Zafrul: Govt shows confidence in the role of Miti

Zafrul: Govt shows confidence in the role of Miti

22 Oct 2024

The Ministry of Investment, Trade and Industry (Miti) will remain committed to driving international trade, investments of high quality and the development of innovative industries to spur sustainable economic growth in the country.

Minister Tengku Datuk Seri Zafrul Abdul Aziz said he welcomed Budget 2025’s goals as well as the allocated Rm2.184bil that has reflected the government’s confidence in the role that Miti has played so far.

“Miti welcomes the implementation of the New Investment Incentive Framework, which is set to be introduced in the third quarter of 2025.

“We are also appreciative of the Rm200mil for the Strategic Co-investment Fund and the NIMP Industrial Development Fund,” he said in a statement.

According to Tengku Zafrul, some of the bigger plans include the Rm1bil allocation from Khazanah Nasional Bhd that will continue strengthening Malaysia’s position in the semiconductor sector that is expected to hit RM1 trillion by 2030.

He also said the expansion of tax incentives for integrated circuit design is also likely to stimulate the electric and electrical exports.

“With the aim to continue the digitisation journey, Miti welcomes the Rm10mil for the adoption of Aartificial intelligence (AI) in academia which supports the National Artificial Intelligence Office,” he said.

In the electric vehicle (EV) space, Tengku Zafrul said the Rm10mil allocation, for the extension of completely knocked down electric motorcycle usage incentive scheme which provides a rebate of up to RM2,400, will be continued by Malaysia Automotive Robotics and IOT Institute.

“The adoption of EVS by Malaysians will also be expanded through the pricing of Malaysia’s first EV, currently being produced by Perusahaan Otomobil Kedua Sdn Bhd at less than RM100,000,” he noted.

On carbon tax to be introduced in 2026, Tengku Zafrul said it would encourage the iron and steel industry to transition to low-carbon production, including carbon capture, utilisation, and storage technology.

Source: The Star