MIDA exploring new investments post-Covid-19

MIDA exploring new investments post-Covid-19

05 Jul 2020

The Malaysian Investment Development Authority (MIDA) is looking into attracting investments in new and high technology areas post-Covid-19.

Senior Minister cum International Trade and Industry Minister Datuk Seri Mohamed Azmin Ali said that this can be achieved with Malaysia’s strong value propositions, including political stability under Prime Minister Tan Sri Muhyiddin Yassin’s administration, well-developed infrastructure and numerous incentives for potential investors.

“One of the examples of our value proposition is that we are very efficient in terms of decision-making, and approvals for investments are granted within a very short time,” he said to reporters after his visit to the Daiichi Seiko Sdn Bhd here today.

The visit was part of his two-day working trip to Johor, which ends today.

Yesterday, the minister held a roundtable discussion with industry players in the state, and had also met with community leaders in Johor Baru.

Mohamed Azmin said that although the competition is currently rather intense as many countries are vying for investments post-Covid-19, he is optimistic that MIDA will be able to explore numerous investment potentials, including the ones resulting from the United States-China trade war.

“In this aspect, MIDA is working hard to ensure that the companies from countries affected (by the trade war) will be able to move their operations to Malaysia and use this country as a hub to penetrate the Southeast Asian market,” he said.

On his working trip to Johor, he said the ministry has received feedback from industry players, urging the Federal and state government to streamline the standard operating procedures (SOP) to be able to address any crisis in the future.

“Sometimes they (the industry players) see that there are some inconsistencies, so they are asking for some clarity in terms of the SOP and the implementation. This is important because if it is not addressed, it can result in supply disruptions in the industries,” he added.

Source: Bernama