MIDA and MIER Forge Strategic Partnership to Strengthen Malaysia’s Investment Climate Through Research Collaboration
KUALA LUMPUR, 19 September 2024 – The Malaysian Investment Development Authority (MIDA) and the Malaysian Institute of Economic Research (MIER) today exchanged a Memorandum of Agreement (MOA) to establish a strategic partnership focused on enhancing Malaysia’s economic and investment climate through data-driven research, analysis, and collaboration.
The MOA was exchanged by Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA, and Dr. Anthony Dass, Executive Director of MIER, witnessed by Tan Sri Dato’ Soh Thian Lai, Board Member of MIDA, and Tan Sri Dato’ Seri Dr. Sulaiman Mahbob, Board Member of MIER. This collaboration marks the first of its kind between MIDA and MIER, combining their respective expertise in investment promotion and economic research to promote sustainable economic growth in Malaysia.
In his opening remarks, Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, Chief Executive Officer of MIDA, highlighted the significance of this collaboration, stating, “This landmark partnership between MIDA and MIER is a major step forward in our mission to enhance Malaysia’s economic landscape. By integrating MIDA’s extensive experience in investment facilitation with MIER’s comprehensive economic research, we are set to foster a more competitive and resilient investment environment. Our joint efforts will drive Malaysia’s economic growth by leveraging data-driven insights to attract and retain both domestic and foreign investors. This MOA aligns with our strategic objectives under the New Industrial Master Plan (NIMP) 2030 and reflects our commitment to positioning Malaysia as a premier investment destination on the global stage.”
Dr. Anthony Dass, Executive Director of MIER, echoed these sentiments and underscored the importance of a cautious yet optimistic outlook for Malaysia’s economic future in his presentation, stating “While the global economy continues to face geopolitical uncertainties and financial market turbulence, Malaysia is demonstrating resilience. With our GDP growth outpacing expectations—growing from 4.2% in Q1 2024 to 5.9% in Q2 2024 — and private consumption forecasted to rise by 5.6% in 2024, the outlook remains positive. Strong domestic demand and robust private investments with RM160 billion in approved investments in the first half of the year, show the confidence investors have in Malaysia. Our collaboration with MIDA will leverage these data-driven insights to guide investment strategies and promote sustainable growth. This partnership positions Malaysia to not only navigate global challenges but to seize emerging opportunities and enhance its global standing.”
As part of this partnership, MIDA and MIER also launched the MIDA-MIER Monthly Business Conditions Survey Report, providing key insights into Malaysia’s manufacturing sector. The survey, conducted in July 2024, reveals that the sector is expected to maintain its growth momentum, with over 70% of companies expressing optimism about current and future sales and production prospects.
This report, to be published monthly, will provide stakeholders with real-time data on key economic indicators. It will be accompanied by MIER’s Monthly Economic Review, which offers broader analysis on global and domestic economic trends, covering key markets such as the US, China, and Europe, along with forecasts on Malaysia’s economic growth and the performance of the ringgit.
The MOA sets the foundation for a strong alliance that will enhance Malaysia’s economic landscape through cutting-edge research and strategic initiatives to promote and attract investments.
-END-
About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.
About MIER
The Malaysian Institute of Economic Research (MIER) is an independent, non-profit organization established to conduct economic, financial, and business research, serving as a think-tank for both government and private sectors in Malaysia. Originating from discussions within the Prime Minister’s Economic Panel and subsequently promoted by the Council on Malaysian Invisible Trade (COMIT), MIER was formally incorporated as a company limited by guarantee on 30 December 1985, commencing operations on 2 January 1986. Governed by a Board of Trustees, MIER sets its strategic directions with guidance from an Advisory Panel, overseeing research planning. For more information, please visit www.mier.org.my.
For more information, please contact:
MIDA
Ms. Hasfazuraina Hasbi
Director, Investment Statistics Division
Email: [email protected]
Tel.: +603-2263 2460
MIER
Dr Anthony Dass
Executive Director
Email: [email protected] / [email protected]
Tel.: 603 21425897
