Govt mulling proposal to review Industrial Coordination Act 1975 – Tengku Zafrul
05 Apr 2024
The government has, through the Investment and Trade Action Coordination Committee (JTPPP) meeting today, discussed the proposed revision of the Industrial Coordination Act 1975.
Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said the Act had never been revised since 1976. The Industrial Coordination Act of 1975 was introduced with the aim of maintaining orderly development and growth in the country’s manufacturing sector.
This Act requires manufacturing companies with shareholder funds amounting to RM2.5 million and above or that employ 75 or more full-time workers to apply for a manufacturing licence from the Malaysian Investment Development Authority (MIDA), an agency under MITI.
“Since I have been at MITI, one of our focuses has been the immediate implementation of investment projects involving industry as well as export commitments,“ he said through a posting on X today.
The sixth JTPPP meeting today also discussed the Kerian Integrated Green Industrial Park.
He said coordination across various ministries including the Ministry of Finance (MoF), the Ministry of Economy as well as other relevant ministries and agencies is important because each project involves different approvals based on the source and jurisdiction of certain ministries, and the type of investment or project.
“For example, matters related to tax incentives are under the jurisdiction of MoF, not MITI. The important thing is that we all work together as a whole-of-government to make sure all bases are covered and we leave no stones unturned.
“Alhamdulillah, ‘good traction’ on JTPPP so far and various projects are already running smoothly,“ said Tengku Zafrul.
JTPPP was established in October 2023.
Source: Bernama
