MITI: InvestKL to be parked under MIDA from June 1

MITI: InvestKL to be parked under MIDA from June 1

31 May 2024

The Ministry of Investment, Trade, and Industry (Miti) today said Invest KL Corporation (InvestKL) will be parked under the Malaysia Investment Development Authority (Mida) from June 1, as part of its consolidation of investment promotion functions.

In a statement today, the ministry said the move follows resolutions of the National Investment Council (NIC) meetings to improve investors’ journey and eliminate duplicative functions.

Miti said the initiative reflects the Madani government’s overarching approach towards improved public resource use and better public service delivery.

“Miti will ensure a smooth transition, particularly in transferring InvestKL’s operations to Mida, and aligning all functions efficiently within Mida’s operational framework.  “During this transition phase, all existing investors under InvestKL will continue to be facilitated and guided accordingly, as Miti remains committed to positioning the Greater Kuala Lumpur area as a leading global services hub,” it added.

According to Miti, these efforts will also be implemented in tandem with, among others, a mapping of existing skills and expertise within Mida. 

t said this is crucial to support the efficient implementation of various key policies such as the New Industrial Master Plan (NIMP) 2030, the Chemical Industry Roadmap 2030 and the recently announced National Semiconductor Strategy.

“The transfer of InvestKL under Mida signifies the Madani government’s determination to ensure minimal duplication of investment promotion functions among all Investment Promotion Agencies (IPAs), and a cohesive approach to promoting investments for the country,” it noted.

Meanwhile, Miti also said it prioritises simplifying processes to enhance the investor experience, such as through the Invest Malaysia Facilitation Centre established in Dec 2023, a multi-agency centre based in Mida to speed up the resolution of investors’ administrative issues. 

Based on updated data for the first quarter of 2024 (1Q24), 725 cases were facilitated, out of which 612 cases (84.4 per cent) were completely resolved.

“As we move forward, Miti and its supporting agencies remain steadfast in our commitment to ensure that Malaysia remains a preferred destination for global and local investors. “This is while building on our current resources to develop a more resilient investment, trade and industrial landscape for the prosperity of the people, small and medium enterprises (SMEs) and investors,” it said.

Source: NST