MITI grants extension of project implementation period for manufacturing sector
16 Jun 2020
The Ministry of International Trade and Industry (MITI) has agreed to extend the project implementation period for companies which have been accorded manufacturing licences under the Industrial Coordination Act 1975.
In a statement today, Malaysian Investment Development Authority (MIDA) said that this is one of the pro-active measures taken by the government to ensure that the economic sectors remain competitive despite the ongoing COVID-19 pandemic.
“Under the normal procedure, licensed companies are required to implement their approved projects within a time period, as stipulated in their Approval Letter of Manufacturing Licence.
“With the implementation of this relaxation mechanism, the manufacturing company will be automatically given a 12-month extension to implement their projects, commencing from the end date of the implementation period stated in the approval letter,” it said.
It added that the extension shall only be applicable and available to companies that have obtained interim approvals or manufacturing licences under the Industrial Coordination Act 1975 from MITI and have yet to implement their projects.
“To enjoy this automatic extension, companies are required to submit their applications to MIDA from June 16, 2020 until May 31, 2021,” it said.
Source: Bernama
