracting leading companies to establish their global services hubs in Greater Kuala Lumpur.

As we move forward, MITI and its supporting agencies such as MIDA remain steadfast in our commitment to ensure that Malaysia remains a preferred destination for global and local investors, while building on our current resources to develop a more resilient investment, trade and industrial landscape for the prosperity of the Rakyat, SMEs and investors.