N. Sembilan allows foreign firms to own leasehold and freehold industrial land
01 Jul 2020
The Negri Sembilan state government has decided to allow foreign companies to own leasehold and freehold industrial land worth RM2 million and above.
State Investment, Industrialisation, Entrepreneurship, Education and Human Capital committee chairman Datuk Mohamad Rafie Ab Malek said the decision was reached in the executive committee (Exco) meeting today and is a new requirement introduced after revising the existing terms.
“It is also aimed at boosting foreign investment in the state, and ownership is only allowed for companies and manufacturers registered with the Ministry of International Trade and Industry (Miti),” he told reporters after the Exco meeting here today.
Previously, foreign companies were only allowed to buy leasehold land of the same value.
“There were different conditions back then, but the condition that we are introducing is to facilitate and open up investment in Negri Sembilan. No other condition.
“If there are other conditions issued by the Lands and Mines Office before this, they are void,” he said, adding the new condition takes effect immediately.
Meanwhile, he said the value of foreign investment published by the Malaysian Investment Development Authority (Mida) for Negri Sembilan as of May 31 stood at RM540 million, adding the state government is working on increasing the value to RM1.5 billion, pending Mida’s approval.
“The overall investment application through Mida is about RM2 billion. The state government is still working to bring in more domestic and foreign investments into the state than last year.
“Last year (the investment) was RM3.68 billion and this is expected to rise to RM5 billion this year. We are confident and optimistic we will succeed in bringing in investment although we are facing a difficult situation due to the Covid-19 pandemic.
“We are also working on opening land for the development of Malaysian Vision Valley 2.0 that will be launched by year-end,” he said.
He also expressed confidence that the state’s strategic location due to its close proximity to the Klang Valley, Kuala Lumpur International Airport and Port Klang, Selangor would help the investments to increase in value.
Source: Bernama
