MITI targets eightfold increase in value of green investments
25 Jul 2024
The Ministry of Investment, Trade and Industry (Miti) aims to attract about eight times the current value of green investments into Malaysia and stimulate socio-economic growth.
Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said that in the current global race to net-zero, this aligns with the responsibility of Miti as the main coordinating and implementing Ministry for the Green Investment Strategy (GIS).
“The GIS will complement existing policies such as New Industrial Master Plan 2030, the National Energy Transition Roadmap and National Industry ESG Framework,” he said in his keynote speech at the 8th Selangor Asean Business Conference 2024 (SABC 2024) today.
He added that Selangor will benefit from this in terms of new business opportunities for SMEs, and skills development for Selangorians in the green industry.
In 2023, Tengku Zafrul said, Malaysia recorded a 23% increase in approved investments, to the tune of RM329.5 billion, with Selangor receiving more than RM55 billion. “This growth is partly attributed to Asean’s firm stance on its neutrality and independence, which attracted RM654.1 billion (US$155 billion) of foreign direct investments.”
Tengku Zafrul said Selangor’s first-quarter 2024 approved investments of RM12.4 billion make it one of the biggest investment contributors to Malaysia’s Q1’24 investments, which solidifies Selangor’s rank as Malaysia’s leading hub for innovation and economic growth.
“This paves the way for Selangor to leverage Asean’s position as the world’s current ‘darling destination’ for investments in manufacturing,” he remarked.
For digital transformation, Tengku Zafrul said the creation of data centres in Malaysia would generate economic benefits and have a significant multiplier effect on job creation.
“For instance, Google recently announced an investment of RM9.4 billion, with the economic benefits expected to double to RM15 billion and generate over 20,000 job opportunities. Although the direct job impact might not be extensive, the arrival of major tech companies and the establishment of data centres can be compared to constructing a ‘highway,’ which will facilitate the entry of other businesses into Malaysia.”
On a separate issue, Tengku Zafrul said the Asean Digital Economy Framework (Defa), currently under negotiation, is likely to be completed during the Asean Summit next year.
Intratrade within Asean currently stands at 20%, he added, and Defa is expected to boost trade between member states, particularly for SMEs.
Tengku Zafrul said that a way to increase Asean’s intratrade is through increasing digital e-commerce and this would help SMEs.
Meanwhile, Selangor International Business Summit 2024 officially kicked off yesterday, marking the start of its first series with SABC 2024 and the Selangor Investment and Industrial Park Expo 2024, being held at the Kuala Lumpur Convention Centre until tomorrow.
The launch of SABC 2024 was officiated by Selangor Menteri Besar Datuk Seri Amirudin Shari. The event spans two days and features 20 distinguished speakers from 10 countries, including Singapore, Indonesia, the Philippines, Vietnam, Laos, Cambodia, Brunei, Timor-Leste and Malaysia, and from the European Union, and is hosting 200 international delegates from 23 countries.
Source: The Sun
