MITI expects Malaysia to maintain investment performance momentum
06 Oct 2022
The Ministry of International Trade and Industry (MITI) expects the country’s investment performance to maintain its upward momentum through the New Investment Policy (NIP), under the National Investment Aspirations (NIA).
Senior Minister and MITI Minister Datuk Seri Mohamed Azmin Ali said the momentum can be maintained if some structural reforms are taken to ensure that the nation’s investment policies are aligned with international standards.
He noted that last year, Malaysia’s total recorded investments had surpassed expectations at RM394 billion, driven by foreign direct investments, and the rising number of projects in the manufacturing, and electrical and electronics sectors.
“We are targeting new areas under the NIP; we don’t want investments that come into this country to be foreign labour-intensive but rather that they be more high-tech in nature,” he told the media after launching the NIP here on Thursday (Oct 6).
Earlier in his speech, Mohamed Azmin said the NIA reflects the government’s active, agile and forward-looking measures to ensure a robust investment ecosystem that would propel exponential and inclusive growth.
“These aspirations serve as a core foundation of the NIP, which outlines significant strategies to reinvigorate and catalyse Malaysia’s investment ecosystem,” he said.
Under the NIP, six strategic thrusts have been outlined to address economic and investment challenges, including the formulation of a unified investment strategy on NIAs and the environmental, social and corporate governance (ESG) agenda.
It will also emphasise agile and forward-looking incentive packages targeted to match the needs and demands of investors.
Additionally, it focuses on charging Investment Promotion Agencies (IPA) with clear roles and responsibilities for a seamless and smooth investor journey.
The NIP also advocates the nurturing of innovative, high impact and high-tech investments which would be conducive to the creation of high-skilled jobs, he said.
“This is crucial in order to add value and generate positive impact to the economic complexity that defines the nation’s long-term growth trajectory,” he added.
It also aims to ensure the establishment of a vibrant talent pool to meet the needs and demands of the labour market, so as to capture high-value job opportunities.
“This will warrant incremental and progressive transfer of technology, capacity building and the acquisition of technical and digital knowledge and skills required by industries and businesses.
“Finally, the new policy will accelerate the streamlining of a holistic business ecosystem that ensures the ease of doing business, enhances competitiveness, and secures Malaysia’s position as a preferred investment destination in the region,” Mohamed Azmin said.
Source: Bernama
