MITI: Strategic investors committing at least RM5 bln investments to enjoy immigration facilitation
24 Jul 2023
Malaysia will accord immigration facilitation to strategic investors committing quality investments with a value of at least RM5 billion in Malaysia, the Ministry of Investment, Trade, and Industry (Miti) announced today.
This is particularly for investments in the targeted manufacturing sectors promoted by the government through its New Investment Policy (NIP) and the upcoming New Industrial Master Plan (NIMP) 2030, it said in a statement.
A strategic investor is identified as any strategic individual for investments, encompassing company owners, top-level management, and key decision-makers.
Strategic investors can be granted specifically tailored Residence Pass Talent (RP-T) without having to acquire an existing employment pass or having a prior working presence in Malaysia.
Miti said this pass, which is processed by Talent Corporation Malaysia Bhd (TalentCorp), will facilitate the entry and stay of eligible investors, as well as their spouses and dependants for up to 10 years in Malaysia.
The RP-T fast-track candidates were identified and recommended by the respective agencies based on their investment value and/or potential for consideration by the RP-T Fast Track Committee, it said.
Miti also announced details of immigration facilitation for nomad workers, defined as digital freelancers, independent contractors, and remote workers in the targeted manufacturing sectors under the NIP and NIMP 2030.
“The Digital Nomad Pass for the manufacturing sector will enable digitally or technically skilled foreign talents to stay in Malaysia with their spouses and dependents for up to two years, riding on DE Rantau Digital Nomad Pass which was newly introduced in October 2022 by the Malaysian Digital Economy Corporation (MDEC),” it said.
A presentation of the passes by Prime Minister Datuk Seri Anwar Ibrahim to several investors and nomad workers was held at the Prime Minister’s Department today.
Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the RP-T and DE Rantau Digital Nomad Pass are a part of the government’s holistic efforts to improve and strengthen the country’s investment landscape and ecosystem.
“This immediate measure is crucial for Malaysia to capitalise on multinationals’ current re-designing of their global supply chains, as they move away from cost-efficiency to supply chain security as part of their global risk diversification strategy,” he added.
Immigration facilitation for the manufacturing sector will help attract quality high-value investments and highly skilled professionals, as well as improve the competitiveness of the local workforce and stimulate digital entrepreneurship.
The immigration facilitation was jointly coordinated by Miti with the Home Affairs Ministry, the Human Resources Ministry, the Communications and Digital Ministry, the Immigration Department, the Malaysia Investment Development Authority, TalentCorp, and MDEC.
The immigration facilitation for strategic investors and nomad workers in the manufacturing sector was announced by the Prime Minister on July 14, 2023, to improve the ease of doing business and facilitate both foreign direct investment and domestic direct investment in Malaysia.
For the record, Malaysia attracted RM71.4 billion in approved investments during the first quarter of 2023 with the services sector leading other sectors with a value of RM53.6 billion, accounting for 75.1 per cent of the total approved investments.
The information and communications sub-sector came in second with approved investments valued at RM24.9 billion, representing a substantial 46.5 per cent share. Malaysia’s manufacturing sector attracted RM15.6 billion, or 21.8 per cent, of the total approved investments.
Source: Bernama
