MITI sets up Invest Malaysia Facilitation Centre at MIDA as one-stop centre for investment matters
20 Nov 2023
The Ministry of Investment, Trade and Industry (Miti) has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre for investment-related matters at the Malaysian Investment Development Authority (Mida).
Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the IMFC was set up to facilitate the affairs of the business community and investors in the manufacturing sector and selected services sectors.
He said the physical establishment would speed up the various approval processes including providing consultation and advisory services as well as reducing bureaucracy in the public services delivery.
“This initiative is an improvement to the existing advisory service centre at Mida and it is in line with Prime Minister Datuk Seri Anwar Ibrahim’s recommendation in the cabinet decision on Nov 3 and the Madani Economy aspirations to facilitate business involving the investor’s journey at various levels,” he said in a statement.
He said the one-stop centre also aims to bring together several government ministries and agencies as well as various facilities under one roof as an important step in supporting the intention of the New Industrial Master Plan 2030.
Via this initiative, he said it would enable Malaysia to be a premier investor-friendly and business-friendly destination in the region based on the National Investment Aspirations.
Based on the current situation, Zafrul said the negotiation and facilitation services carried out physically and face-to-face would have a positive impact, in addition to improving the confidence among investors and industry players.
“Miti and Mida will take proactive steps to implement continuous reforms and improvements to provide effective and efficient services to investors and the business community in the manufacturing sector and selected services sectors in Malaysia. Miti is also committed to improving existing facilities under Mida in an effort to facilitate investment,” he said.
He said the implementation of the IMFC would be based on the whole-of-government concept and would be directly supported by several ministries and agencies, such as the Royal Malaysian Customs Department, the Malaysian Immigration Department and the Malaysian Inland Revenue Board.
Other supporting agencies would include the Department of Manpower, the Malaysian Communications and Multimedia Commission and telecommunication companies such as Tenaga Nasional Bhd, as well as other ministries and agencies on a needs basis.
Meanwhile, he stated that one of the existing initiatives under Mida is the establishment of the project implementation and facilitation office (Track) in 2020.
Track is a facilitation platform for all investment projects approved by the National Committee on Investments to ensure that approved projects can be carried out within the specified period, said Zafrul.
“Via the existing Track and IMFC initiatives, Miti is confident that Malaysia will remain the investment destination of choice for the world’s global companies.
“It also provides skilled and high-income job opportunities for the people, further leading and stimulating economic development, as well as the prosperity of the country,” he said.
Since the establishment of Track, the implementation percentage of approved projects has grown to over 80 per cent for the period from January 2016 to June this year.
Source: Bernama
