MIDA on track to achieve RM2.5bln green investment goal at IGEM 2024
18 Oct 2024
The Malaysian Investment Development Authority (MIDA) is on track to achieve its target of RM2.5 billion in investments from green investment leads at the International Greentech & Eco Products Exhibition and Conference Malaysia (IGEM) 2024.
As Malaysia assumes the ASEAN Chairmanship in 2025 on Oct 11, 2024, the country is poised to play a leading role in promoting sustainable development in the region.
The theme of “Inclusivity and Sustainability” reflects the urgent need for policies that address both immediate and long-term challenges, including climate change, environmental degradation, and social inequality.
Malaysia’s leadership has emphasised ASEAN’s commitment to contributing to a greener and more sustainable future, a vision that aligns with the growing importance of green investments for the region’s economic growth and resilience.
MIDA chief executive officer, Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, said the investment leads included seven companies, with five agreements being signed between Solarvest Group and its partners as part of the Memorandum of Understanding (MoU) exchange, focusing on advancing green energy initiatives, renewable energy projects, and sustainability efforts in Malaysia.
“These exchanges, with a cumulative investment value exceeding RM1 billion in several aspects of the green ecosystem such as training and research, development of Battery Energy Storage Systems (BESS), green financing, and solar farms are poised to make a significant impact on Malaysia’s green technology landscape,” he told Bernama.
Among the companies are Greenrock Energy Co Ltd, Atlantic Blue Sdn Bhd, Wezmart International Bhd and UKM Pakarunding Sdn Bhd.
The event also featured the announcement of four quality green projects approved by MIDA for the period from January to June 2024, with a total combined investment worth RM1.82 billion.
All four projects, with an investment value exceeding RM100 million, represent some of the Green Investment Strategy (GIS) levers, such as renewable energy (RE) and green mobility, which underscore MIDA’s commitment to promoting sustainable development in Malaysia.
The largest projects are from Chery Corporate Malaysia Sdn Bhd, worth RM1.4 billion for energy-efficient vehicles including an electric passenger vehicle plant, and Asiabina Solar Sdn Bhd, worth RM200 million for a Large Scale Solar Photovoltaic (LSSPV) plant.
Co-organised by the Ministry of Natural Resources and Environmental Sustainability (NRES) and the Malaysian Green Technology and Climate Change Corporation (MGTC), IGEM 2024 was held from Oct 9 – 11, 2024, under the theme ‘Race Towards Net Zero: Regional Leadership for Climate Urgency’.
The event attracted 48,000 participants and 480 exhibitors from 48 countries, targeting business leads estimated at RM4.8 billion in total.
Sikh Shamsul Ibrahim said IGEM 2024 is gearing up, reaffirming its status as the premier trade event for green technologies and eco-solutions in Southeast Asia.
He added that MIDA, as the strategic partner of IGEM for the last fifteen years, has been instrumental in driving green investment leads contributing to the event.
“Moving forward, we have to emphasise this kind of investment. This event is crucial for advancing sustainability and green technology, as the government aims to achieve a target of RM300 billion in green investments by 2030, demonstrating a strong commitment to green energy,” he said.
He added that Malaysia is dedicated to the global effort against climate change and has committed to reducing greenhouse gas (GHG) emissions intensity, with the goal of achieving Net Zero emissions by 2050.
Key master plans, such as the New Industrial Master Plan (NIMP) 2030 and the National Renewable Energy Roadmap (NETR), as well as the newly launched Green Investment Strategy (GIS), play pivotal roles in Malaysia’s strategy to expand its renewable energy (RE) capacity.
These initiatives are part of Malaysia’s ambitious goal to achieve 70 per cent renewable energy by 2050, aligning with its broader objective of achieving net-zero carbon emissions as early as 2050.
Hence, Sikh Shamsul Ibrahim said MIDA, as Malaysia’s central Investment Promotion Agency, is pivotal in making Malaysia a prime green hub by 2030.
Green Investments
Sikh Shamsul Ibrahim stated that from January to June 2024, MIDA approved 399 green projects under the Green Investment Tax Allowance (GITA) and Green Income Tax Exemption (GITE) incentives, with a total value of RM1.02 billion.
“Of these, 391 were RE projects, mostly dominated by solar, accounting for RM887.4 million in investment, while the remaining eight projects were focused on energy efficiency with a total investment value of RM130.6 million,” he said.
Source: Bernama
