MIDA committed to preparing homegrown companies for global reach
18 May 2023
The Malaysian Investment Development Authority (Mida) is committed to preparing homegrown companies for global reach.
Citing Tesla’s investments in Malaysia as an example, Mida deputy chief executive officer for investment development Lim Bee Vian said the agency could bring Malaysian companies to broader international markets.
“We disseminate information on investment opportunities in targeted countries for internalisation and then we also encourage cross-border investments.
“We have 21 overseas centres globally. These centres not only help us bring in foreign direct investments (FDIs) but also help gather information on certain policy settings and incentive offerings of the countries that they cover.
“If you have the intention to invest abroad, you can leverage our presence internationally,” she said in a session on attracting investments at the National Economic Forum 2023 today.
Lim said attracting FDIs is very important for Malaysia as it involves not only capital but also advanced technology, knowledge transfer, and high-value job opportunities as well as prospects for local businesses.
“These investments promote economic diversification, facilitate industrial upgrading and enhance our competitive edge on the global stage.
“The development of the high-tech sector is crucial to maintain our economic momentum and remaining competitive in the new and sustainable global industrial investments,” she added.
To ensure quality and high-impact foreign investments, Lim said Malaysia has adopted a targeted and selective investment approach and no longer accepts investments that entail low-end assembly-type operations or labour-intensive projects due to its little value addition for Malaysia.
Source: Bernama
