The Ministry of Investment, Trade and Industry (Miti) is optimistic that 2024 will be a stronger year for foreign direct investments (FDIs) into Malaysia, leveraging what is seen in the pipeline.

Its Minister, Tengku Datuk Seri Zafrul Abdul Aziz said that as of the first six months of this year, Malaysia registered a total of RM132.6 billion investment, around 60 per cent of the nation’s investment target for this year, which is slightly above the target.

“The good news is that nearly half of it is actually domestic direct investment (DDI) and the balance is foreign direct investment (FDI). We hope that this momentum can continue,” he told reporters after the roundtable discussion on the New Industrial Master Plan 2030 (NIMP 2030), organised by MIDF today.

He said it is important to stress on DDI as there is positive correlation between FDI and DDI.

“The increases in FDI obviously positively correlate with increasing DDI because there will be spillovers.

“Looking closely at why we need to attract FDI, there are three main reasons and one of that is it creates jobs. So there will be important spillovers. Secondly, we want to ensure that it creates spillovers to our industries, whether it be the construction sector or the supply side.

“And the final one is also to ensure that we increase economic complexity as an exporting nation. Our trade to Gross Domestic Product last year was at 160 per cent,” he shared.

Tengku Zafrul said that in Budget 2024, RM200 million had been allocated for NIMP 2030 initiatives which cover various key sectors with the focus on four key missions.

One of the key missions is to advance economic complexity and among the focus will be to expand to high value-added activities of the value chain and to develop entire ecosystem to support the high value added activities.

“We need to build strong local small and medium enterprises (SMEs) in manufacturing and related services to support the industry champions as well as to integrate value chains.

“So, for industries that are moving up the value chain, they would require support. They qualify for this kind of investment from the RM200 million budget allocation. But this is from the government’s side. There is also support from the private side, especially from both financial institutions and the capital market,” he noted.

Meanwhile, asked on the government’s decision to increase the sales and service tax (SST) from six per cent to eight per cent announced during the tabling of Budget 2024, he said it will not have much impact on industries but there is still the need to monitor on what transpires from the decision.

“Industries need to understand the needs of the government. As policymakers we would have looked at the pros and cons to strike the right balance.

“We have fiscal responsibilities, and are also accountable to parliament and to the people to achieve sustainable growth in the economy and be inclusive to all.

“So for industries, any form of fiscal policy tax will also be something that the companies will have to incorporate as part of the business plan going forward,” he added.

Source: Bernama

MITI optimistic 2024 will be a stronger year for FDIs into Malaysia

Budget 2024 is a pro-growth budget that strikes a fine balance between ensuring sufficient support for the domestic economy amid continued external challenges, while staying committed to fiscal prudence and enhancing the people’s well-being, according to UOB Malaysia CEO Ng Wei Wei.

She said the measures announced such as the reinvestment incentives for high-value activities under the New Industrial Master Plan 2030, tax incentives for global services hub, expansion of green technology tax incentives and tax deductions for Voluntary Carbon Market will help strengthen the economy and pave the way for macro stability in the medium to long term.

“We welcome the measures to improve Malaysia’s competitiveness and ease the cost of doing business, which will spur high-impact investments in the targeted sectors. These will help elevate foreign direct investments (FDI), broaden domestic linkages, spur industrial development and reinforce Malaysia’s diversified economic structure. As a regional bank with a strong presence in Asean, UOB will continue to leverage our connectivity to facilitate more FDI to support Malaysia’s economic growth,” said Ng.

As a key proponent of the sustainability agenda, she added, they are heartened by the measures announced in Budget 2024 which reinforce the government’s strong commitment to net zero. The RM2 billion funds under the Dana Mudah Cara Peralihan Tenaga Negara, additional tax cuts of up to RM300,000 for Measurement, Reporting and Verification expenses relating to the development of carbon projects are positive moves to build a green economy for a sustainable future.

Further efforts to boost development of electric vehicles and installation of solar panels in the budget is also in line with UOB’s focus to encourage low-carbon lifestyles, she added.

Source: The Sun Daily

UOB Malaysia lauds measures to boost competitiveness, cut cost of doing business

The provision of tax incentive packages can serve as an attraction and boost the competitiveness of the Pengerang Integrated Petroleum Complex (PIPC) as an investment destination, especially for petrochemical and chemical companies from both within and outside the country.

Johor Petroleum Development Corporation Bhd (JPDC) said this initiative aimed to encourage companies to establish their operations in the complex, aligning with the government’s goal of creating a high-value economic activity ecosystem.

“Among the pioneering investors currently operating there are Petroliam Nasional Bhd (Petronas), who developed the Pengerang Integrated Complex (PIC) with partners such as Saudi Aramco and LG Chemical; Dialog Group Bhd, which developed the Pengerang Deepwater Terminals with partners like Royal Vopak, Petronas and the Johor State Government; and Johor Corporation, which developed the Pengerang Industrial Park.

“For the upcoming phases of PIPC development, JPDC welcomes the participation of companies involved in the production of specialty chemical products and petrochemical-based products,” it said in a statement on Friday.

JPDC said it also appreciated and is grateful for Prime Minister Datuk Seri Anwar Ibrahim’s announcement regarding the designation of PIPC as a development hub for the chemical and petrochemical sector.

It said this designation came with a package of tax incentives in the form of special tax rates or investment tax allowances as announced by Anwar in the Budget 2024 yesterday.

PIPC is a downstream oil and gas and petrochemical industrial area spanning 9,269 hectares in Pengerang, Kota Tinggi.

Since its development, the industrial area has accommodated facilities such as oil refining plants, petrochemical production plants, liquid product transportation terminals, crude oil and liquid petroleum product storage tanks, regasification facilities and other supporting infrastructure and facilities.

The planned 25-year development of PIPC has received committed investments of nearly RM140 billion as of the middle of the second development phase (2020-2025).

Source: Bernama

JPDC: Tax incentive packages can attract local, international companies to PIPC

Quality investments in high value-added industries will be propelled by the strategies and measures under the National Energy Transition Roadmap (NETR), New Industrial Master Plan 2030 (NIMP 2030) and the Mid-Term Review (MTR) of the 12th Malaysia Plan (12MP) as guided by the Madani Economy framework.

This is especially in energy transition, digital and high-technology industries that will ultimately create more high-income employment opportunities towards sustainable economic growth, according to Bank Negara in its Economic Outlook 2024 Report.

Without swift and effective reforms in investment-related policies, Malaysia is far from achieving its aspiration to be in the top 30 largest economies.

Notwithstanding the ongoing economic recovery post-pandemic, Bank Negara said several challenges persist in balancing the private consumption and investment that necessitate a renewed focus on investment-related policies.

Therefore, Malaysia needs to prioritise investment in innovative and advanced technology to achieve higher productivity and sustainable economic growth.

The central bank said the revival of private investment and foreign direct investment (FDI) is crucial in driving towards higher productivity.

Inflows of FDI can encourage technological adoption and increase the production capacity of economic sectors by forming supply chain linkages with local firms, including micro, small and medium enterprises (MSMEs). This in turn can lead to higher domestic investment and economic growth.

The government has also implemented a responsive fiscal and accommodative monetary policy to boost private investment.

In the long term, the government is focusing on structural reform strategies to strengthen economic growth

which include fostering industries with high-growth value, enhancing technological advancement through innovation, expediting digitalisation and developing a future ready workforce.

These strategies will further promote sustainable private investment for the future, added Bank Negara.

Moving forward, the Madani Economy framework will serve as a foundation in revitalising the economy to ensure the accumulated wealth is benefitted equitably among the rakyat.

In order to become a globally competitive investment destination, efforts will be intensified to strengthen investment promotion, enhance incentive measures to attract high quality investments, upgrade existing infrastructure and develop human capital to meet investor needs.

To date, several government policies have been introduced to complement the framework such as the NETR, NIMP 2030 and MTR of the 12MP. The NETR will guide investments in energy efficiency, renewable energy, hydrogen, bio-energy, green mobility as well as carbon capture, utilisation and storage.

As for NIMP 2030, it encompasses six goals namely increasing economic complexity, creating high-value job opportunities, extending domestic linkages, developing new and existing clusters, improving inclusivity and enhancing environmental, social and governance practices.

Meanwhile, the MTR of 12MP will focus on accelerating the development of high growth value industries, attracting quality investments in technology based industries as well as enhancing technological adoption and digitalisation.

The private sector will also be encouraged to intensify green investments in business operations and premises.

Measures will also be undertaken to remove the barrier which hinders the expansion of MSMEs.

In addition, the labour market reforms will be expedited through upskilling and reskilling programmes to produce industry-ready talent and retaining existing workforce.

Source: The Star

Focus on energy transition, digital and high-technology industries

Transformation is essential to build the resilience of the Malaysian industry and trade sector to continue to empower the national economy, said the Ministry of Investment, Trade and Industry (Miti) today.

Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said in a statement that the ministry has initiated a structural transformation of the manufacturing, investment and trade sectors where the positive spillover will benefit the business community, micro, small and medium enterprises (MSMEs) in the manufacturing sector and the people as a whole.

Miti also welcomed the Budget 2024 allocation for the ministry and 15 agencies under it, he added.

Tengku Zafrul said that since December 2022, Miti has started the transformation of the manufacturing sector which includes the introduction of new policies that cover the New Industrial Master Plan 2030 (NIMP2030), the Chemical Industry Roadmap 2030 (CIR2030) and the Environmental, Social and Governance (ESG) Framework IndustriNasional (i-ESG).

“In this regard, Miti welcomes the various measures in Budget 2024 that give provisions to implement various initiatives under newly launched Miti policies as well as existing policies,” he added.

With the projected value of the world’s halal industry set to reach RM22.34 trillion (almost US$5 trillion) by 2030, Miti welcomes steps in Budget 2024 towards shortening the halal certification process from 51 to 30 days in order to advance the halal industry, including increasing the export of Malaysian halal products to the world.

“This will be led by the Halal Development Corporation (HDC), a Miti agency, together with the Malaysian Islamic Development Department (Jakim),” said Tengku Zafrul.

Based on the National Automotive Policy (NAP2020) led by Miti, he also welcomed the introduction of the Initiative to Encourage the Use of Electric Motorcycles for the People and this scheme is expected to help achieve Mission 3 of NIMP2030 which is the Drive towards Zero Carbon.

The electric motorcycle cash rebate subsidy will also benefit 10,000 electric motorcycle users whose annual income is below RM120,000 as eligible electric motorcycle buyers can enjoy a RM2,400 rebate until Dec 31, 2024.

“The implementation of this initiative involving an allocation of RM24.1 million proves the concern of the Madani Government in terms of inclusiveness in the use of new technology for as many people as possible, where the benefits of EV mobility are not only limited to cars,” said Tengku Zafrul.

Attracting investments, whether domestic direct investment (DDI) or foreign direct investment (FDI), as well as trade promotion is very important in the effort to rebuild the Malaysian economy, thereby increasing the country’s gross domestic product (GDP) growth.

“Accordingly, to facilitate efforts to realise investment and trade in Malaysia, I will chair the Investment and Trade Action and Coordination Committee (JTPPP),” said Tengku Zafrul.

He added that DDI and FDI procedures will be facilitated starting from the application being received until the investment is realised.

“The JTPPP, which will report directly to the National Investment Council, will meet at least once every month to deal with the challenges faced by investors in a transparent, quick and thorough manner,” said Tengku Zafrul. 

Source: Bernama

Tengku Zafrul: Transformation is vital to build resilience in Malaysia’s trade and industry sector

The promotion of domestic investments takes centre stage in Budget 2024, presenting a clear sign that Prime Minister Datuk Seri Anwar Ibrahim and his Cabinet are serious in restructuring the economy.

While analysts may have mixed views on the budget measures, the government’s focus on domestic investments is a well-timed move amid the weak global prospects next year.

A large part of Anwar’s speech – which was longer than recent budget speeches – mentioned tax incentives and other measures for startups, small and medium enterprises (SMEs) as well as the larger industry players.

A tiered-system of tax allowance to promote reinvestments by businesses was announced and Anwar reaffirmed the government’s goal to promote investments into the high growth, high value (HGHV) manufacturing subsectors.

A key highlight is the announcement of a new high-tech industrial hub to be established in Kerian, Perak to enlarge the nation’s electrical and electronics (E&E) ecosystem.

However, it was a huge letdown that the budget speech virtually ignored Malaysia’s already sluggish stock market.

Apart from the incentive related to syariah-compliant securities, Budget 2024 lacked measures to excite investors in Bursa Malaysia.

The fact that the Capital Gains Tax on the disposal of unlisted shares was announced at 10%, instead of a gradual hike, was another disappointment.

To slap a high tax rate on unlisted companies would go against the very intention of the government to promote domestic investments, particularly in bringing in new investors into non-listed firms.In a statement, the Small and Medium Enterprises Association says that the SME stakeholders were not consulted.

As the tax is slated to be implemented from March 1, 2024, the government has time to revisit the details of the tax.

On a whole, despite several concerns, Budget 2024 appears to be positive for the business sector.

TradeView Capital chief executive officer Ng Zhu Hann says Budget 2024 is “very domestic driven”.

“This is the right thing to do. The world economy is expected to slow down in 2024 and Malaysia will have to be driven by domestic factors,” he says.

However, Ng notes that the budget does not mention much about incentives to attract foreign direct investment.

Ng also welcomes the government’s effort to strengthen the venture capital environment through the centralisation of venture capital agencies such as Penjana Kapital and Malaysia Venture Capital Management Bhd under Khazanah Nasional Bhd.

“This will result in better management of resources. The agencies can also strategies better and avoid overlap of approaches unlike before,” he adds.

Commenting on the measures for the capital markets, Ng is positive on the decision to extend the tax exemption to fund management companies that manage Sustainable and Responsible Investment (SRI) funds as well as tax deductions on the cost of issuing SRI sukuk until the assessment year of 2027.

“This ensures policy consistency to promote sustainable financing,” he says.

When asked whether the decision to raise the service tax on brokerage services from 6% to 8%, Ng believes the impact will be marginal.

Geoffrey Williams, an economics professor at the Malaysia University of Science and Technology, is also positive on the measures to assist startups.

However, he says the details about these incentives or measures must be “transparent”.

Anwar announced that government-linked companies and government-linked investment companies will provide funds of up to RM1.5bil to encourage startups including bumiputra SME entrepreneurs to venture into HGHV fields such as the digital economy, space technology and E&E.

Tax incentives for individual investors investing in startups through the equity crowdfunding platform will be extended to individual investors through limited liability partnership nominee companies and extended until Dec 31, 2026.

In addition, tax incentives for angel investors have been extended until end-2026 to encourage capital in technology related startups.

Anwar also said that next year, the total value of loans and financing guarantees available for the benefit of micro, small and medium enterprises (MSMEs) amounts to up to RM44bil.

However, Williams was sceptical about the financing facilities for MSMEs.

“The RM44bil in finance and loans from micro-enterprises may not be useful because very small businesses resist taking on loans.

“I do not expect these schemes to be effective.

“They continue to look like schemes to channel funds to middlemen rather than to micro-enterprises,” he says.

Elaborating further, Williams says that the main problem with the financial assistance to MSMEs is the fact that they are often narrowed to certain types of assistance such as for green projects or digitalisation of operations.

“These programmes have been available for a very long time and are not attractive.

“This is why the take up has been low and lessons have not been learned,” he says.

On another note, Williams looks forward to the reforms of the development financial institutions.

In his speech, Anwar said that Bank Pembangunan Malaysia Bhd, SME Bank and Exim Bank would be merged.

“We need more details on this.

“Reforms should focus on improving their performance, merging them to remove replications and restrategising to produce better investment returns within the business investment ecosystem,” he added.

Meanwhile, Kuala Lumpur and Selangor Indian Chamber of Commerce and Industry president Nivas Ragavan expects Budget 2024’s measures to boost foreign and domestic direct investments will create job opportunities as well as empower local MSMEs along the supply chain.

However, he highlights that the success of such measures will depend on various factors, including how well they are implemented, their alignment with the country’s economic goals, and the specific needs of industries and start-ups.

“It’s essential to consider expert analyses and economic indicators to gauge the success of these measures accurately.

“The establishment of an Investment and Coordination Action Committee (JTPPP) as mentioned in the budget would promote adequate measures to attract investments,” he says.

It is noteworthy that the JTPPP will report to the National Investment Council chaired by the prime minister himself.

Anwar has also said the responsibilities of the Investment, Trade and Industry Ministry and the Malaysian Investment Development Authority are no longer limited to only the approval of investment incentives, but are expanded to facilitate issues related to investment beginning from the application until the investment is realised.

With Budget 2024 finally unveiled, all eyes will be on how fast the measures can be rolled out effectively.

Source: The Star

Domestic investments take centre stage

It is crucial for Malaysia to adopt balanced and strategic approaches to foreign direct investment (FDI) and direct investment abroad (DIA) that encourage high quality and high value investment.

It is also vital to transfer valuable knowledge and resources to further accelerate economic growth and expedite the transition into an advanced economy, the Ministry of Finance (MoF) said in its Economic Outlook 2024 report released today.

As envisaged under the Madani Economy framework, Malaysia aimed to be a leader at the global front, hence efforts shall be focused on increasing its competitiveness and promoting the nation as a prime investment destination, according to the MoF.

“In this regard, a comprehensive investment policy with concerted efforts between government agencies and private sectors will be intensified.

“At the same time, Malaysian companies should also actively explore new emerging markets and venture into greenfield investments such as environmental, social and governance (ESG) related investments,” it said.

According to the report, Malaysia has maintained its strong position globally, ranking second-highest in Southeast Asia and 14th out of 171 countries in the DHL Global Connectedness Index report in 2023 and 27th in the IMD World Competitiveness 2023.

“Regardless of global headwinds following the Covid-19 pandemic, the ranking by various agencies further reinforced Malaysia’s position as a competitive and attractive investment destination,” it added.

The MoF said that despite recording negative growth during the Global Financial Crisis of 2008-2009 and the recent Covid-19 pandemic, Malaysia was still able to record net inflows of RM5.1 billion in 2009 and RM13.3 billion in 2020.

The net inflows of FDI surged more than threefold in 2021 to RM50.4 billion and registered a historic peak of RM74.6 billion in 2022.

The report said that in terms of the flow of FDI into Malaysia by continent, East Asian countries particularly Japan and Hong Kong have invested the most, comprising about 35 per cent of total FDI from 2010 to 2022 amounting to RM497 billion.

According to the report, DIA contribution in the services sector expanded from 61 per cent in 2010 to 72 per cent in 2022, partly due to a surge in the wholesale and retail trade sector.

Southeast Asia remained the preferred investment destination for Malaysian companies which accounted for 44 per cent of total DIA in 2010, expanding to 50 per cent in 2022.

“Malaysian companies’ investment in Europe had gained traction with a significant increase in share of DIA from 16 per cent in 2016 to 36 per cent in 2022, and in the North American market contribution from 0.5 per cent in 2010 to 6.9 per cent in 2022.

“Both markets’ attraction can be attributed to attractive investment returns,” it said.

Source: Bernama

MOF: Malaysia needs to adopt balanced, strategic approaches to FDI, DIA

The government plans to provide an investment tax allowance on a tiered basis of 70 per cent or 100 per cent.

Prime Minister Datuk Seri Anwar Ibrahim said the results-based incentive approach is a new dimension that uses a tiered system in giving incentives.

“It will stimulate companies to generate economy through investment in high-growth and high-value fields and further create new economic clusters, expand domestic networks and balance economic and environmental sustainability,” he said when tabling the 2024 Budget at the Dewan Rakyat today (October 13).

Anwar, who is also the finance minister, said with this, companies will enjoy incentives equivalent to the commitments implemented.

He added that the government will give priority to future investments focused on high-growth and high-value areas to overcome the structural issues that plague the economic system, including the prematurely shrinking industrial sector.

“In order to support the high-value ecosystem, the government proposes that the Pengerang Integrated Petroleum Complex in Johor be made a hub for the development of the chemical and petrochemical sectors by providing a tax incentive package in the form of special tax rates or investment allowances,” said Anwar. 

Source: Bernama

2024 Budget: Govt proposes for investment tax allowance of 70pct or 100pct

The 2024 Budget, tabled by Prime Minister Datuk Seri Anwar Ibrahim today, reflects Penang’s importance on the national development radar.

Chief Minister Chow Kon Yeow said the budget indicated Penang’s importance in keeping pace with the current development.

“As the chief minister, it is no exaggeration to say Penang unity state government welcomes the federal budget, symbolising that Penang is also on the national development radar.

“For instance, the proposal to encourage reinvestment tax in the form of an investment tax allowance of 70 per cent or 100 per cent, which the ‘trickle-down economics’ policy is expected not only to encourage investors to increase their capital investment but will also further raise commodity productivity, creating more job opportunities and boosting the state’s economic cycle.

“With regards to the desire of the Investment, Trade and Industry Ministry and the Malaysian Investment Development Authority to facilitate foreign direct investment (FDI) and domestic investment, I hope that the drive will further strengthen the existing cooperation at the state government level via the government-linked companies (GLC), Invest Penang and the Penang Development Corporation (PDC) in Penang.

“Likewise, with the proposed establishment of the Investment and Trade Coordination Action Committee (JTPPP), it is hoped that the Penang government can participate collectively,” he said.

With regards to the initial estimate of the construction of the state’s first light rail transit (LRT) project worth RM10 billion through the public-private partnership (PPP) method, Chow hoped that the mega project could be realised and expedited.

“The government’s continuous efforts in empowering the rail-based public transport service system in Penang will not only contribute to the formation of increased gross fixed capital, but it will also further improve the quality of life of the people as well as contribute to the decline in traffic flow during peak hours in the future,” he added.

The budget also allocates RM180 million for the creation of a new special education block, which includes SK Bandar Baru Perda.

Chow expressed his wish to establish another special education facility on the island, given that two schools are already offering special education in Seberang Prai.

On the RM6.8 million allocation set aside for Technical Education and Vocational Training (TVET), Chow emphasised the potential for the Penang Skills Development Centre (PSDC), known for its fruitful collaborations with industry players, to play a vital role in pioneering national TVET initiatives, catering to the needs of essential economic sectors.

Source: NST

2024 Budget: Penang is on nation’s development radar, says Chow

Government-linked companies (GLCs) and government-linked investment companies (GLICs) continue to fulfil their role as the driving force behind the country’s economy, with GLCs’ estimated cumulative investment value to reach RM130 billion this year.

Prime Minister Datuk Seri Anwar Ibrahim said that the investment focus includes direct domestic investment, venture capital in highly innovative start-up companies and green growth for climate resilience.

“Furthermore, GLICs and GLCs have also increased their contribution in the implementation of various programmes for the well-being of the people and the country, from RM250 million in 2023 to RM300 million in 2024,“ he said during the tabling of Budget 2024 in the Dewan Rakyat today.

Meanwhile, in order to fulfil the aims of the National Energy Transition Roadmap (NETR), the government provides the National Energy Transition Facilitation Fund with a total value of RM2 billion.

Additionally, financial institutions will provide financing facilities totalling RM200 billion to encourage the industry to shift towards the low-carbon economy, said Anwar.

To achieve the renewable energy capacity target of 70 per cent by 2050, efforts to improve the implementation of the Corporate Green Power Programme as one of the implementation methods of the Third Party Access (TPA) model will continue.

“The government will continuously explore the TPA model and develop appropriate implementation methods to drive investment in renewable energy capacity,“ said Anwar.

Source: Bernama

PM: GLCs expected to record RM130b cumulative investment value this year

Negeri Sembilan is likely to achieve total investments amounting to RM5 billion through several projects in the state based on the projections of Invest NS until September 2023, said Menteri Besar Datuk Seri Aminuddin Harun.

He said the projects currently in negotiation with the Malaysian Investment Development Authority (Mida) to be registered as new investments include the Fraser & Neave Holdings Bhd (F&N) dairy project in Gemas and the data centre project each of which amounts to RM1 billion.

“The state government always promotes investment opportunities at the international level through various methods and platforms, including distributing Invest NS leaflets to Mida offices abroad as well as investment promotion missions held in international expositions.

“We also supervise and improve the investment process in this state. Therefore, as a result of this work and promotion, 89 projects were approved from January to June with investment value of RM1.5 billion,“ he said when wrapping up the Motion of thanks for the royal address at the Negeri Sembilan State Legislative Assembly sitting here today.

Aminuddin, who is also the chairman of the state’s Investment, Infrastructure, Utilities and Public Facilities Action Committee, said the renewable energy sector is also a targeted sector in Negeri Sembilan’s industrial development.

Therefore, he said, the state government through Invest NS intends to establish a Corporate Green Power Programme (CGPP) in collaboration with the private sector to help investors in the state reduce their carbon footprint and comply with the environmental, social and governance (ESG) standards for the export market. .

“The proposed CGPP site is in Bahau on 200 acres for the development of a solar power plant. On Sept 7, the proposal for this programme was presented to seven major companies at Techpark Enstek,” he said.

Aminuddin said the state government will ensure the exploration of rare earth elements is carried out in a planned manner to avoid any long-term pollution and societal issues.

He said the related standard operating procedure (SOP) will be made based on the SOP issued at the federal level and will be improved and adapted according to the needs of the state government.

Source: Bernama

Aminuddin: N.Sembilan can achieve total investments of RM5b