MIDA Poised to Woo More Quality Investors with New Strategic Directions
PM Datuk Seri Najib Razak launches new headquarters and logo for MIDA
3 July 2012 – The Malaysian Investment Development Authority (MIDA) will be undertaking new strategies to woo more investors, to fast track the nation towards high-income status in line with the Economic Transformation Programme. These plans were revealed at the opening of their new corporate headquarters and the launch of the new corporate logo, officiated by Prime Minister Datuk Seri Najib Tun Abdul Razak. The event was also graced by the Minister of International Trade and Industry, Dato’ Sri Mustapa Mohamad.
At the launch, Prime Minister Datuk Seri Najib announced the establishment of a Domestic Investment Strategic Fund of RM1 billion, which will be managed by MIDA to accelerate the participation of Malaysian-owned companies in the global supply chain of targeted industries. The package of assistance will be granted on the merits of each case and the main objective is to enhance technological capabilities of domestic investors. The fund also aims to harness and leverage on outsourcing opportunities created by MNCs operating in Malaysia and intensify technology acquisition by Malaysian-owned companies. The fund does not offer an outright grant but is contingent on applicants making their own investments.
The government also re-introduced tax incentives for acquiring foreign company for high technology to enable Malaysian-owned companies to acquire new state-of-the-art technologies. This leapfrogging approach is expected to help move Malaysian companies up the value chain or to diversify into new areas. This initiative will facilitate innovation among Malaysian-owned companies.
Malaysian-owned manufacturing companies that are already in operation for a year or less and undertaking promoted products or activities under the Promotion of Investments Act, 1986 will be eligible to apply for the tax incentives. This flexibility is to facilitate new investments by Malaysian-owned companies.
The government is also enhancing tax incentives for small Malaysian-owned companies who are eligible to apply for tax incentives under the Promotion of Investments Act, 1986 by increasing the shareholders’ funds threshold for eligibility from RM500,000 to less than RM2.5 million.
A special tax rate to encourage small Malaysian service providers to merge into larger entities to build up the competitiveness of the smaller entities is being introduced, in the light of the Government’s efforts to further liberalise the services sector.
These initiatives announced by the Prime Minister will take immediate effect.
In line with the new efforts and incentives by the government, MIDA is also developing new strategies to woo more of the right investments and achieve the national investment agenda.
“MIDA Sentral is envisioned to be the investment focal point of the country, and we have world-class facilities to welcome and usher in investors from every sector. As we enter a new era of progress and nation development, MIDA has also seen it necessary to rebrand our corporate image as a manifestation of moving forward with the times. We have chosen a new logo that is vibrant and modern, reflecting MIDA’s key roles and core competencies,” said MIDA’s Chief Executive Officer, Datuk Noharuddin Nordin.
“With this new headquarters, we have expanded the Business Information Centre and improved front line services. Our goal is to be an approachable and accessible one-stop meeting place between investors and our advisers.” Datuk Noharuddin Nordin said.
He explained, “We are reengineering our business processes to improve efficiency and effectiveness, and refocus on our core responsibilities and to drive appropriate policy development for the manufacturing and services sectors through feedback from potential investors. Our close relationship with MITI as our overseeing Ministry will allow us to provide prompt feedback from investors for consideration, in order to fast track potential investments that fulfil the nation’s aspiration.”
As a symbolic effort signaling the new direction taken by MIDA, a new logo was launched at the event. The bold, block letters of MIDA represent the integrity and professionalism of the organization. The colour grey suggests neutrality and reliability, whilst the new cutting-edge, dynamic and pioneering force of MIDA is now represented in the eye-catching, strong red motif that resembles an arrow moving forward.
The new corporate headquarters will also have enhanced facilities, including the new business information center (BIC), which will provide useful and authoritative literature and resources on manufacturing, financing, productivity and services related to Malaysia’s manufacturing and services sectors.
MIDA staff will be onground to assist investors in getting the information they require. Level 18 of the new tower has 7 meeting rooms and 11 smaller discussion rooms, which are dedicated for various discussions with investors. Investors may also use these rooms for their meetings with other companies.
This development is a significant milestone for MIDA, which has come a long way from being an investment promotion agency for the manufacturing sector in 1967 with just 37 staff to become a full-fledged one-stop centre for all investors.. MIDA’s headquarters also houses senior representatives from key agencies such as Department of Labour, Immigration Department, Royal Malaysian Customs and Telekom Malaysia Berhad to assist and advise investors on government policies and procedures. In addition, other entities such as Department of Environment and Tenaga Nasional have dedicated officers assigned to promptly respond to requests from MIDA and investors.
- MIDA Press Release
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