MIDA to create robust, sustainable economic environment to attract investments
13 Jun 2024
Malaysian Investment Development Authority (Mida) aims to create a robust and sustainable economic environment to attract and retain significant investments, driving Malaysia towards a prosperous future.
Chairman Tan Sri Sulaiman Mahbob said the global investment environment has become increasingly competitive, leaving no room for complacency.
“The authority’s primary focus is on the comprehensive implementation of all government initiatives and mandates to achieve the desired outcomes aligned with the national agendas namely the 12th Malaysia Plan, Madani Economy Framework, New Industrial Master Plan 2030, and National Energy Transition Roadmap,” he said at the National Investment Seminar: Re-energising Domestic Investment, jointly organised by Mida and Federation of Malaysian Manufacturers (FMM) today.
Sulaiman said Mida is aligning its strategies with environmental, social and governance principles to attract high-value, innovative, quality, and sustainable investment projects. “Mida is keen to collaborate with partners focused on ‘impact investing’ and the goal is to empower the local supply chain, support companies in automating processes and enhance cost-efficiency while meeting industry demands and mitigating social and environmental impacts.”
He said foreign investment and domestic investment performance should be seen as opportunities not only to unlock financial returns but also to enhance social and environmental outcomes.
In addition, Mida is dedicated to empowering small and medium enterprises due to the crucial role they play in Malaysia’s economy.
“Mida has successfully organised 14 programmes and has reached out to more than 420 SMEs between January and March,” Sulaiman said. “With the SME investment desk, Mida will continue to work closely with companies and businesses as well as key partners such as FMM, to foster a more conducive business environment and increase growth opportunities.”
FMM vice-president Jacob Lee highlighted the importance of strong domestic investments, saying that strong domestic demand results in more foreign investment, and healthy domestic investment is essential for successful foreign investment.
“Domestic investments usually create more jobs, and this arises from the small and medium industries which provide employment opportunities and provide continuous opportunities to local industry players to expand their businesses,” he said.
Lee observed that foreign and domestic investments work together effectively, which highlights the exchange of knowledge from foreign investors, coupled with the necessity for a strong domestic industry to cater to foreign enterprises, foster innovation and the expansion of local businesses.
“Given adequate time and support, these domestic businesses can evolve beyond merely supporting foreign investments and can instead compete on a global scale, contributing to the international recognition and growth of the Malaysian brand,” he said.
Source: The Sun
