The Malaysian Investment Development Authority (Mida) is encouraging businesses to leverage the enhanced Malaysia-Singapore Business Development Fund (MSBDF) for ventures in third countries.

The agency under the Investment, Trade, and Industry Ministry (MITI) said a significant enhancement to the provisions of the MSBDF agreement was agreed upon on Oct 30, 2023, between Minister Tengku Datuk Seri Zafrul Abdul Aziz and Singapore’s Trade and Industry Minister Gan Kim Yong.

The fund enables both countries to jointly pursue opportunities in third countries and conduct joint pilots in each other’s country, especially in emerging areas such as the green economy and digital economy.

“Malaysia and Singapore’s unique relationship is underscored by our geographical, as well as long-standing economic and shared cultural ties.

“The enhancements to MSBDF make it more conducive for future collaborative efforts. We strongly encourage businesses to tap into the MSBDF, another important platform through which we can create and deliver more tangible benefits for our people and businesses,” Tengku Zafrul said in a statement on Wednesday.

Mida chief executive officer Datuk Arham Abdul Rahman said the agency is poised to facilitate companies that are keen to explore these new avenues, ensuring a streamlined process for those looking to capitalise on the opportunities presented by the MSBDF.

The MSBDF, administered by MIDA and Enterprise Singapore, the neighbouring country’s government agency championing enterprise development, welcomes applications from Malaysian and Singaporean businesses and associations.

According to the statement, Malaysian SMEs can visit MIDA’s official website https://www.mida.gov.my/invest-inmalaysia/business-facilitation/ for further details on guidelines, eligibility criteria, application procedures and funding mechanisms.

The fund was first established in 2004 to bolster collaboration between the private sectors of both countries.

Source: Bernama

Use Malaysia-Singapore fund to tap third country opportunities: MIDA

The Malaysian government’s recent strategic working visit to Germany and Australia, which resulted in potential investments totaling almost RM70 billion, demonstrates Malaysia’s adeptness in navigating the global investment landscape.

The Malaysian Investment Development Authority (MIDA) said it has been at the forefront of implementing strategies and initiatives aimed at improving Malaysia’s investment landscape. 

By focusing on reducing bureaucratic hurdles, enhancing transparency, and ensuring a competitive and supportive environment for both domestic and international investors, MIDA has significantly contributed to this international recognition, it said.

“MIDA is dedicated to building upon this success by continually enhancing our services and support systems for investors,” said Datuk Wira Arham Abdul Rahman, chief executive officer of MIDA. 

“Our goal is to not only maintain Malaysia’s position as a prime investment destination in Asia but also to elevate our standing on the global stage. We are devoted to making Malaysia the ultimate investment sweet spot by ensuring a more seamless and efficient investment process across the nation,” he said in a statement.

MIDA, in collaboration with MITI and other ministries and agencies at both federal and state levels, will continue to drive forward Malaysia’s investment agenda and ease of doing business, leveraging the country’s strategic location, political stability, robust infrastructure, and dynamic workforce.

“As Malaysia strides into the future, MIDA invites investors from around the globe to explore the diverse opportunities in the country that is not only strategically positioned but is also committed to fostering responsible and sustainable investments and building an inclusive economic landscape for the nation.”

Meanwhile, the recent working visit to Germany, led by the Prime Minister, Dtuk Seri Anwar Ibrahim, together with the Minister of Investment, Trade, and Industry (MITI), Tengku Datuk Seri Utama Zafrul Abdul Aziz, marked a significant milestone, with prospective investments amounting to RM45.4 billion. 

A similarly fruitful mission to Australia resulted in commitments from Australian companies to invest RM24.5 billion.

MIDA regards the recent Global Opportunity Index (GOI) 2024 report by the Milken Institute, which ranked Malaysia as the best country in Asia for overall investment conditions, as a major achievement.

Globally, Malaysia is ranked 27th, higher than competitors from the region like Thailand and China.

MIDA said this accomplishment is seen as a turning point in the country’s economic development path.

According to the research, Malaysia is among the top 10 rising and developing nations in Asia, possessing a strong institutional structure and well-rounded strengths in the financial, regulatory, and economic domains.

Malaysia offers a much lower-risk investment environment that sets it apart from other growing Asian economies. It has outperformed its peers in all five categories of the Global Opportunity Index.

MIDA said this prestigious ranking is a direct reflection of the relentless efforts by the Malaysian Government, spearheaded by MITI, with MIDA playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation.

From extensive trade and investment missions to forging international partnerships, Malaysia’s concerted efforts are bearing fruit, unlocking potential investments worth billions, MIDA said.

Source: NST

MIDA to elevate Malaysia’s standing on the world stage

Malaysian Investment Development Authority (Mida) said Malaysia ranked above Thailand and China in terms of investment conditions, in a report by Milken Institute. 

Mida said in a statement  Malaysia ranked 27th in the Global Opportunity Index (GOI) 2024. 

Mida said Malaysia emerged as a standout among the top 10 countries in emerging and developing Asia, boasting a strong institutional framework and balanced strengths across economic, financial and regulatory domains.  

Malaysia surpassed its counterparts in five categories of the GOI, offering a comparatively lower-risk investment landscape. 

The report said in addition to its robust Business Perception and Financial Services, Malaysia ranks relatively high in the Institutional Framework category, partly due to the strength of investors’ rights in this country. 

Mida said the ranking in the GOI 2024 is a reflection of the relentless efforts by the government, spearheaded by the Investment, Trade and Industry Ministry, with Mida playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation.  

From extensive trade and investment missions to forging international partnerships, Malaysia’s concerted efforts are bearing fruit, unlocking potential investments worth billions.  

Notably, the recent working visit to Germany led by Prime Minister Datuk Seri Anwar Ibrahim marked a significant milestone with prospective investments amounting to RM45.4 billion.  

This venture, coupled with a similarly fruitful mission to Australia which resulted in investment  commitments of RM24.5 billion, underscores Malaysia’s adeptness in navigating the international investment landscape. 

The GOI 2024 is based on 100 indicators classified into five categories: Business Perception, Economic Fundamentals, Financial Services, Institutional Framework, and International Standards and Policy.

Source: NST

MIDA says Malaysia ranked above Thailand and China, in terms of investment conditions in Milken report

Malaysian Investment Development Authority (Mida) said Malaysia has been ranked 27th place in the recent Global Opportunity Index (GOI) 2024 report by the Milken Institute.

The institute distinguished Malaysia as the leading nation among Asia’s emerging and developing countries in terms of overall investment conditions.

“Malaysia’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in the nation’s economic development journey,” said Mida in a statement.

Surpassing its counterparts in all five five categories of the Global Opportunity Index, Malaysia offers a comparatively lower-risk investment landscape, setting it apart from other developing Asian markets, read the statement.

“Notably, the recent strategic working visit to Germany, led by the Prime Minister Datuk Seri Anwar Ibrahim, together with the Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz, marked a significant milestone with prospective investments amounting to RM45.4 billion,” added Mida.

This venture, it said, coupled with a separate mission to Australia, resulted in commitments from Australian companies to invest RM24.5 billion.

Source: The Edge Malaysia

MIDA: Malaysia ranks 27th in Milken Institute’s Global Opportunity Index

The Milken Institute’s recognition underscores the effectiveness of Malaysia’s economic policies and the concerted efforts of all stakeholders, including government agencies, industry players, and the investment community, said the Malaysian Investment Development Authority (Mida).

According to its Global Opportunity Index (GOI) 2024 report, Malaysia was recognised as the leading nation among Asia’s emerging and developing nations in terms of overall investment conditions.

Mida said Malaysia’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in the nation’s economic development journey.

“The prestigious ranking was a direct reflection of the relentless efforts by the government, spearheaded by the Investment, Trade, and Industry Ministry (Miti), with Mida playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation,” it said in a statement today.

Notably, the recent strategic working visit to Germany marked a significant milestone with prospective investments amounting to RM45.4 billion, coupled with a similar mission to Australia, which resulted in commitments from Australian companies to invest RM24.5 billion.

Mida chief executive officer Datuk Arham Abdul Rahman said the investment promotion agency is dedicated to building upon this success by continually enhancing its services and support systems for investors.

“Our goal is to not only maintain Malaysia’s position as a prime investment destination in Asia but also to elevate our standing on the global stage.

“We are devoted to making Malaysia the ultimate investment sweet spot by ensuring a more seamless and efficient investment process across the nation,” he said.

In line with the sentiments expressed by Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Mida reiterated its commitment to addressing the key pain points along the investor’s journey and optimising the investment climate in Malaysia.

It said future initiatives will focus on digitalisation, sustainability, and innovation, ensuring Malaysia remains attractive to sectors pivotal for future economic growth and in sync with current policies, namely the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and the 12th Malaysia Plan.

“Mida’s strategic approach includes enhancing partnerships, both locally and internationally, to foster a collaborative investment environment.

“These efforts are part of a broader national strategy to secure Malaysia’s position as the gateway to Asia for investors seeking growth, innovation, and sustainability,” it said.

Mida, in collaboration with Miti and other ministries and agencies at both the Federal and state levels, will continue to drive forward Malaysia’s investment agenda and ease of doing business, leveraging the country’s strategic location, political stability, robust infrastructure, and dynamic workforce.

Source: Bernama

Milken Institute’s recognition highlights Malaysia’s economic policies’ effectiveness – MIDA

The Malaysian Investment Development Authority (Mida) should set a target of at least a 10 per cent increase in approved investments from RM329.5 billion last year.

Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said that there is a definite correlation between approved investments and the nation’s gross domestic product (GDP).

“So, in my opinion, if Bank Negara Malaysia (BNM) and the Ministry of Finance expect our GDP to grow by 4.0-5.0 per cent this year, then Mida should target at least a 10 per cent increase (in approved investments).

“I understand that investments also depend on external factors, but we must set a target because investments are a component of the GDP, so we need to align with the GDP target. This is only my suggestion,” he said.

The minister said this during the media briefing on the Seminar on East Coast Rail Link-Economic Accelerator Project (ECRL-EAP) Business and Investment Opportunities held here today.

“I think we need to set key performance indicators for both approved and executed investments,” he said.

Meanwhile, Tengku Zafrul empathised with the plight of the Goodyear employees, adding that the government’s priority is to ensure the welfare of the workers.

Yesterday, the global tyre manufacturer announced the closure of its factory in Shah Alam starting June this year as part of its cost-cutting measures — a move which will affect some 500 employees.

“Miti and its agency Mida have mobilised a special team, involving the Social Security Organisation and the Labour Department through the newly formed Invest Malaysia Facilitation Centre to facilitate job placement assistance for the employees and offer skills enhancement and reskilling programmes,” he said.

He noted that Goodyear has also assured that they will provide compensation higher than what is mandated by law.

“The company is also collaborating with Proton Holdings Bhd and several other companies to provide suitable job opportunities.

“Most importantly, all these efforts have begun before the announcement of the factory closure to ensure a smooth transition process for the workers,” added Tengku Zafrul.

Source: Bernama

Tengku Zafrul proposes MIDA to target 10pc y-o-y increase in approved investments

Malaysia’s significant advancement in the world competitiveness ranking, climbing from 32nd place to 27th last year, underscores the trust and confidence instilled in the country by the global investment community, said the Malaysian Investment Development Authority (MIDA).

According to MIDA, Malaysia achieved a historic investment performance in 2023, with RM329.5 billion of approved investments across various economic sectors.

MIDA said that this is a testament to the strength of the country’s policies designed to foster growth and investment opportunities.

It said that within the manufacturing sector alone, which accounted for RM152 billion of the total approved investments, 62.9 per cent, or RM95.5 billion, originated from existing businesses expanding and diversifying their operations.

“This indicates a strong vote of confidence from established companies in Malaysia’s economic stability and growth prospects,” it said in a statement.

MIDA’s analysis of annual project implementation reveals a consistent and noteworthy trend: over 85 per cent of approved manufacturing projects in 2021 and 2022 have been implemented.

For approved projects in 2023, it said that 50.1 per cent of these have reached the implementation stage.

“It is to be noted that this is highly encouraging, considering that manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of each project.

“Such achievements reflect Malaysia’s substantial potential for delivering attractive returns amidst its journey towards becoming a developed and inclusive economy,” it said.

It said that the government, through MITI and MIDA, remained steadfast in their dedication to advancing the goals under the MADANI Economy Framework, driving quality job creation and economic benefits for the rakyat.

“Our emphasis on innovation and sustainability positions Malaysia as a global model of progress and environmental stewardship, ensuring a prosperous and responsible future for all,” it said.

Source: NST

Malaysia achieved historic investment performance in 2023, says MIDA

The government, through initiatives led by the Investment, Trade and Industry Ministry (Miti) and the Malaysian Investment Development Authority (Mida), has mobilised a “specialised” team to help 550 employees affected by Goodyear’s Shah Alam factory shutdown.

“Miti and Mida have mobilised a specialised team to facilitate job placements, as well as offering upskilling and reskilling programmes for the affected employees.

“Leveraging its experience, Mida has actively engaged with the Social Security Organisation (Socso) and the Labour Department through the newly formed Invest Malaysia Facilitation Centre to assist with job placements  for employees from various sectors.

“This collaborative effort underscores the potential for similarly effective support mechanisms to be extended to those affected by Goodyear’s Shah Alam plant closure, demonstrating a committed approach to workforce transition and resilience,” Mida said in a statement today.

Additionally, Miti and Mida said the intervention is a testament to the unwavering commitment to supporting the local workforce through transformative industrial changes, drawing on previous successful collaborations with companies undertaking similar rationalisation as part of their business plans for closure or downsizing, ensuring workers are well-positioned for new and fresh job opportunities.

“This situation underlines the importance of Miti and Mida’s commitment to supporting affected workers and fostering resilience,” it said.

Goodyear has decided to close its manufacturing facility in Shah Alam and about 550 employees will be directly affected by the shutdown. Goodyear, alongside its shareholders, has been in close coordination with the government well before this decision was publicised, working diligently to establish a support framework for the employees, according to Mida.

“This development is part of Goodyear’s global move aimed at achieving US$1 billion in annualised cost savings by 2025. The company has been operating at a loss since 2017, prompting a strategic shift towards optimising its operations,” it said.

As part of its restructuring, Goodyear has indicated plans to transition from manufacturing to a distributor business model, focusing on premium profitable segments, building capability in sales and marketing, strengthening the distribution network, and improving the cost structure.

“Malaysia achieved a historic investment performance in 2023 with a remarkable RM329.5 billion of approved investments across various economic sectors,” Mida noted.

Notably, within the manufacturing sector alone, which accounted for RM152 billion of the total approved investments, a significant portion — 62.9 per cent, or RM95.5 billion — originated from existing businesses expanding and diversifying their operations. “This indicates a strong vote of confidence from established companies in Malaysia’s economic stability and growth prospects,” it said.

Source: Bernama

Govt mobilises ‘specialised’ team to help employees affected by Goodyear factory closure

The Malaysian Investment Development Authority (MIDA) has officially received the ECRL Integrated Land Use Master Plan (PeGTaECRL) from PLANMalaysia in conjunction with the Seminar on the East Coast Rail Link-Economic Accelerator Project (ECRL-EAP) Business and Investment Opportunities.

In a statement today, MIDA said its chief executive officer Datuk Arham Abdul Rahman received the PeGTaECRL from PLANMalaysia director-general Alias Rameli in an official handover ceremony during the seminar.

It said the momentous occasion signifies a new chapter in Malaysia’s strategic development, with the PeGTaECRL serving as a blueprint for development along the ECRL routes.

“Focused on the 20 strategically identified stations, the plan aims to attract investments and foster harmony between the country’s East and West Coast regions.

“The collaboration between PLANMalaysia and Mida underscores a commitment to integrated planning, economic growth and regional connectivity.

“By aligning land use planning with transportation infrastructure, the PeGTaECRL aims to optimise development opportunities, enhance connectivity, and promote balanced progress across the country’s east and west coasts,” MIDA said.

The seminar, organised by MIDA together with its strategic partners, Malaysia Rail Link Sdn Bhd and PLANMalaysia, marks a significant stride forward following the signing of the memorandum of understanding between Mida and China Communications Construction Company Ltd in 2019 in Beijing, China.

“MIDA, alongside its strategic partners, is committed to promoting the ECRL-EAP to its fullest potential.

“Local and international investors are invited to participate in these economic transformative projects, while stakeholders are encouraged to engage in capacity-building activities to drive the project’s success,” it said.

Source: Bernama

MIDA officially receives ECRL Integrated Land Use Master Plan from PLANMalaysia, says CEO

Malaysia is confident of achieving higher approved investments in 2024 after recording an all-time high of RM329.5 billion last year.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the ministry is yet to finalise the target figure, adding that “we will finetune the target but (expect a) minimum of 8 to 10 per cent growth in approved investments”.

He said the investment growth positively correlated with the nation’s gross domestic product (GDP), which is forecast to grow 4.0-5.0 per cent this year.

“So, it has to be double the GDP growth. Then we look at the industries and their cycles, we see that the electrical and electronics (E&E) sector is at a good upcycle.

“But other sectors are experiencing oversupply, so there will be some impact,” he said during the annual announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for 2023.

“To date, there are 1,710 projects in the pipeline, with proposed investments totalling RM87.8 billion,” he added.

Of these proposed investments, a total of 1,648 projects are from the selected services sector (RM52.7 billion), while 62 projects are from the manufacturing sector (RM35.1 billion), all of which fall under the Malaysian Investment Development Authority’s (MIDA) purview.

Additionally, a total of RM88.82 billion in high-potential investment leads is actively being negotiated by MIDA.

On the ringgit, Tengku Zafrul said the investment sector is less sensitive to its movement.

“The currency for investment is not as sensitive when it comes to capital flows.

“When we discussed with investors, the ringgit was not discussed at all, to be honest,” he noted

Nevertheless, he highlighted the importance of doubling investment contribution to the GDP from the current 20-23 per cent.

“In 1990, the investment component of GDP was double what it is today. Last time, it was close to 35 per cent. So, we need to go back to where we were before,” he said.

He said the ministry is pushing harder to attract investment and trade into the country.

“MIDA’s restructuring as the central investment promotion agency is a strategic initiative to reshape and strengthen Malaysia’s investment promotion landscape.

“The goal is to attract quality investments that complement national objectives, focus on essential industries, ensure the swift realisation of approved investments and boost investors’ contentment.

“Fundamentally, MIDA endeavours to create an inviting business climate, drive economic progress and provide investors with a smooth and rewarding experience,” Tengku Zafrul said.

Source: Bernama

Tengku Zafrul: Malaysia expects higher approved investments this year, beating last year’s record

Prompt and disciplined implementation of approved investments is important to generate positive economic spillovers to domestic small and medium enterprises (SMEs) and the creation of 127,000 job opportunities for the people, according to the Ministry of Investment, Trade and Industry (MITI).

MITI and the Malaysian Investment Development Authority (MIDA) are working hard to fully realise the approved investments for 2023, which was RM329.5 billion, a 23 per cent increase compared to 2022.

“Of that amount, foreign investment (FDI) was the main contributor at 57.2 per cent compared to domestic investment (DDI) at 42.8 per cent.

“The 35.1 per cent increase in DDI also reflected the encouraging confidence of local investors in the MADANI Government’s economic policies,“ said the ministry in a written reply to Datuk Seri Shahidan Kassim’s (pix) question at the Dewan Rakyat sitting today.

He wanted to know the latest status of the investment of RM170 billion that was promised as a result of the official working visit to China in April 2023 and what is the actual amount of money invested to date.

Commenting further, MITI said the total investment approved involved 5,101 projects and has the potential to create more than 127,000 new job opportunities in the country.

MITI, through its agencies such as the Malaysia Productivity Corporation (MPC), is also striving to train as many local workers as possible through programmes such as the Academy in Industry (AiI) to meet the demand for quality and trained talent from high-tech and high-impact industries.

“Until February 2024, MPC has successfully placed and improved the skills of 2,665 youths who did not have the opportunity to go to higher education institutions to get a job or improve their ability to benefit from the investment realised in Malaysia,“ it said.

Through the trade and investment mission to China from March 29 until April 3, 2023, MITI said the investment potential from conferences, roundtable meetings and the Malaysia-China Business Forum was estimated to be worth RM170 billion.

Disciplined implementation is one of MITI’s main focuses this year. “Thus, MITI and MIDA are always committed to providing advice, support and facilitation services to potential investors to ensure the implementation of approved projects can be realised as soon as possible,“ said the ministry.

Furthermore, in terms of implementation, MITI has established, among others, the Investment and Trade Implementation Action Committee (JTPPP) which is chaired by the MITI Minister to immediately solve implementation issues and obstacles related to investment and trade, especially high-quality and high-impact investments, including a focus on accelerating the implementation of projects.

The establishment of the Invest Malaysia Facilitation Centre and the Project Implementation and Facilitation Office at MIDA has also helped speed up the process of approval and implementation of investment projects.

Various manufacturing projects that would generally take 18-24 months to complete were successfully implemented in less than 18 months.

Among the projects that were successfully implemented quickly was Enovix Malaysia Sdn Bhd, which developed a silicon carbide battery manufacturing facility involving an investment of RM5.8 billion (US$1.2 billion) over 15 years. 

Source: Bernama

MITI committed to expediting investment implementation to generate economic spillovers, create 127,000 jobs: MITI

Investment, Trade and Industry (Miti) Minister Datuk Seri Tengku Zafrul Abdul Aziz announced today that the government had approved a 23 per cent increase in investments with RM329.5 billion for 2023 as compared to the year before.

Tengku Zafrul said that the amount, which is the highest in the country’s history, includes foreign investment which is the main contributor at 57.2 per cent as compared to domestic investment which is 42.8 per cent.

“So far, on average, the annual implementation performance (for the period 2021-2023) shows that more than 85 per cent of approved manufacturing projects have been implemented, led by Miti and its agency, the Malaysian Investment Development Authority (Mida).

“We will ensure the full implementation rate (approaching 100 per cent) in the coming years,” he said in a statement.

Tengku Zafrul said the approved investment involves 5,101 projects that have the potential to create more than 127,000 new job opportunities.

“The achievement of the total investment reflects the recovery and revival of the national economy. The 35.1 per cent increase in domestic investment also reflects confidence in the policies of the Madani government,” he said.

From 2021 to 2023, Tengku Zafrul said that a total of 2,386 manufacturing projects have been approved.

“Manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of a project,” he added.

He explained that investments were approved via the National Investment Council, Investment and Trade Coordination Action Committee and Investment Coordination Committee Meeting to expedite the process.

“Mida through the Project Implementation and Facilitation Office (TRACK) is also committed to ensure that approved manufacturing projects can be implemented immediately.

“TRACK’s role is very important in increasing the effectiveness of the investment monitoring and facilitation process in order to accelerate and increase the rate of project implementation in Malaysia,” he said.

Tengku Zafrul also said that the ministry and its agencies have facilitated investors’ journeys in Malaysia through the Invest Malaysia Facilitation Centre located at Mida.

Through the caterer, he said, investors can resolve various administrative matters directly with authorities such as Customs, Immigration, the Inland Revenue Board and the Labour Department.

Tengku Zafrul said that Miti also prioritises the development and production of quality talent to meet the dynamic demands of the industry so that Malaysia’s position as a centre of innovation and excellence remains strong.

“We will also prioritise the opening of opportunities for local companies and SMEs to receive the benefits of the various investments implemented in Malaysia,” he said.

Source: Malay Mail

Tengku Zafrul: RM329.5b approved investments will create 127,000 jobs

More than 85 per cent of the manufacturing projects approved in 2021-2023 have been implemented to date, led by the Investment, Trade and Industry Ministry (MITI) and its agency the Malaysian Investment Development Authority (MIDA).

MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said a total 2,386 manufacturing projects were approved during that period, and generally these projects would require 18 to 24 months to be completed, depending on their complexity.

“We will ensure a full implementation rate (nearly 100 per cent) in the years to come.

“MITI also would like to recognise the contributions from various parties at all levels, including the various ministries, agencies and private sector that have assisted in expediting the investment commitments’ implementation process,” he said in a statement today.

Tengku Zafrul said the total approved investment of RM329.5 billion recorded for 2023 reflects the recovery and revival of the national economy.

“The 35.1 per cent jump in domestic investments also reflects the confidence in the MADANI Government’s policies,” he said.

He cited several projects that succeeded to be implemented in a short duration — less than 18 months — including silicon battery company Enovix Corporation’s unit Enovix Malaysia Sdn Bhd which was able to implement its project in less than six months.

Other companies mentioned were Ferrotec Manufaturing Malaysia Sdn Bhd, which established Ferrotec Holdings’ first manufacturing facility for electromechanical assembly and advanced material fabrication for semiconductor equipment in Southeast Asia, and Ultra Clean Technology (Malaysia) Sdn Bhd, which invested in a capacity expansion project in Penang.

“The rapid and thorough implementation to realise the approved investments has been executed via platforms such as the National Investment Council (MPN), Investment and Trade Coordination Action Committee (JTPPP) and Investment Coordination Committee Meeting (ICCM).

“MIDA, through the Project Implementation and Facilitation Office (TRACK), is also committed in ensuring the approved manufacturing projects can be implemented immediately,” he added.

Source: Bernama

Tengku Zafrul: Over 85% of approved manufacturing projects implemented

The Invest Malaysia Facilitation Centre (IMFC) is ready to help and speed up investment projects in the country, says Tengku Datuk Seri Tengku Zafrul Tengku Abdul Aziz.

“We have been looking at ways to speed up the process for investors and we do not want to call it a one-stop-centre any longer,” he said.

“This is because people will laugh at us because when they go there, things end up stopping there.

“We set up the IMFC on Dec 1 and it is now fully operational,” the International Trade and Industries Minister told reporters after visiting the Back to School MoodaFest 2024 on Sunday (Jan 7).

He said the IMFC housed representatives from several relevant agencies to help fast track projects involving both local and foreign investors.

On the setting-up of the IMFC, Zafrul said that this was in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for efforts to boost efficiency, cut bureaucracy, ensure speed in approvals and to look at ease of doing business to further attract investments.

Malaysia has secured significant potential investment, including RM6.56bil from Japanese firms during the Prime Minister’s visit to Japan in December.

The nation had also secured RM63.02bil in proposed investments from the United States, mainly from technology giants.

Apart from this, Malaysia had also secured RM190bil in investments from China in several sectors including the automotive industry.

Meanwhile, Zafrul said that despite the current global economic challenges, the nation succeeded in securing investments worth more than RM200bil in the first nine months of last year.

“This shows that Malaysia remains attractive for investors, but now we have to focus on the execution of the projects due to the amount of investments committed and the projects that have been approved,” said Zafrul.

He said this was crucial as it would show the rakyat that the government could deliver its promises in terms of realising investments for the benefit of the nation.

“This is one of the challenges we face in 2024 with regards to investments; how to improve the ease of doing business for both domestic and international investors. Admittedly, there is still room for improvement,” he said.

Besides the Kuala Lumpur-based IMFC under Malaysian Investment Development Authority (Mida), Zafrul said that the government had also set up a Coordinating Committee on Investment to help facilitate better cooperation from relevant agencies.

Source: The Star

Invest Malaysia Facilitation Centre ready to help projects in the country, says Zafrul

A total of 25 Japanese companies have expressed interest in investing in Malaysia and participated in the Roundtable Meeting with Prime Minister Datuk Seri Anwar Ibrahim, here, at the Japan-Asean Commemorative Summit.

Organised by the Malaysian Investment Development Authority (Mida), the meeting seeks to encourage and facilitate potential and new investment from a number of Japan’s biggest industry players.

Among them include big names in manufacturing, services and trade.

Anwar said that the New Industrial Master Plan 2030, which aims to chronicle Malaysia’s industrial development from 2023 to 2030, outlined the country’s approach to investment partnerships.

“From our New Industrial Master Plan (NIMP 2030), it is very clear what we want to achieve, what the mission is. And then, our focus now is digital transformation. So industries involved in this deal should be encouraged to participate and cooperate with us (Malaysia).

“Why I am here is of course to listen to you… what needs to be done to facilitate or even accelerate the process of engagement and possible investments from your end,” he said.

Anwar thanked the Japan-Malaysia Economic Association (Jameca) for coordinating the meeting in Tokyo for Mida which comes under the purview of the Investment, Trade and Industry Ministry.

“And I am of course very thankful to Jameca for coordinating this event and I am particularly impressed by the fact that so many captains of industries are present and have given their support. And on behalf of Malaysians, I want to thank you again.”

Also present was Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz who opened the meeting.

Zafrul acknowledged Japan as one of Malaysia’s top three sources of foreign direct investment (FDI) into the country.

He said that the roundtable discussion would look at establishing partnerships in innovative and green technology, as well as energy transition, among others.

Zafrul also added that the one stop centre for investment related matters or Invest Malaysia Facilitation Centre (IMFC) established by his ministry, would also be a big part in facilitating cooperation between Malaysia and Japan.

IMFC started operations on Dec 1. Located at Mida headquarters, it was set up to facilitate the affairs of the business community and investors in manufacturing and services at various levels of the Federal and state governments.

Source: Bernama

25 Japanese industry players express interest in investing in Malaysia, participate in MIDA roundtable meeting

The Malaysian Investment Development Authority (MIDA) is committed to unearthing cost-effective mechanisms aimed at accelerating investments in sustainable projects in sectors such as renewable energy, hydrogen and green growth, in line with the government’s aspiration for net-zero emissions by 2050.

According to MIDA chairman Tan Sri Dr Sulaiman Mahbob, emphasis has been placed on promoting research and development (R&D) activities and identifying the latest technology trends as well as emerging technologies. “Collaborative efforts with industries, both local and foreign R&D institutions, as well as technology providers are also pursued,” he told Bernama.

He said the strategic focus is geared towards nurturing local expertise in the evolving dynamic innovation landscape, ensuring Malaysia remains at the forefront of maintaining a leading position in technological advancements in sustainability and environmental, social, and corporate governance (ESG) practices.

This is in line with the New Industrial Master Plan (NIMP) 2030, a blueprint for resilient industrial transformation and sustainable growth and the ESG Framework.

Sulaiman expressed concerns about stand-alone and non-exporting small and medium enterprises (SMEs), which may not readily fully recognise the significance and importance of integrating ESG into their business operations. “Ensuring an inclusive journey where no one is left behind is important to us,” he said.

It is imperative for all industry players, regardless of size or sector to embark on an ESG transformative path in light of Malaysia’s net-zero emissions, he added.

“Hence, MIDA will lead deals and negotiations for all investment projects in the manufacturing and selected services sectors by redesigning promotional strategies and activities to emphasise the element of ESG sustainable practices,” he said.

Key focal points include enhancing talent management for industrial development, moving comprehensive ESG adoption, as well as developing and strengthening the industrial ecosystem in Malaysia.

“We are also proposing the right supporting tools such as AI-driven technologies for local industry players by working together with the Ministry of Investment, Trade Industry (MITI), the R&D institutions, industry and other government key stakeholders to streamline ESG efforts and facilitate a wider ESG adoption in Malaysia,” he said.

To remain relevant in business, he said SMEs have no other alternatives but to adopt ESG practices to remain in the global supply chain as the anchor companies must comply with the Scope 3 emissions.

Companies adopting sustainable business practices will have a competitive advantage such as new markets and sustainable supply chain development and promote a stronger brand identity.

Furthermore, the inclusion of ESG reporting in earnings reports is trending among businesses. Investors and lenders are becoming highly attracted to companies that invest in ESG and use ESG disclosures to shed light on their sustainability efforts.

He also pointed out that many local businesses, particularly SMEs, face financial constraints in transitioning to sustainable practices, in which the initial investment required for sustainable technologies and infrastructure improvements poses a considerable barrier.

Sulaiman emphasised MIDA’s role in providing comprehensive support and facilitation, including initiatives like MIDA’s Project Acceleration and Coordination Unit (TRACK) that aim to enhance business process efficiency and ensure a smooth investment journey.

“In line with the government’s pro-active approach to ease of doing business, MITI has set up the Invest Malaysia Facilitation Centre (IMFC) at MIDA headquarters from Dec 1, 2023,” he said.

As of September 2023, MIDA has approved 4,073 green projects valued at over RM38.9 billion worth of investment. Notably, green technology investments recorded a significant 24.6% growth for the period of January-September 2023 over the same period last year, totalling RM1.5 billion, comprising 490 projects.

These investments cover various green technology initiatives, including renewable energy, energy efficiency, integrated waste management, green buildings and services which are under Mida’s purview.

Additionally, electric vehicle components and assembly reached RM291.3 million of approved investments from January to September 2023.

Source: Bernama

MIDA emphasises technology adoption, ESG practices for sustainable investment ecosystem

The RM225 billion of investments approved by the Investment, Trade and Industry Ministry (Miti) for the January-September period this year, represent one of Malaysia’s best achievements over the past decade, according to Tengku Datuk Seri Zafrul Abdul Aziz.

The Miti minister said this is a testament to Malaysia’s continued attractiveness as an investment destination and investors’ confidence towards Malaysia as an investment destination.

“The proportions of foreign direct investment (FDI) and domestic direct investment (DDI) are nearly the same, with FDI at 56 per cent and DDI 44 per cent of total investment for the first nine months of the year,” he told a media conference to announce Miti’s Report Card 2023 —A Year of Madani Government today.

Meanwhile, RM347 billion in  committed investments have been secured during investment missions this year with RM170 billion from China, RM63 billion  from the United States at the US-Apec meeting,  RM40.6 billion from Abu Dhabi, RM24 billion from South Korea, RM23.1 billion from Japan , RM13 billion from Singapore, RM5 billion  from Brunei, RM4.74 billion from the US-United Nations General Assembly, RM3.3 billion from Italy , RM300 million from Indonesia and RM5 million from Vietnam.

Tengku Zafrul noted the inflow of investments from countries such as the Netherlands, Singapore, the US, China, and Japan reflects the type of high-tech strategic investments that Malaysia is targeting from global players.

“The Investment, Trade and Industry Ministry and its agency, the Malaysian Investment Development Authority, will continue to position Malaysia as a highly viable and stable destination to attract more investment inflows strategically as a result of the redesign of the supply chain in the global investment landscape, in line with industrial transformation as set out in the New Industrial Master Plan 2030.”

He also said that the Malaysia International Halal Showcase 2023 recorded one of the proudest achievements during the first nine months which amounted to RM3.11 billion in sales value, up 24 per cent compared to the target of RM2.5 billion, with 44 exhibiting countries during the tradeshow.

Meanwhile, export commitments from the 2023 trade mission registered a total of RM13.39 billion, including RM2.7 billion from South Korea, RM2.6 billion from Beijing, China,   RM3.2 billion from Nanning, China, RM780 million from Hong Kong, RM2.1 billion from Japan and RM2.1 billion from the US.

Additionally, he said, Miti is currently putting in efforts to enter other new markets such as Ecuador, Nigeria, Tanzania, Puerto Rico, and Kyrgyzstan to expand the country’s export market.

Elaborating on the priorities for 2024, Tengku Zafrul said Miti will focus on expediting the investment process and achieving the digital economy investment target of RM130 billion by 2025.

“Besides that, focus is also given to completing the rationalisation of the investment promotion agencies next year,” he said.

In terms of trade, he said Miti is targeting a five per cent growth for 2024 in tandem with the World Trade Organisation’s forecast which shows a rather challenging trend.

“We also want to open new markets including in the Middle East, Africa and South America,” he said.

He added that Miti will also refine and improve several relevant free trade agreements with several parties, especially in the digital and green technology sectors.

Source: Bernama

Approved investments for Jan-Sept 2023 among top achievements over past decade

Malaysia has attracted approved investments worth RM225 billion in services, manufacturing, and primary sectors in the January-September 2023 period, up 6.6 per cent from the RM211 billion investments approved in the same period last year.

The Malaysian Investment Development Authority (Mida) said the services sector accounted for RM117.7 billion, the manufacturing sector for RM99.8 billion, and the primary sector for RM7.5 billion.

The 3,949 approved investment projects are set to unlock 89,495 new job opportunities, showcasing Malaysia’s resilience on the back of prevailing global operational uncertainties across various industries, it said in a statement today.

Foreign direct investment (FDI) accounted for 55.9 per cent, or RM125.7 billion, of the total approved investments, while domestic direct investment (DDI), which surged 45.2 per cent year-on-year, contributed 44.1 per cent or RM99.3 billion.

The Netherlands emerged as the leading source of FDI, contributing RM35.0 billion, while other notable sources included Singapore (RM20.4 billion), the United States (RM18.9 billion), China (RM11.6 billion), and Japan (RM11.2 billion).

“This diversity in the investors’ base highlights Malaysia’s universal appeal as a strategic hub, particularly for the Asean region,” Mida said.

Five states which recorded significant investment values are Kuala Lumpur (RM48.9 billion), Penang (RM44.9 billion), Selangor (RM41.6 billion), Kedah (RM22.6 billion), and Johor (RM20.0 billion).

Commenting on the performance, Investment, Trade, and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz said the growth in approved investments is a testament to Malaysia’s continued attractiveness as an investment destination.

It also reflected the country’s collaborative whole-of-government and whole-of-nation efforts in attracting, facilitating and retaining investments while enhancing the ease of doing business under the Madani Economy framework.

“Investment inflows from countries such as the Netherlands, Singapore, the United States, China, and Japan reflect the high-tech, strategic investments Malaysia targets from global players. But this is no time for complacency.

“Miti and its agency, Mida, will continue to position Malaysia as a highly viable and stable destination to strategically capture more inflows from the redesigning of supply chains in the global investment landscape, in line with our industrial transformation as stipulated in the New Industrial Master Plan 2030,” he said.

As of November, there are 1,428 projects with proposed investments of RM72.3 billion within the agency’s pipeline.

Of these proposed investments, 1,352 projects are from the selected services sector (RM31.8 billion), while 76 projects are from the manufacturing sector (RM40.5 billion), all of which fall under Mida’s purview.

The agency said it is also actively negotiating RM161.6 billion in high-potential investment leads.

Source: Bernama

Malaysia records RM225 bln approved investments from January to September

Malaysian Investment Development Authority (Mida) has approved RM54.7 billion in green investments to date, with the bulk in renewable energy, specifically in solar projects, according to its deputy CEO, Investment Promotion and Facilitation, Sivasuriyamoorthy Sundara Raja.

Going forward, Sivasuriyamoorthy said, the agency is optimistic because of the National Energy Transition Roadmap (NETR) launched by the government earlier this year, which he deemed exceptional.

“So we feel very confident, we feel that we are able to attract more investments, green investments moving forward,” he said at ESG Evolve 2023 recently.

The government has said that it is committed to low-carbon development aimed at restructuring the economic landscape to a more sustainable one. In this context, the NETR sets the goal to accelerate energy transition and change the way energy is generated to improve climate resilience. NETR has developed the Responsible Transition Pathway 2050 to shift Malaysia’s energy systems from fossil fuel-based to greener and low-carbon systems.

NETR outlines 50 initiatives under the six energy transition levers and five enablers, in addition to the 10 flagship projects and initiatives announced in July 2023. The energy transition financing will be undertaken through a combination of grants, loans, rebates, incentives, and other investments to support the whole-of-nation approach.

NETR aims to power our future by unlocking potential in new growth areas and delivering progress and prosperity to Malaysian households and businesses.

Successful implementation of NETR will lift gross domestic product value from RM25 billion in 2023 to RM220 billion and generate 310,000 jobs in 2050.

Mida is one of the Malaysian agencies spearheading national level efforts to put in place all necessary policies, facilitation, and support to ensure that Malaysia is ready to host new green investments coming into the industry over the next few years.

Source: The Sun

MIDA: RM54.7b green investments approved, mainly in renewable energy

The Malaysian Investment Development Authority (MIDA) is anticipating continuing growth in the medical devices sector, especially in diagnostic and point-of-care solutions, a shift towards non-invasive and minimally invasive approaches and the convergence of medical technologies.

MIDA deputy chief executive officer of Investment Promotion and Facilitation Sivasuriyamoorthy Sundara Raja said the future of the medical devices sector looks promising, driven by the increasing prevalence of chronic diseases and a growing emphasis on early diagnosis and treatment.

“This has led to a surge in demand for medical devices, both in developed nations and emerging economies,” he said in his welcoming remarks at a seminar titled ‘Intensifying Malaysian Capabilities to Boost the Medical Devices Sector’’, here today.

Sivasuriyamoorthy said Malaysia’s strength in related sectors, such as precision engineering and pharmaceuticals, has allowed companies to move quickly into medical technology and capture its emerging opportunities.

He said the industry had attracted RM24.5 billion in approved investments from 2018-2022, promising to generate over 40,000 jobs, a testament to the robust growth fuelled by key contributing factors.

“Beyond business operations, the country’s dynamic industry stands as a regional hub for manufacturing, research and development,” he said.

Sivasuriyamoorthy said the medtech sector’s forecasted value of US$3.27 billion (RM15.24 billion) in 2023 is poised to surge, projecting an impressive compound annual growth rate (CAGR) of 7.86 per cent from 2023 to 2028.

“This trajectory indicates not only sustained growth but also positions Malaysia as a key player in the global medtech landscape. Anticipate a remarkable surge, with domestic medical device revenue expected to reach an impressive US$4.78 billion (RM22.27 billion), he said.

Sivasuriyamoorthy said Malaysia’s medical devices sector is strongly supported by precision engineering, machinery and equipment, engineering support services, electronic manufacturing services, plastic components, packaging and sterilisation services.

He said a staggering 99 per cent of the nation’s medical equipment output is destined for international markets, with the majority being in the form of rubber and consumable products.

“Therefore, it is timely that Malaysia intensifies innovation activities in this sector to diversify components of export by focusing on complex products to sustain the industry growth as outlined in the New Industrial Master Plan (NIMP) 2030,” he said.

Sivasuriyamoorthy said Malaysia is striving to be a regional hub for medical device manufacturing, with the government identifying the sector as having high growth potential under the Twelfth Malaysia Plan and this strategic focus is reinforced in Mission 1 of the NIMP 2030.

“The mission, particularly, highlights the medical devices and pharmaceutical industries, leveraging innovation and high-skilled talent to drive a high economic complexity agenda.

“NIMP 2030’s goals include integrating small and medium enterprises and mid-tier companies into domestic and global value chains, and ensuring equitable regional distribution of manufacturing benefits.

“Among the companies are Plexus, Jabil, Tip Corporation, Pentamaster, Greatech, Steris, Masimo Medical Technologies and Steripack,” he said.

Sivasuriyamoorthy said MIDA, as the country’s principal investment promotion and development agency, remains the industry’s key contact point, providing crucial information about valuable government facilities and initiatives.

“MIDA welcomes further investments in the production of medical devices and supporting industries to ensure continuous and uninterrupted supply to both the domestic and international markets as well as to provide national health security,” he added.

Source: Bernama

MIDA anticipates continuing growth in medical devices sector

Malaysia Industrial Development Finance Bhd (MIDF) has partnered with the Malaysian Investment Development Authority (MIDA) and Bizsphere Sdn Bhd to organise the Malaysia Smart Manufacturing Award 2023 Biz Talk and Forum titled Tech Up for Smart Manufacturing.

The event held today served as a pivotal gathering for industry leaders, experts, and stakeholders to delve into the essence of “Mission 2” of the New Industrial Master Plan (NIMP) 2030, “Tech up for a digitally vibrant nation”.

MIDA chairman Tan Sri Sulaiman Mahbob said the NIMP 2030’s “Mission 2” aims to drive digitalisation, enhance labour productivity, support research and development (R&D) for higher-value products, and bolster supply chain resilience.

“Recognising the dynamic nature of the future of manufacturing, strengthening partnerships within the local manufacturing ecosystem is imperative.

“As global companies anchor advanced manufacturing in Malaysia, local enterprises leveraging advanced technologies will become globally competitive and create exciting, quality jobs.

“Innovation, R&D, specialised technology, and high-productivity processes form the foundation, propelling industries forward,” he said in a joint statement today.

Meanwhile, MIDF chief executive officer Azizi Mustafa stressed the group’s commitment as a development finance institution to support local businesses in their growth journey and adoption of technology to enhance productivity and efficiency.

“MIDF is dedicated to providing financial solutions that empower businesses to embrace technology at a very competitive financing rate.

“In an era where digital transformation is pivotal, we stand firm in our support of local enterprises venturing into smart manufacturing practices,” he said.

Azizi further urged companies that have successfully integrated technology and automation into their operations to participate in the Malaysia Smart Manufacturing Award event.

“These companies can serve as role models and inspire others, especially small and medium enterprises, to embark on their journey toward Industry 4.0.

“By recognising and celebrating these achievements, we aim to create a ripple effect, fostering a culture of innovation and technological advancement in Malaysia’s business landscape,” he added.

Besides this event, MIDF and Bizsphere organised the MIDF Automation and Digital Forum throughout the year in six regions nationwide, garnering enthusiastic responses from industry players and encouraging the exploration of automation and digitalisation in business operations.

Source: Bernama

MIDF, MIDA, Bizsphere organise ‘Malaysia Smart Manufacturing Award 2023 Biz Talk and Forum’

Malaysia and South Korea should leverage each other’s strength in manufacturing and technological advancement, respectively, to enhance and attract more investment opportunities between both countries.

Malaysian Investment Development Authority’s (MIDA) executive director for investment policy advocacy (manufacturing) Masni Muhammad said that South Korea has technological advantages in terms of innovation, research and development, as well as semiconductor, electronics, digital economy, and information technology.

“On the other hand, Malaysia is strong in the manufacturing sector and we are the manufacturing hub in South Asia, wherein the country has been blessed with oil palm, oil and gas and mineral resources.

“For example, while Malaysia is blessed with palm oil, South Korea is looking at bio-renewable and this is among the areas we could leverage each other,” she said during the Look East Policy Malaysia-Korea Business Summit today.

Moreover, she said there were recurring themes in Malaysia and South Korea’s economic policies, especially in the green economy, sustainability and digital economy sectors.

“Hence, both countries could work together and enhance green investments globally,” she said.

Apart from that, she said both countries need to fully utilise or enhance the existing free trade agreement, moving forward.

“I think strengthening regulatory framework through bilateral trade will definitely able to boost investment as well as economic cooperation as South Korea has been among the top five contributors to investments in Malaysia,” she further said.

Masni also added that Malaysia would continue to engage with more than 500 Malaysian students in South Korea to work on talent development in order to ensure the country could be able to supply the talent needed by South Korean investors in Malaysia.

Meanwhile, Ministry of Investment, Trade and Industry (MITI) deputy secretary-general for international trade Mastura Ahmad Mustafa urged the South Korean companies to leverage tremendous opportunities outlined by the New Industrial Master Plan (NIMP) 2030, aimed at revitalising the manufacturing sector through its mission-based approach to industrial development for mutual benefits.

South Korea is one of the main sources of foreign direct investment (FDI) for Malaysia, whereby, as of June 2023, a total of 386 projects were implemented with investments amounting to US$9.30 billion (RM33.20 billion), creating a total of 46,580 job opportunities.

Source: Bernama

Malaysia, S. Korea urged to leverage strength in manufacturing, technology to draw investments

Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (seated, centre) during his visit to the Malaysian Investment Development Authority’s (Mida) Invest Malaysia Facilitation Centre at Mida’s headquarters in Kuala Lumpur, on November 24, 2023. — Picture via FACEBOOK/TENGKU ZAFRUL

The Malaysian Investment Development Authority (Mida) has announced the Invest Malaysia Facilitation Centre (IMFC) established by the Investment, Trade, and Industry Ministry (Miti) will start operations on December 1.

The one-stop centre for investment-related matters located at Mida headquarters was set up to facilitate the affairs of the business community and investors in manufacturing and services at various levels of the Federal and state governments.

IMFC’s establishment is also aimed at expediting the process of various approvals, including providing advisory services and advice to the business community and investors, hence reducing bureaucracy in public service delivery, said Mida in a statement in conjunction with Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz’s visit to IMFC today.

“The physical establishment of IMFC is proof of the government’s continuous commitment to revitalise the country’s economic growth.

“Besides its role to achieve the objectives of the New Industrial Master Plan (NIMP) 2030, IMFC will also contribute to efforts to make Malaysia a premier investor-friendly and business-friendly destination in the region,” he said.

Tengku Zafrul is also confident that IMFC can offer important value-add for the business community and investors to start or expand their businesses in Malaysia.

Meanwhile, Mida chief executive officer Datuk Arham Abdul Rahman said via IMFC Malaysia can further enhance its relations with foreign and local investors, thereby contributing to higher growth in the manufacturing and services sectors.

“Innovation is not only placed in product and technology improvement but also in service delivery.

“IMFC is the gateway for potential investors and existing business community to get support and comprehensive special facilities from related ministries and agencies in the Federal and state governments,” he said.

Source: Bernama

Invest Malaysia Facilitation Centre to start operating on December 1 — Mida

The investment promotion and marketing functions of the federal-level investment promotion agencies (IPAs) will be centralised under the Malaysian Investment Development Authority (Mida) from January 1, 2024.

The Investment, Trade and Industry Ministry (Miti) said the matter was discussed during the first Investment Coordination Committee Meeting (ICCM), which was reactivated recently.

The reactivation of ICCM was decided during the National Investment Council meeting (No 2/2023) in August, it said in a statement today.

“It is aimed at strengthening the nation’s IPA landscape by, among others, streamlining the investment-related functions and roles of regional economic corridors as soon as possible.

“The streamlining is important to ensure no duplication of functions that may complicate the investors’ journey in Malaysia.

“This whole-of-government and whole-of-nation approach is also aimed at enhancing the investment and industrial ecosystem which is conducive for investors,” Miti said.

The ICCM was chaired by Miti Minister Datuk Seri Tengku Zafrul Abdul Aziz and comprised investment-related ministries and agencies at the federal government and state levels.

Miti said that in supporting the Madani Economy goals, the ICCM will coordinate the collaboration between the federal and state governments with the aim of, among others, bolstering the business and industrial ecosystem (including infrastructure and talent) to support the development of new and current sectors.

The aim also includes boosting the foreign direct investment inflow and strengthening the importance of domestic direct investment, as well as targeting strategic investments that contribute to achieving the thrusts of the National Investment Aspirations.

The recent ICCM meeting also discussed the streamlining of industry development plans among the Federal Government and state governments, including developing economic clusters as announced under the New Industrial Master Plan 2030 (NIMP 2030). 

Source: Bernama

MITI: Investment promotion agencies’ functions to be centralised under MIDA on Jan 1, 2024

The Ministry of Investment, Trade and Industry (Miti) has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre for investment-related matters at the Malaysian Investment Development Authority (Mida).

Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the IMFC was set up to facilitate the affairs of the business community and investors in the manufacturing sector and selected services sectors.

He said the physical establishment would speed up the various approval processes including providing consultation and advisory services as well as reducing bureaucracy in the public services delivery.

“This initiative is an improvement to the existing advisory service centre at Mida and it is in line with Prime Minister Datuk Seri Anwar Ibrahim’s recommendation in the cabinet decision on Nov 3 and the Madani Economy aspirations to facilitate business involving the investor’s journey at various levels,” he said in a statement.

He said the one-stop centre also aims to bring together several government ministries and agencies as well as various facilities under one roof as an important step in supporting the intention of the New Industrial Master Plan 2030.

Via this initiative, he said it would enable Malaysia to be a premier investor-friendly and business-friendly destination in the region based on the National Investment Aspirations.

Based on the current situation, Zafrul said the negotiation and facilitation services carried out physically and face-to-face would have a positive impact, in addition to improving the confidence among investors and industry players.

“Miti and Mida will take proactive steps to implement continuous reforms and improvements to provide effective and efficient services to investors and the business community in the manufacturing sector and selected services sectors in Malaysia. Miti is also committed to improving existing facilities under Mida in an effort to facilitate investment,” he said.

He said the implementation of the IMFC would be based on the whole-of-government concept and would be directly supported by several ministries and agencies, such as the Royal Malaysian Customs Department, the Malaysian Immigration Department and the Malaysian Inland Revenue Board.

Other supporting agencies would include the Department of Manpower, the Malaysian Communications and Multimedia Commission and telecommunication companies such as Tenaga Nasional Bhd, as well as other ministries and agencies on a needs basis.

Meanwhile, he stated that one of the existing initiatives under Mida is the establishment of the project implementation and facilitation office (Track) in 2020.

Track is a facilitation platform for all investment projects approved by the National Committee on Investments to ensure that approved projects can be carried out within the specified period, said Zafrul.

“Via the existing Track and IMFC initiatives, Miti is confident that Malaysia will remain the investment destination of choice for the world’s global companies.

“It also provides skilled and high-income job opportunities for the people, further leading and stimulating economic development, as well as the prosperity of the country,” he said.

Since the establishment of Track, the implementation percentage of approved projects has grown to over 80 per cent for the period from January 2016 to June this year. 

Source: Bernama

MITI sets up Invest Malaysia Facilitation Centre at MIDA as one-stop centre for investment matters