DDI will no longer be seen as ‘second class’ investment — Steven Sim

04 Sep 2023

Domestic investments will no longer be treated as second-class investment, as it is now part of the national key performance index (KPI) set by the government, said Deputy Finance Minister II Steven Sim Chee Keong.

Speaking to business leaders at The Edge Malaysia Centurion Club Corporate Awards 2023 ceremony, Sim said domestic direct investment (DDI) will be ‘just as important as FDI’ (foreign direct investment), and that there will no longer be different treatments between the two by the government.

He was addressing grouses from local entrepreneurs in his few months as deputy finance minister, where DDI was treated as ‘second class’ as opposed to those bringing in FDI being welcomed as very, very important persons (VVIP).

“The Madani economy framework will include DDI as a KPI for investment. We recognise our need for FDI [and] definitely we will continue to woo them aggressively. But at the same time, we want to honour those who want to build Malaysian businesses because you are the foundation of our economy,” Sim said.

“The unity government understands time is of the essence [to spur economic growth]. We have to catch up quickly,” he said.

This was also why the government recently launched measures to boost the capital markets, together with the National Energy Transition Roadmap and the New Industrial Master Plan (NIMP 2030), which will “form the core of the country’s strategy to catch up to be among the top economies of the world”, he added.

Sim called upon the business community to catch up, especially in the technology space. “We have to catch up with technology… We have to innovate quickly and if we are to be very successful, we have to innovate together as a nation,” he added.

Source: The Edge Malaysia