Kuala Lumpur, 5 April 2017 – The year 2017 marks five decades of the Malaysian Investment Development Authority's (MIDA) commitment in transforming the nation under different phases of industrial development. Incorporated as a statutory body, MIDA's establishment was hailed by the World Bank as "the necessary impetus for purposeful, positive and coordinated promotional action" for Malaysia's industrial development.
In congratulating MIDA on celebrating 50 years of its dedication and commitment, YB Dato' Sri Mustapa Mohamed, Minister of International Trade and Industry (MITI) said, "Since being charged as the agency responsible in the promotion and coordination of industrial development in Malaysia, MIDA has transformed the country's industrial landscape from an agricultural-based economy to a highly industrialised and service-oriented nation. From 1980 to 2016, MIDA has approved a total of 28,907manufacturing projects worth RM1.07 trillion – spawning over 3 million job opportunities for the nation, which opened doors for spill over benefits to be enjoyed by the Rakyat. This has stimulated the development of other industries and contributed to the rise of local vendors that in turn, attracts more companies to invest in Malaysia and avail themselves to the supply chain and ecosystem created over the years."
"MIDA's excellence has received international recognition. In 2015 and 2016, two years in a row, the organisation won the Top Investment Promotion Agency award in the Asia-Pacific National category by Site Selection magazine, a US-based international business publication. MIDA has also become a reference point for other investment promotion agencies, in and outside of Malaysia. Since the 1980s, MIDA has been sharing its best practices with many developing countries under the 'Third Country Training Programme' arrangement. I have full confidence that MIDA, in collaboration with the relevant agencies, will continue to leverage on new sources of competitive advantages and undertake a strong role in aligning the economy with megatrends and build Malaysia's competitive edge in the industries of the future," said YB Minister.
Dato' Azman Mahmud, Chief Executive Officer of MIDA said, "We in MIDA would like to keep abreast of the dynamism of the Malaysian economy. We continue to make the necessary changes and reengineer our internal processes to deliver our services more efficiently and effectively. In fact, starting this month, MIDA has undertaken an organisational restructuring exercise which involved the realignment of functions of several divisions to meet the rising stakeholders' expectations."
Being a trading nation with an open economy, foreign direct investment (FDI) has been crucial in diversifying the range of products and services in Malaysia's economy. Nonetheless, MIDA continues to actively promote domestic direct investments as the leading role in the country's economy to ensure long term growth in Malaysia. Despite various outreach and engagements with local companies, there is still a lack of awareness of MIDA's function in assisting and facilitating domestic companies, especially among SMEs.
"In complementing other agencies, MIDA has established a dedicated SME Investment Desk in its HQ and all its State Offices throughout Malaysia. This reflects its commitment in facilitating domestic investments and advocating the development of supply chains between Malaysian companies including SMEs with MNCs and large corporations in the country. By being part of these supply chains, local companies will benefit in terms of the diffusion of knowledge, adoption of best practices and wider market access," said Dato' Azman.
The SME Investment Desks that are managed by experienced MIDA executives will enable Malaysian businesses including SMEs to have a single contact point in MIDA's HQ and all its State Offices. Local players will be able to easily obtain guidance and advice on the Government's initiatives and facilities in building sustainable business collaborations through supply chain development at the local, regional and global levels.
In commemorating MIDA's 50 th Anniversary, the organisation has put together a line up of events that will be held throughout the year. This includes a series of Supply Chain Conferences, engagement with local media to feature success stories of companies, lecture series and an E-Commerce Workshop for logistics companies.
For more information, please contact:
Ms Zalina Zainol
Director, Corporate Communications Division, MIDA
Tel.: 03-2267 2437
MIDA is the government's principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 23 overseas offices. This year as the organisation celebrates its 50th anniversary, MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era.