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Invest Malaysia Facilitation Centre ready to help projects in the country, says Zafrul

The Invest Malaysia Facilitation Centre (IMFC) is ready to help and speed up investment projects in the country, says Tengku Datuk Seri Tengku Zafrul Tengku Abdul Aziz.

“We have been looking at ways to speed up the process for investors and we do not want to call it a one-stop-centre any longer,” he said.

“This is because people will laugh at us because when they go there, things end up stopping there.

“We set up the IMFC on Dec 1 and it is now fully operational,” the International Trade and Industries Minister told reporters after visiting the Back to School MoodaFest 2024 on Sunday (Jan 7).

He said the IMFC housed representatives from several relevant agencies to help fast track projects involving both local and foreign investors.

On the setting-up of the IMFC, Zafrul said that this was in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for efforts to boost efficiency, cut bureaucracy, ensure speed in approvals and to look at ease of doing business to further attract investments.

Malaysia has secured significant potential investment, including RM6.56bil from Japanese firms during the Prime Minister’s visit to Japan in December.

The nation had also secured RM63.02bil in proposed investments from the United States, mainly from technology giants.

Apart from this, Malaysia had also secured RM190bil in investments from China in several sectors including the automotive industry.

Meanwhile, Zafrul said that despite the current global economic challenges, the nation succeeded in securing investments worth more than RM200bil in the first nine months of last year.

“This shows that Malaysia remains attractive for investors, but now we have to focus on the execution of the projects due to the amount of investments committed and the projects that have been approved,” said Zafrul.

He said this was crucial as it would show the rakyat that the government could deliver its promises in terms of realising investments for the benefit of the nation.

“This is one of the challenges we face in 2024 with regards to investments; how to improve the ease of doing business for both domestic and international investors. Admittedly, there is still room for improvement,” he said.

Besides the Kuala Lumpur-based IMFC under Malaysian Investment Development Authority (Mida), Zafrul said that the government had also set up a Coordinating Committee on Investment to help facilitate better cooperation from relevant agencies.

Source: The Star

Invest Malaysia Facilitation Centre ready to help projects in the country, says Zafrul

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A total of 25 Japanese companies have expressed interest in investing in Malaysia and participated in the Roundtable Meeting with Prime Minister Datuk Seri Anwar Ibrahim, here, at the Japan-Asean Commemorative Summit.

Organised by the Malaysian Investment Development Authority (Mida), the meeting seeks to encourage and facilitate potential and new investment from a number of Japan’s biggest industry players.

Among them include big names in manufacturing, services and trade.

Anwar said that the New Industrial Master Plan 2030, which aims to chronicle Malaysia’s industrial development from 2023 to 2030, outlined the country’s approach to investment partnerships.

“From our New Industrial Master Plan (NIMP 2030), it is very clear what we want to achieve, what the mission is. And then, our focus now is digital transformation. So industries involved in this deal should be encouraged to participate and cooperate with us (Malaysia).

“Why I am here is of course to listen to you… what needs to be done to facilitate or even accelerate the process of engagement and possible investments from your end,” he said.

Anwar thanked the Japan-Malaysia Economic Association (Jameca) for coordinating the meeting in Tokyo for Mida which comes under the purview of the Investment, Trade and Industry Ministry.

“And I am of course very thankful to Jameca for coordinating this event and I am particularly impressed by the fact that so many captains of industries are present and have given their support. And on behalf of Malaysians, I want to thank you again.”

Also present was Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz who opened the meeting.

Zafrul acknowledged Japan as one of Malaysia’s top three sources of foreign direct investment (FDI) into the country.

He said that the roundtable discussion would look at establishing partnerships in innovative and green technology, as well as energy transition, among others.

Zafrul also added that the one stop centre for investment related matters or Invest Malaysia Facilitation Centre (IMFC) established by his ministry, would also be a big part in facilitating cooperation between Malaysia and Japan.

IMFC started operations on Dec 1. Located at Mida headquarters, it was set up to facilitate the affairs of the business community and investors in manufacturing and services at various levels of the Federal and state governments.

Source: Bernama

25 Japanese industry players express interest in investing in Malaysia, participate in MIDA roundtable meeting

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The Malaysian Investment Development Authority (MIDA) is committed to unearthing cost-effective mechanisms aimed at accelerating investments in sustainable projects in sectors such as renewable energy, hydrogen and green growth, in line with the government’s aspiration for net-zero emissions by 2050.

According to MIDA chairman Tan Sri Dr Sulaiman Mahbob, emphasis has been placed on promoting research and development (R&D) activities and identifying the latest technology trends as well as emerging technologies. “Collaborative efforts with industries, both local and foreign R&D institutions, as well as technology providers are also pursued,” he told Bernama.

He said the strategic focus is geared towards nurturing local expertise in the evolving dynamic innovation landscape, ensuring Malaysia remains at the forefront of maintaining a leading position in technological advancements in sustainability and environmental, social, and corporate governance (ESG) practices.

This is in line with the New Industrial Master Plan (NIMP) 2030, a blueprint for resilient industrial transformation and sustainable growth and the ESG Framework.

Sulaiman expressed concerns about stand-alone and non-exporting small and medium enterprises (SMEs), which may not readily fully recognise the significance and importance of integrating ESG into their business operations. “Ensuring an inclusive journey where no one is left behind is important to us,” he said.

It is imperative for all industry players, regardless of size or sector to embark on an ESG transformative path in light of Malaysia’s net-zero emissions, he added.

“Hence, MIDA will lead deals and negotiations for all investment projects in the manufacturing and selected services sectors by redesigning promotional strategies and activities to emphasise the element of ESG sustainable practices,” he said.

Key focal points include enhancing talent management for industrial development, moving comprehensive ESG adoption, as well as developing and strengthening the industrial ecosystem in Malaysia.

“We are also proposing the right supporting tools such as AI-driven technologies for local industry players by working together with the Ministry of Investment, Trade Industry (MITI), the R&D institutions, industry and other government key stakeholders to streamline ESG efforts and facilitate a wider ESG adoption in Malaysia,” he said.

To remain relevant in business, he said SMEs have no other alternatives but to adopt ESG practices to remain in the global supply chain as the anchor companies must comply with the Scope 3 emissions.

Companies adopting sustainable business practices will have a competitive advantage such as new markets and sustainable supply chain development and promote a stronger brand identity.

Furthermore, the inclusion of ESG reporting in earnings reports is trending among businesses. Investors and lenders are becoming highly attracted to companies that invest in ESG and use ESG disclosures to shed light on their sustainability efforts.

He also pointed out that many local businesses, particularly SMEs, face financial constraints in transitioning to sustainable practices, in which the initial investment required for sustainable technologies and infrastructure improvements poses a considerable barrier.

Sulaiman emphasised MIDA’s role in providing comprehensive support and facilitation, including initiatives like MIDA’s Project Acceleration and Coordination Unit (TRACK) that aim to enhance business process efficiency and ensure a smooth investment journey.

“In line with the government’s pro-active approach to ease of doing business, MITI has set up the Invest Malaysia Facilitation Centre (IMFC) at MIDA headquarters from Dec 1, 2023,” he said.

As of September 2023, MIDA has approved 4,073 green projects valued at over RM38.9 billion worth of investment. Notably, green technology investments recorded a significant 24.6% growth for the period of January-September 2023 over the same period last year, totalling RM1.5 billion, comprising 490 projects.

These investments cover various green technology initiatives, including renewable energy, energy efficiency, integrated waste management, green buildings and services which are under Mida’s purview.

Additionally, electric vehicle components and assembly reached RM291.3 million of approved investments from January to September 2023.

Source: Bernama

MIDA emphasises technology adoption, ESG practices for sustainable investment ecosystem

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The RM225 billion of investments approved by the Investment, Trade and Industry Ministry (Miti) for the January-September period this year, represent one of Malaysia’s best achievements over the past decade, according to Tengku Datuk Seri Zafrul Abdul Aziz.

The Miti minister said this is a testament to Malaysia’s continued attractiveness as an investment destination and investors’ confidence towards Malaysia as an investment destination.

“The proportions of foreign direct investment (FDI) and domestic direct investment (DDI) are nearly the same, with FDI at 56 per cent and DDI 44 per cent of total investment for the first nine months of the year,” he told a media conference to announce Miti’s Report Card 2023 —A Year of Madani Government today.

Meanwhile, RM347 billion in  committed investments have been secured during investment missions this year with RM170 billion from China, RM63 billion  from the United States at the US-Apec meeting,  RM40.6 billion from Abu Dhabi, RM24 billion from South Korea, RM23.1 billion from Japan , RM13 billion from Singapore, RM5 billion  from Brunei, RM4.74 billion from the US-United Nations General Assembly, RM3.3 billion from Italy , RM300 million from Indonesia and RM5 million from Vietnam.

Tengku Zafrul noted the inflow of investments from countries such as the Netherlands, Singapore, the US, China, and Japan reflects the type of high-tech strategic investments that Malaysia is targeting from global players.

“The Investment, Trade and Industry Ministry and its agency, the Malaysian Investment Development Authority, will continue to position Malaysia as a highly viable and stable destination to attract more investment inflows strategically as a result of the redesign of the supply chain in the global investment landscape, in line with industrial transformation as set out in the New Industrial Master Plan 2030.”

He also said that the Malaysia International Halal Showcase 2023 recorded one of the proudest achievements during the first nine months which amounted to RM3.11 billion in sales value, up 24 per cent compared to the target of RM2.5 billion, with 44 exhibiting countries during the tradeshow.

Meanwhile, export commitments from the 2023 trade mission registered a total of RM13.39 billion, including RM2.7 billion from South Korea, RM2.6 billion from Beijing, China,   RM3.2 billion from Nanning, China, RM780 million from Hong Kong, RM2.1 billion from Japan and RM2.1 billion from the US.

Additionally, he said, Miti is currently putting in efforts to enter other new markets such as Ecuador, Nigeria, Tanzania, Puerto Rico, and Kyrgyzstan to expand the country’s export market.

Elaborating on the priorities for 2024, Tengku Zafrul said Miti will focus on expediting the investment process and achieving the digital economy investment target of RM130 billion by 2025.

“Besides that, focus is also given to completing the rationalisation of the investment promotion agencies next year,” he said.

In terms of trade, he said Miti is targeting a five per cent growth for 2024 in tandem with the World Trade Organisation’s forecast which shows a rather challenging trend.

“We also want to open new markets including in the Middle East, Africa and South America,” he said.

He added that Miti will also refine and improve several relevant free trade agreements with several parties, especially in the digital and green technology sectors.

Source: Bernama

Approved investments for Jan-Sept 2023 among top achievements over past decade

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Malaysia has attracted approved investments worth RM225 billion in services, manufacturing, and primary sectors in the January-September 2023 period, up 6.6 per cent from the RM211 billion investments approved in the same period last year.

The Malaysian Investment Development Authority (Mida) said the services sector accounted for RM117.7 billion, the manufacturing sector for RM99.8 billion, and the primary sector for RM7.5 billion.

The 3,949 approved investment projects are set to unlock 89,495 new job opportunities, showcasing Malaysia’s resilience on the back of prevailing global operational uncertainties across various industries, it said in a statement today.

Foreign direct investment (FDI) accounted for 55.9 per cent, or RM125.7 billion, of the total approved investments, while domestic direct investment (DDI), which surged 45.2 per cent year-on-year, contributed 44.1 per cent or RM99.3 billion.

The Netherlands emerged as the leading source of FDI, contributing RM35.0 billion, while other notable sources included Singapore (RM20.4 billion), the United States (RM18.9 billion), China (RM11.6 billion), and Japan (RM11.2 billion).

“This diversity in the investors’ base highlights Malaysia’s universal appeal as a strategic hub, particularly for the Asean region,” Mida said.

Five states which recorded significant investment values are Kuala Lumpur (RM48.9 billion), Penang (RM44.9 billion), Selangor (RM41.6 billion), Kedah (RM22.6 billion), and Johor (RM20.0 billion).

Commenting on the performance, Investment, Trade, and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz said the growth in approved investments is a testament to Malaysia’s continued attractiveness as an investment destination.

It also reflected the country’s collaborative whole-of-government and whole-of-nation efforts in attracting, facilitating and retaining investments while enhancing the ease of doing business under the Madani Economy framework.

“Investment inflows from countries such as the Netherlands, Singapore, the United States, China, and Japan reflect the high-tech, strategic investments Malaysia targets from global players. But this is no time for complacency.

“Miti and its agency, Mida, will continue to position Malaysia as a highly viable and stable destination to strategically capture more inflows from the redesigning of supply chains in the global investment landscape, in line with our industrial transformation as stipulated in the New Industrial Master Plan 2030,” he said.

As of November, there are 1,428 projects with proposed investments of RM72.3 billion within the agency’s pipeline.

Of these proposed investments, 1,352 projects are from the selected services sector (RM31.8 billion), while 76 projects are from the manufacturing sector (RM40.5 billion), all of which fall under Mida’s purview.

The agency said it is also actively negotiating RM161.6 billion in high-potential investment leads.

Source: Bernama

Malaysia records RM225 bln approved investments from January to September

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Malaysian Investment Development Authority (Mida) has approved RM54.7 billion in green investments to date, with the bulk in renewable energy, specifically in solar projects, according to its deputy CEO, Investment Promotion and Facilitation, Sivasuriyamoorthy Sundara Raja.

Going forward, Sivasuriyamoorthy said, the agency is optimistic because of the National Energy Transition Roadmap (NETR) launched by the government earlier this year, which he deemed exceptional.

“So we feel very confident, we feel that we are able to attract more investments, green investments moving forward,” he said at ESG Evolve 2023 recently.

The government has said that it is committed to low-carbon development aimed at restructuring the economic landscape to a more sustainable one. In this context, the NETR sets the goal to accelerate energy transition and change the way energy is generated to improve climate resilience. NETR has developed the Responsible Transition Pathway 2050 to shift Malaysia’s energy systems from fossil fuel-based to greener and low-carbon systems.

NETR outlines 50 initiatives under the six energy transition levers and five enablers, in addition to the 10 flagship projects and initiatives announced in July 2023. The energy transition financing will be undertaken through a combination of grants, loans, rebates, incentives, and other investments to support the whole-of-nation approach.

NETR aims to power our future by unlocking potential in new growth areas and delivering progress and prosperity to Malaysian households and businesses.

Successful implementation of NETR will lift gross domestic product value from RM25 billion in 2023 to RM220 billion and generate 310,000 jobs in 2050.

Mida is one of the Malaysian agencies spearheading national level efforts to put in place all necessary policies, facilitation, and support to ensure that Malaysia is ready to host new green investments coming into the industry over the next few years.

Source: The Sun

MIDA: RM54.7b green investments approved, mainly in renewable energy

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The Malaysian Investment Development Authority (MIDA) is anticipating continuing growth in the medical devices sector, especially in diagnostic and point-of-care solutions, a shift towards non-invasive and minimally invasive approaches and the convergence of medical technologies.

MIDA deputy chief executive officer of Investment Promotion and Facilitation Sivasuriyamoorthy Sundara Raja said the future of the medical devices sector looks promising, driven by the increasing prevalence of chronic diseases and a growing emphasis on early diagnosis and treatment.

“This has led to a surge in demand for medical devices, both in developed nations and emerging economies,” he said in his welcoming remarks at a seminar titled ‘Intensifying Malaysian Capabilities to Boost the Medical Devices Sector’’, here today.

Sivasuriyamoorthy said Malaysia’s strength in related sectors, such as precision engineering and pharmaceuticals, has allowed companies to move quickly into medical technology and capture its emerging opportunities.

He said the industry had attracted RM24.5 billion in approved investments from 2018-2022, promising to generate over 40,000 jobs, a testament to the robust growth fuelled by key contributing factors.

“Beyond business operations, the country’s dynamic industry stands as a regional hub for manufacturing, research and development,” he said.

Sivasuriyamoorthy said the medtech sector’s forecasted value of US$3.27 billion (RM15.24 billion) in 2023 is poised to surge, projecting an impressive compound annual growth rate (CAGR) of 7.86 per cent from 2023 to 2028.

“This trajectory indicates not only sustained growth but also positions Malaysia as a key player in the global medtech landscape. Anticipate a remarkable surge, with domestic medical device revenue expected to reach an impressive US$4.78 billion (RM22.27 billion), he said.

Sivasuriyamoorthy said Malaysia’s medical devices sector is strongly supported by precision engineering, machinery and equipment, engineering support services, electronic manufacturing services, plastic components, packaging and sterilisation services.

He said a staggering 99 per cent of the nation’s medical equipment output is destined for international markets, with the majority being in the form of rubber and consumable products.

“Therefore, it is timely that Malaysia intensifies innovation activities in this sector to diversify components of export by focusing on complex products to sustain the industry growth as outlined in the New Industrial Master Plan (NIMP) 2030,” he said.

Sivasuriyamoorthy said Malaysia is striving to be a regional hub for medical device manufacturing, with the government identifying the sector as having high growth potential under the Twelfth Malaysia Plan and this strategic focus is reinforced in Mission 1 of the NIMP 2030.

“The mission, particularly, highlights the medical devices and pharmaceutical industries, leveraging innovation and high-skilled talent to drive a high economic complexity agenda.

“NIMP 2030’s goals include integrating small and medium enterprises and mid-tier companies into domestic and global value chains, and ensuring equitable regional distribution of manufacturing benefits.

“Among the companies are Plexus, Jabil, Tip Corporation, Pentamaster, Greatech, Steris, Masimo Medical Technologies and Steripack,” he said.

Sivasuriyamoorthy said MIDA, as the country’s principal investment promotion and development agency, remains the industry’s key contact point, providing crucial information about valuable government facilities and initiatives.

“MIDA welcomes further investments in the production of medical devices and supporting industries to ensure continuous and uninterrupted supply to both the domestic and international markets as well as to provide national health security,” he added.

Source: Bernama

MIDA anticipates continuing growth in medical devices sector

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Malaysia Industrial Development Finance Bhd (MIDF) has partnered with the Malaysian Investment Development Authority (MIDA) and Bizsphere Sdn Bhd to organise the Malaysia Smart Manufacturing Award 2023 Biz Talk and Forum titled Tech Up for Smart Manufacturing.

The event held today served as a pivotal gathering for industry leaders, experts, and stakeholders to delve into the essence of “Mission 2” of the New Industrial Master Plan (NIMP) 2030, “Tech up for a digitally vibrant nation”.

MIDA chairman Tan Sri Sulaiman Mahbob said the NIMP 2030’s “Mission 2” aims to drive digitalisation, enhance labour productivity, support research and development (R&D) for higher-value products, and bolster supply chain resilience.

“Recognising the dynamic nature of the future of manufacturing, strengthening partnerships within the local manufacturing ecosystem is imperative.

“As global companies anchor advanced manufacturing in Malaysia, local enterprises leveraging advanced technologies will become globally competitive and create exciting, quality jobs.

“Innovation, R&D, specialised technology, and high-productivity processes form the foundation, propelling industries forward,” he said in a joint statement today.

Meanwhile, MIDF chief executive officer Azizi Mustafa stressed the group’s commitment as a development finance institution to support local businesses in their growth journey and adoption of technology to enhance productivity and efficiency.

“MIDF is dedicated to providing financial solutions that empower businesses to embrace technology at a very competitive financing rate.

“In an era where digital transformation is pivotal, we stand firm in our support of local enterprises venturing into smart manufacturing practices,” he said.

Azizi further urged companies that have successfully integrated technology and automation into their operations to participate in the Malaysia Smart Manufacturing Award event.

“These companies can serve as role models and inspire others, especially small and medium enterprises, to embark on their journey toward Industry 4.0.

“By recognising and celebrating these achievements, we aim to create a ripple effect, fostering a culture of innovation and technological advancement in Malaysia’s business landscape,” he added.

Besides this event, MIDF and Bizsphere organised the MIDF Automation and Digital Forum throughout the year in six regions nationwide, garnering enthusiastic responses from industry players and encouraging the exploration of automation and digitalisation in business operations.

Source: Bernama

MIDF, MIDA, Bizsphere organise ‘Malaysia Smart Manufacturing Award 2023 Biz Talk and Forum’

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Malaysia and South Korea should leverage each other’s strength in manufacturing and technological advancement, respectively, to enhance and attract more investment opportunities between both countries.

Malaysian Investment Development Authority’s (MIDA) executive director for investment policy advocacy (manufacturing) Masni Muhammad said that South Korea has technological advantages in terms of innovation, research and development, as well as semiconductor, electronics, digital economy, and information technology.

“On the other hand, Malaysia is strong in the manufacturing sector and we are the manufacturing hub in South Asia, wherein the country has been blessed with oil palm, oil and gas and mineral resources.

“For example, while Malaysia is blessed with palm oil, South Korea is looking at bio-renewable and this is among the areas we could leverage each other,” she said during the Look East Policy Malaysia-Korea Business Summit today.

Moreover, she said there were recurring themes in Malaysia and South Korea’s economic policies, especially in the green economy, sustainability and digital economy sectors.

“Hence, both countries could work together and enhance green investments globally,” she said.

Apart from that, she said both countries need to fully utilise or enhance the existing free trade agreement, moving forward.

“I think strengthening regulatory framework through bilateral trade will definitely able to boost investment as well as economic cooperation as South Korea has been among the top five contributors to investments in Malaysia,” she further said.

Masni also added that Malaysia would continue to engage with more than 500 Malaysian students in South Korea to work on talent development in order to ensure the country could be able to supply the talent needed by South Korean investors in Malaysia.

Meanwhile, Ministry of Investment, Trade and Industry (MITI) deputy secretary-general for international trade Mastura Ahmad Mustafa urged the South Korean companies to leverage tremendous opportunities outlined by the New Industrial Master Plan (NIMP) 2030, aimed at revitalising the manufacturing sector through its mission-based approach to industrial development for mutual benefits.

South Korea is one of the main sources of foreign direct investment (FDI) for Malaysia, whereby, as of June 2023, a total of 386 projects were implemented with investments amounting to US$9.30 billion (RM33.20 billion), creating a total of 46,580 job opportunities.

Source: Bernama

Malaysia, S. Korea urged to leverage strength in manufacturing, technology to draw investments

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Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz (seated, centre) during his visit to the Malaysian Investment Development Authority’s (Mida) Invest Malaysia Facilitation Centre at Mida’s headquarters in Kuala Lumpur, on November 24, 2023. — Picture via FACEBOOK/TENGKU ZAFRUL

The Malaysian Investment Development Authority (Mida) has announced the Invest Malaysia Facilitation Centre (IMFC) established by the Investment, Trade, and Industry Ministry (Miti) will start operations on December 1.

The one-stop centre for investment-related matters located at Mida headquarters was set up to facilitate the affairs of the business community and investors in manufacturing and services at various levels of the Federal and state governments.

IMFC’s establishment is also aimed at expediting the process of various approvals, including providing advisory services and advice to the business community and investors, hence reducing bureaucracy in public service delivery, said Mida in a statement in conjunction with Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz’s visit to IMFC today.

“The physical establishment of IMFC is proof of the government’s continuous commitment to revitalise the country’s economic growth.

“Besides its role to achieve the objectives of the New Industrial Master Plan (NIMP) 2030, IMFC will also contribute to efforts to make Malaysia a premier investor-friendly and business-friendly destination in the region,” he said.

Tengku Zafrul is also confident that IMFC can offer important value-add for the business community and investors to start or expand their businesses in Malaysia.

Meanwhile, Mida chief executive officer Datuk Arham Abdul Rahman said via IMFC Malaysia can further enhance its relations with foreign and local investors, thereby contributing to higher growth in the manufacturing and services sectors.

“Innovation is not only placed in product and technology improvement but also in service delivery.

“IMFC is the gateway for potential investors and existing business community to get support and comprehensive special facilities from related ministries and agencies in the Federal and state governments,” he said.

Source: Bernama

Invest Malaysia Facilitation Centre to start operating on December 1 — Mida

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The investment promotion and marketing functions of the federal-level investment promotion agencies (IPAs) will be centralised under the Malaysian Investment Development Authority (Mida) from January 1, 2024.

The Investment, Trade and Industry Ministry (Miti) said the matter was discussed during the first Investment Coordination Committee Meeting (ICCM), which was reactivated recently.

The reactivation of ICCM was decided during the National Investment Council meeting (No 2/2023) in August, it said in a statement today.

“It is aimed at strengthening the nation’s IPA landscape by, among others, streamlining the investment-related functions and roles of regional economic corridors as soon as possible.

“The streamlining is important to ensure no duplication of functions that may complicate the investors’ journey in Malaysia.

“This whole-of-government and whole-of-nation approach is also aimed at enhancing the investment and industrial ecosystem which is conducive for investors,” Miti said.

The ICCM was chaired by Miti Minister Datuk Seri Tengku Zafrul Abdul Aziz and comprised investment-related ministries and agencies at the federal government and state levels.

Miti said that in supporting the Madani Economy goals, the ICCM will coordinate the collaboration between the federal and state governments with the aim of, among others, bolstering the business and industrial ecosystem (including infrastructure and talent) to support the development of new and current sectors.

The aim also includes boosting the foreign direct investment inflow and strengthening the importance of domestic direct investment, as well as targeting strategic investments that contribute to achieving the thrusts of the National Investment Aspirations.

The recent ICCM meeting also discussed the streamlining of industry development plans among the Federal Government and state governments, including developing economic clusters as announced under the New Industrial Master Plan 2030 (NIMP 2030). 

Source: Bernama

MITI: Investment promotion agencies’ functions to be centralised under MIDA on Jan 1, 2024

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The Ministry of Investment, Trade and Industry (Miti) has established the Invest Malaysia Facilitation Centre (IMFC) as a one-stop centre for investment-related matters at the Malaysian Investment Development Authority (Mida).

Its minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said the IMFC was set up to facilitate the affairs of the business community and investors in the manufacturing sector and selected services sectors.

He said the physical establishment would speed up the various approval processes including providing consultation and advisory services as well as reducing bureaucracy in the public services delivery.

“This initiative is an improvement to the existing advisory service centre at Mida and it is in line with Prime Minister Datuk Seri Anwar Ibrahim’s recommendation in the cabinet decision on Nov 3 and the Madani Economy aspirations to facilitate business involving the investor’s journey at various levels,” he said in a statement.

He said the one-stop centre also aims to bring together several government ministries and agencies as well as various facilities under one roof as an important step in supporting the intention of the New Industrial Master Plan 2030.

Via this initiative, he said it would enable Malaysia to be a premier investor-friendly and business-friendly destination in the region based on the National Investment Aspirations.

Based on the current situation, Zafrul said the negotiation and facilitation services carried out physically and face-to-face would have a positive impact, in addition to improving the confidence among investors and industry players.

“Miti and Mida will take proactive steps to implement continuous reforms and improvements to provide effective and efficient services to investors and the business community in the manufacturing sector and selected services sectors in Malaysia. Miti is also committed to improving existing facilities under Mida in an effort to facilitate investment,” he said.

He said the implementation of the IMFC would be based on the whole-of-government concept and would be directly supported by several ministries and agencies, such as the Royal Malaysian Customs Department, the Malaysian Immigration Department and the Malaysian Inland Revenue Board.

Other supporting agencies would include the Department of Manpower, the Malaysian Communications and Multimedia Commission and telecommunication companies such as Tenaga Nasional Bhd, as well as other ministries and agencies on a needs basis.

Meanwhile, he stated that one of the existing initiatives under Mida is the establishment of the project implementation and facilitation office (Track) in 2020.

Track is a facilitation platform for all investment projects approved by the National Committee on Investments to ensure that approved projects can be carried out within the specified period, said Zafrul.

“Via the existing Track and IMFC initiatives, Miti is confident that Malaysia will remain the investment destination of choice for the world’s global companies.

“It also provides skilled and high-income job opportunities for the people, further leading and stimulating economic development, as well as the prosperity of the country,” he said.

Since the establishment of Track, the implementation percentage of approved projects has grown to over 80 per cent for the period from January 2016 to June this year. 

Source: Bernama

MITI sets up Invest Malaysia Facilitation Centre at MIDA as one-stop centre for investment matters

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MyPlast Sourcing Summit 2023 held today served as a dynamic platform to facilitate collaboration between small and medium enterprises (SMEs) and multinational companies (MNCs), catalysing growth and fortifying the local plastics supply chain ecosystem.

In a joint statement, the Malaysian Investment Development Authority (Mida) and the Malaysian Plastics Manufacturers Association (MPMA), as the organisers, said the inaugural event held for the plastics industry aimed to empower SMEs to adopt innovative approaches, thereby enhancing their plastic production capabilities.

With a turnout of over 130 participants, the summit brought together 10 MNCs and more than 20 plastics SMEs, including Texas Instruments Malaysia Sdn Bhd, Nestle Manufacturing (Malaysia) Sdn Bhd, Thong Guan Industries Berhad and The Dow Chemical Company.

“Through initiatives like the MyPlast Sourcing Summit, Mida and MPMA are committed to advancing the plastics industry to new heights in high-quality manufacturing, driven by advanced machinery, automation, and sustainable practices.

Mida chief executive officer Datuk Wira Arham Abdul Rahman said the plastic products industry in Malaysia is well-established, supporting the growth of many other important manufacturing industries, such as electrical and electronics, automotive, aerospace, medical devices, and food packaging.

“By nurturing collaboration between MNCs and local plastics manufacturers, initiatives like the MyPlast Sourcing Summit drive the growth of local enterprises, facilitating strides towards innovative and sustainable plastic manufacturing, aligning with the Malaysia Plastics Sustainability Roadmap 2021-2030,” he said.

Source: Bernama

MyPlast sourcing summit offers supply chain opportunities for local plastic SMEs

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Efforts by Malaysian companies to push forth the environmental, social and governance (ESG) agenda will be celebrated.

All businesses, from small and medium enterprises (SMEs) to large corporations, that demonstrate exemplary ESG practices can now proudly showcase their endeavours through Star Media Group Bhd’s (SMG) ESG Positive Impact Awards (ESG PIA).

Entering its second edition this year, the ESG PIA – with OCBC Bank (Malaysia) Bhd as the main sponsor – seeks to recognise and showcase Malaysian companies’ journeys and achievements in the ESG space.

The awards also aim to accelerate ESG momentum across 15 categories and inspire greater adoption by businesses to drive lasting change and positive impact for a sustainable tomorrow.

Representing Malaysian Industry Development Authority (Mida) chief executive officer Datuk Wira Arham Abdul Rahman, Mida Investment Policy Advocacy (Manufacturing) executive director Masni Muhammad launched the awards for their second year at Menara Star here yesterday.

Commending SMG, sponsor OCBC Bank, and the programme partners, Masni said the dedication towards heightening awareness of corporate Malaysia’s sustainable practices and long-term impacts is definitely a step towards realising Malaysia’s net zero aspirations.

“This launch recognises individuals and corporations in Malaysia that demonstrate their leadership and advocacy in creating a positive impact on our environment and society.

“More and more small and medium-sized businesses in Malaysia are realising the importance of ESG practices, which go beyond profits to ensure the longevity and sustainability of their businesses and the wellbeing of our planet and people.”

In addition to this, the New Industrial Master Plan 2030 (NIMP 2030) and the National Industry Environment, Social and Governance Framework (i-ESG) were launched under the government’s national strategic policy framework, which focuses on good governance, sustainable development, and racial harmony.

Masni emphasised that the government is proactive in ensuring a just transition towards a low-carbon economy with the introduction of various frameworks and policies.

“Miti launched the i-ESG Framework on Oct 2 to prepare the nation’s manufacturing sector to embrace ESG principles and to tap into a US$12 trillion (RM57 trillion) global market for ESG-focused opportunities,” she said.

Representing OCBC Bank’s chief executive officer, Tan Chor Sen, OCBC Bank’s Wholesale Banking managing director, Jeffrey Teoh, said, “OCBC Bank has been around for more than 90 years, and the hallmark of our existence has been engagement with and service to the communities around us.

“High on the agenda today is our focus on ESG and how we create value for our customers and communities at large.

“This posture builds into the nation’s focus on achieving net zero (emissions) by 2050. This is an ideal that can only be attained when everyone comes together. In many ways, our role in SMG’s ESG Positive Impact Awards is to help this along.

“The broader picture of what OCBC Bank is doing for ESG lies in how we ensure our own practices, premises and posture are sustainable, alongside supporting corporates as well as SMEs and individuals in their ESG efforts,” he added.

Miti’s i-ESG deputy director, Dr Meenachi Muniandy, was also present at the launch.

SMG group chief executive officer Alex Yeow said the inaugural ESG PIA was introduced in 2022 to create a credible platform for companies to demonstrate their unwavering commitment to a sustainable future.

He said the media group is stepping up its game by becoming an enabler in the ESG landscape to help aspiring businesses go beyond just making profits.

“The ESG Positive Impact Awards 2022 allowed businesses to position themselves at the vanguard of their respective industries. It proved to be an excellent platform for companies to transform their achievements into inspiration for peers, investors, and stakeholders.”

Yeow emphasised that the media group has made it its responsibility to strengthen and foster a deeper relationship with the business community by focusing on three key areas.

“Last but not least, to strengthen our position as one of the enablers in pushing the nation’s sustainability agenda,” said Yeow after praising the government and private sector for their efforts in integrating and embracing ESG pillars in their organisational framework.

In conjunction with the launch, an ESG marketplace was held, featuring participation from the Centre for Environment, Technology and Development Malaysia, Cultiveat, Masala Wheels, Gerai OA, Zero Waste Earth Store, Graze Market, and the Green Factory.

The ESG Positive Impact Awards 2023 are organised by Star Media Group Bhd with OCBC Bank (Malaysia) Bhd as the main sponsor. To register your interest in the awards programme, visit staresgawards.com.my.

Source: The Star

Continuing nation’s ESG agenda

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Banks have an important role in facilitating stronger trade in the digital trends, transforming the mobility ecosystem.

Citi Malaysia treasury and trade solutions (TTS) business and the Malaysian Investment Development Authority (MIDA) recently held a panel discussion with key automotive players in Malaysia titled Charged Up: Navigating the Transformative Path of Malaysia’s Automotive Industry.

“Automotive and mobility companies are increasingly evolving as they embrace digital transformation, which means an increased need for additional touch points to their end customers. 

“Banking providers are therefore critical in facilitating and supporting this

change. Citi supports over 120 automotive clients in Malaysia. We are proud to be part of their journey and enhance the trade growth prospects in this country,” Citi Malaysia head of treasury and trade solutions Abdul Jalil Jalaludin said in a statement.

MIDA chief executive officer Datuk Wira Arham Abdul Rahman said sustainable development has always been at the core of Malaysia’s narrative. 

He said Malaysia is actively championing electric mobility, and MIDA is committed to nurturing a dynamic ecosystem where both private and public stakeholders, such as Citi, can collaborate and develop

and commercialise innovative mobility solutions that will drive the future of sustainable transportation. 

“In line with the recently launched New Industrial Master Plan 2030 (NIMP 2030), Citi’s commitment to financing innovation and environmentally responsible initiatives acts as a catalyst for advancing our shared vision and propelling Malaysia towards its industrial and economic objectives,” he said.

The panel discussion featured Citi TTS sales sector head for the industrial sector Vincent Couche and MIDA deputy director, transport technology division Sudiana Muhamad Nawati, who shared about the transformation of the automotive industry and how banks can help, as well as insights on where Malaysia is investing and the challenges in adopting a more sustainable automotive industry in Malaysia.

Citi is a strong partner in the mobility ecosystem in Asia, collaborating with more than 100 car manufacturers, suppliers and distributors. 

Growth of trade financing for the sector has also seen a 40 per cent increase since the pandemic in 2020. 

Citi’s solutions to address the changing treasury needs for corporates include payment and collection, financing, liquidity and cash management.

The MIDA-Citi partnership was first inked in 2021 following a memorandum of understanding signed between the two parties. 

The partnership is intended to extend a financial platform and a seamless provision of end-to-end banking services by Citi Malaysia to new and existing foreign investors in Malaysia.

Source: NST

MIDA, Citi Malaysia spearhead transformation of automotive industry

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Perak has garnered over RM22.3 billion in realised investments as at end-June this year, from a total of 283 manufacturing projects, creating more than 22,000 jobs, said Malaysian Investment Development Authority (Mida) chief executive officer Datuk Arham Abdul Rahman.

As such, Perak is poised to enhance Malaysia’s electrical and electronics (E&E) sector, particularly in the northern region, with the upcoming high-tech (technology) industrial hub in Kerian, as projected by the government in Budget 2024, he said.

“Based on the Perak Sejahtera Vision 2023, the state government focuses on several sectors, not just high-tech sectors but also based on services, such as the Lumut Maritime Industrial City,” he said to reporters at the “Mida Invest Series — Perak: Unfolding its Business Potentials” event here on Monday.

He said the state government also aims to attract more investors into the halal sector, not only in the halal food sector but also in cosmetics and other sectors.

Meanwhile, in his keynote speech, Perak Menteri Besar Datuk Seri Saarani Mohamad said the state government is committed to encouraging investments into the state, as it is willing and able to consider reasonable incentives or remove obstacles to facilitate investors.

He stated that the recent investment promotion mission to Shanghai, Hangzhou, Nanning and Guangzhou in China from Oct 15-21, 2023, was successful in attracting potential investments into the state.

“(Among others), InvestPerak has signed a memorandum of understanding with Zhejiang Sinopont Technology, a China investment company, for the encapsulation film with an investment of RM2 billion, involving the setting up of new facilities in Ipoh, to be the first Zhejiang manufacturing in Southeast Asia.

“MB Incorporated Perak has also explored potential collaboration with Rare Earth Group Co Ltd, which is based in Nanning, for the latest technology in isolating rare earth elements and the rehabilitation process or conservation of the industrial site,” he said.

During the mission, the state government has strengthened collaboration with strategic trading partners, which included China’s giant automotive company Geely, in ensuring the success of the RM32 billion Automotive High-Tech Valley investment in Tanjung Malim, he added.

Source: Bernama

Perak garners over RM22.3 bil investments as at end-June 2023 — MIDA

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The Malaysian Investment Development Authority (Mida) is pivotal in facilitating potential investors to attract overseas investments to the country effectively.

Its deputy chief executive officer Sivasuriyamoorthy Sundara Raja said investments are a top priority for the Federal government, and the agency is actively working to consolidate promotional efforts and meet investment targets.

“When we have investors coming to Malaysia, we ask their requirements, including land size, potential locations, how far from the port, how far from the airport, and energy utilisation, among others,

“With that information, we will try to narrow it down further,” he told Selangor Journal, adding that some companies have their preferred locations, such as near electronic or chemical clusters.

Sivasuriyamoorthy was speaking at the Selangor Asean Business Conference (SABC) event ‘Overview of the Investment Landscape in Asean — Outlook and Challenges’ yesterday, held in conjunction with the Selangor International Business Summit (SIBS) 2023.

He said in some cases, if it is hard to meet potential investors’ requirements, Mida would then propose several locations.

“Ultimately, they will decide where to set up the operation. Mida does not decide where the investment goes. We do not do that.

“Once they determine, ‘yes, this is the location’, then we will evaluate the project, and during the negotiation, they will visit the sites,” Sivasuriyamoorthy said.

To effectively attract investment, he said investment promotional agencies (IPAs) should ensure the availability of enablers, as industrial parks are well-prepared with plug-and-play infrastructure.

Meanwhile, Affin Hwang Capital chief economist Alan Tan highlighted the importance of Asean countries bolstering their economic fundamentals to make the region more appealing to foreign multinational companies.

He also spoke of investors’ concerns about the depreciation of a country’s currency.

“What Asean countries need to improve is their economic fundamentals, and with that, we believe more and more foreign multinational companies will look at Asean as an attractive investment location,” he said, adding that most Asean countries have very solid economic growth, despite global environmental uncertainties.

The seventh edition of the SIBS is held at the Kuala Lumpur Convention Centre from Thursday (October 19) to tomorrow (October 22).

Source: Selangor Journal

SIBS 2023: MIDA actively working to reach investment targets

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Malaysia will be able to attract more quality and sustainable investments following the announcement of the Budget 2024 by Prime Minister Datuk Seri Anwar Ibrahim yesterday, said the Malaysian Investment Development Authority (Mida).

In a statement today, Mida chief executive officer Datuk Arham Abdul Rahman said the agency is committed to ensuring Malaysia remains a major investment destination in Southeast Asia.

“Mida welcomes the strategic policies and the introduction of tax incentives as outlined in Budget 2024 that will foster a stable investment climate to attract more direct domestic investments and foreign direct investments that can accelerate the transition towards a sustainable economy based on knowledge that is in line with the New Industrial Master Plan 2023 (NIMP 2030),” he said.

Mida also welcomed the announcement on establishing the Investment and Coordination Action Committee (JTPPP) that will report to the National Investment Council chaired by the prime minister.

It said that the JTPPP, chaired by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, will synchronise investment and trade activities in a more effective, coordinated and holistic manner.

Meanwhile, Mida said the government’s announcement that it will implement the Global Minimum Tax in 2025 is expected to positively impact the country and maintain Malaysia’s ability to attract new investments and ready investments from multinational companies.

“This will also assure investors of Malaysia’s plans concerning GMT implementation,” it added.

Source: Bernama

MIDA: Malaysia can attract more quality, sustainable investments after announcement of Budget 2024

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The Ministry of Investment, Trade and Industry (Miti) and its promotion agency Malaysian Investment Development Authority (Mida) have been tasked with easing the process of foreign and domestic direct investments (FDI and DDI) from the application process to the realisation of the investments, said Prime Minister Datuk Seri Anwar Ibrahim.

This extends from their current focus on investment incentive approvals, Anwar said when tabling Budget 2024 in the Dewan Rakyat on Friday.

“For that purpose, the Trade and Investment Coordination Action Committee has been set up, and is responsible to report directly to the National Investment Council chaired by myself,” Anwar, who is also the finance minister, said.

Malaysia is in search of higher private investments to support roll-outs of infrastructure projects, and development of high-growth, high-value (HGHV) sectors, including electrical and electronics (E&E), energy, agriculture, rare earths and digital technology, as underlined in the National Energy Transition Roadmap and the New Industrial Master Plan 2030.

In the first half of 2023, Malaysia saw a net FDI inflow of RM20.9 billion, and RM132.6 billion of approved investments or 60.3% of the target for 2023. The figure was split between DDI (52%) and FDI (48%). 

To support HGHV sectors, the government intends to provide tiered reinvestment tax incentives in the form of investment tax allowances amounting to 70% of 100%.

In the petrochemicals industry, the government also re-emphasised its intention to turn the Pengerang Integrated Petroleum Complex into a chemical and petrochemicals development hub by providing “tax incentive packages in the form of a special tax rate or investment tax allowance”, Anwar said.

As for the E&E sector, the government will launch a new high-tech industrial park in Kerian, Perak Utara, he added.

Supporting start-ups and SMEs

Budget 2024 also touched on measures to support start-ups, including a RM1.5 billion allocation by government-linked companies and investment companies to encourage start-ups to explore the HGHV sectors.

An extension to end-2026 is provided for the angel investor investment tax incentive, Anwar said, as well as a tax incentive for individuals who invest in start-ups through equity crowdfunding. The latter, he said, is extended to individual investors investing through limited liability partnership nominees.

An effort is also ongoing to optimise RM200 million of funds from venture capital under a single platform known as MYStartup, to connect start-ups and smoothen their business activities throughout the companies’ life cycle, he said.

Financial institutions will provide financing for micro, small and medium enterprises, including RM1.4 billion from Bank Simpanan Nasional, RM8 billion from Bank Negara Malaysia, RM330 million from Tekun, and another RM600 million from Khazanah Nasional Bhd, Anwar announced.

The government also announced a RM300 million allocation for G1 and G4 contractors to participate in maintenance projects for federal roads and bridges, he added.

Source: The Edge Malaysia

MITI, MIDA to streamline end-to-end investment process, says PM

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Abu Dhabi Future Energy Company PJSC (Masdar), the United Arab Emirates (UAE) clean energy powerhouse is set to invest US$8 billion (US$1=RM4.72) for up to 10 gigawatts (GW) of renewable energy (RE) projects in Malaysia.

According to the Malaysian Investment Development Authority (MIDA), the company had signed a memorandum of understanding (MoU) with MIDA, forming a strategic partnership and marking an important milestone in the pursuit of a sustainable and greener future for Malaysia.

In a statement, MIDA said it would facilitate Masdar to develop the RE projects, which include ground-mounted, rooftop and floating solar power plants, onshore wind farms and battery energy storage systems.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the UAE — through Masdar — has set a commendable example in its national pursuit of sustainability, with its recognised leadership in clean energy, low-carbon and nature-based solutions.

“This MIDA-Masdar collaboration is perfectly aligned with the objectives of the New Industrial Master Plan 2030 and the National Energy Transition Roadmap (NETR) in achieving sustainability and energy security for Malaysia’s industrial transformation,“ he said.

MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the partnership underscores its commitment to driving positive change and embracing a greener, more sustainable future.

“MIDA has proactively and enthusiastically engaged with industry partners in the country to foster innovation and cultivate solutions that are aimed at reducing carbon emissions,” he said.

Meanwhile, Masdar’s CEO Mohamed Jameel Al Ramahi said Masdar is proud to play its part in helping Malaysia achieve its ambitious target of 70 per cent RE installed capacity and net-zero emissions by 2050.

“As a global clean energy pioneer with a proven track record in the commercialisation and deployment of renewable and clean energy projects, Masdar is proud to play its part in helping Malaysia achieve its ambitious targets.

“We will bring all our expertise in delivering robust projects that utilise cutting-edge technologies and generate much-needed energy efficiently to advance Malaysia’s RE goals,“ he said.

Established in 2006, Masdar is active in over 40 countries and has invested, or committed to invest in worldwide projects with a combined value of more than US$30 billion.

Source: Bernama

MASDAR, MIDA inks MOU to develop up to 10GB of RE projects

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The Malaysian Investment Development Authority (Mida) said it is important to strengthen partnerships within the local manufacturing ecosystem in order to pool resources, share risks and increase adoption rates.

Close collaboration is vital due to the complex and dynamic nature of the future of manufacturing, said Mida deputy chief executive officer (investment development) Lim Bee Vian.

“There are many local companies with capabilities, from serving as contract manufacturers to Original Equipment Manufacturers (OEMs), offering a sophisticated ecosystem with world-class research and development, design, and engineering capabilities.

“While we may not be present in every part of the global value chain, we aim to occupy critical segments where we can add value and remain resilient against competitors who rely solely on cost advantages,” she said in her welcoming remarks at a Mida-organised seminar here today (October 10).

The seminar was held to bolster local Machinery and Equipment (M&E) companies’ competitiveness to enhance the supply chain ecosystem for multinational corporations and large local companies.

Lim also highlighted the government’s latest funds amounting to RM235 million to drive automation, digitalisation, and sustainable environmental, social and governance practices, namely the Domestic Investment Accelerator Fund, Foreign Investment Accelerator Fund and Madani Smart Automation Grant.

“With the facilitation by Mida, these funds will empower businesses, especially local small and medium enterprises and mid-tier companies, to innovate, expand and integrate into the technologically evolving global supply chain while actively contributing to our nation’s economic progress,” she added.

The seminar gathered over 160 participants from the private and public sectors, including financial institutions, to provide information on government facilitation programmes for M&E companies and offerinsights into financial institutions’ support for adopting emerging technologies. 

Source: Bernama

MIDA: Vital to strengthen partnerships within local manufacturing ecosystem

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The Malaysian Investment Development Authority (Mida) has launched new funding initiatives aimed at catalysing Malaysia’s industrial growth and fostering economic development.

These initiatives include the Domestic Investment Accelerator Fund (DIAF), the Madani Smart Automation Grant (SAG Madani), and the Foreign Investment Accelerator Fund (FIAF), which are set to play a pivotal role in advancing Malaysia’s economic landscape.

Mida said DIAF and SAG Madani have been strategically designed to offer a variety of tailored solutions that assist in the development of high-value economic activities for local manufacturers and service providers.

“They also encourage our local businesses to upgrade their capabilities and expand their scope of operations, aligning with Malaysia’s commitment to fostering innovation, automation, digitalisation, and the adoption of sustainable ESG practices,” it said in a statement on Monday.

FIAF is tailored for multinational companies (MNC) operating in Malaysia to facilitate the seamless transfer of cutting-edge know-how within the high-technology sector, through research and development (R&D) initiatives and comprehensive training activities.

“This strategic approach is poised to nurture a highly skilled and high-income local workforce, while preserving Malaysia’s competitiveness in an evolving global industrial landscape,” it added.

Mida chief executive officer Datuk Wira Arham Abdul Rahman said DIAF, SAG Madani and FIAF are powerful catalysts propelling the nation towards a sustainable and dynamic industrial ecosystem.

“With the support of Mida, these funds will empower businesses, especially local SMEs and mid-tier companies to innovate, expand [and] integrate into the technologically evolving global supply chain and actively contribute to our nation’s economic progress,” he said.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Mida’s newly launched funds are among the first concrete steps to support industries in upgrading their capacity for higher value economic activities, and facilitating knowledge transfer from foreign investors to domestic companies.

“By nurturing local talent, fostering partnerships, and promoting technological advancement, we are not just catalysing sustainable economic growth; we are also setting the stage for Malaysia to be at the forefront of the global industrial landscape by 2030 and beyond, as well as ensuring the prosperity of our companies and our people,” he said in the same statement.

Source: Bernama

MIDA launches new funds to drive automation, digitalisation and ESG practices

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Green technology investments were recorded at RM1.3 billion (US$268 million) between January and June this year, representing a 21.9 per cent year-on-year growth, the Malaysian Investment Development Authority (Mida) said.

Deputy chief executive officer (investment development) Lim Bee Vian told Bernama in an interview recently that this encompasses various green technology initiatives, including renewable energy (RE), energy conservation, waste management, green buildings and services.

Notably, 348 green technology projects and services including RE were approved up to June 2023. This aligns with the objectives of the National Energy Transition Roadmap (NETR).

Malaysia has experienced significant growth with an average annual increase of 35-40 per cent in green projects covering RE, energy efficiency, green buildings and integrated waste management since 2018, Lim said.

“From 2018 to June 2023, Mida approved 3,247 green projects worth over RM17.7 billion, reflecting Malaysia’s promising outlook in green technologies.

“Mida is diligently prioritising green initiatives, with a specific focus on renewable energy projects that adhere strictly to ESG criteria and standards. The remarkable annual growth rate of 35-40 per cent in green projects can be attributed to the favourable government incentives in place.

“We give precedence to our local companies as we understand that although we are moving away from providing incentives and grants, they remain essential,” she said.

She added that Mida manages government incentive packages effectively, which explains the numerous applications received.

“We are pleased to be deeply involved in this work because we recognise that we are assisting the industry in its transition to a greener future,” she added.

Lim drew attention to the progress made in the adoption of electric vehicles (EVs) and hybrids between January and July with the total number reaching 16,257 units on the road, including passenger and commercial vehicles.

Furthermore, she said there were 319 electric motorcycles and 22 electric buses in operation, as well as 1,246 charging stations set up to support the growing EV demand.

“The increasing presence of EVs on Malaysian roads can be attributed to the introduction of a wider range of EV models into the market. Although we have made strides in enhancing the charging infrastructure, there is still work to be done in this area.

“Moreover, the growing awareness and preference for eco-friendly options are driving this trend towards green mobility. The arrival of Tesla, in particular, has significantly raised the visibility of sustainable transportation solutions in the country,” she said.

Lim said the Low Carbon Mobility Blueprint (LCMB) and the National Automotive Policy (NAP) underscore Malaysia’s commitment to sustainable transportation; the initiatives aim to increase EV market share, expand the charging infrastructure network, promote local manufacturing of EV components, and foster research and development in EV technology.

“Malaysia has secured RM22 billion in approved investments for the EV sector through 54 projects from 2018 to 2022 with an additional RM4.2 billion through five projects approved in 1H 2023,” she noted.

Its transition to a low-carbon economy is paramount in order to align with global sustainable development efforts and to harness potential emerging opportunities in the green economy.

Mida is hopeful that the government will undertake additional initiatives to strengthen and further support RE energy in the upcoming Budget 2024.

As the government’s principal investment promotion and development agency, Mida has a pivotal role to support Malaysia’s commitment to reach net-zero emissions by 2050.

“Many companies have already embarked on the sustainability journey; they know that not doing so would risk them losing relevance and market share. We will continue to support industries and enterprises in their transition efforts,” Lim said.

She reiterated that the international tide is undeniably moving in the direction of green and ESG investments and embracing these principles is not a choice but a strategic imperative.

“Failing to do so could mean missing out on the immense potential that this global shift offers. This is the golden opportunity for the private sector and we strongly encourage businesses to leverage the government’s comprehensive initiatives and support.

“Together, we hold the power to steer the wheels towards a more sustainable and prosperous future,” Lim said.

Mida focuses on promoting investments in potential green areas, including green products, electric vehicles, green energy, waste management, waste-to-energy (WTE), green building, and green certification.

Source: Bernama

Green technology investments up 22 pct to RM1.3 bln in 1H 2023: MIDA

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The Malaysian Investment Development Authority’s (MIDA) pioneer seminar on solar energy, hosted in conjunction with the International Greentech and Eco Products Exhibition and Conference Malaysia 2023 (IGEM 2023), has clinched RM2.3 billion potential investments.

The investment facilitation agency said the achievement constituted 90 per cent of its target set for IGEM this year.

The seminar, themed “Elevate Your Green Profile: Smart Investment for Sustainable Business Growth”, was organised in collaboration with the Malaysian Photovoltaic Industry Association (MPIA), UOB Malaysia and North Consult Engineering at the Kuala Lumpur Convention Centre (KLCC).

In a statement today, MIDA said the collaborative commitment witnessed at the seminar reinforced the pivotal role of the solar energy industry in reshaping Malaysia’s green energy landscape.

“Malaysia’s Green Plan is a comprehensive, nationwide movement aimed at advancing our country’s sustainable development agenda.

“The recently launched National Energy Transition Roadmap (NETR) and the New Industrial Master Plan 2030 (NIMP 2030) outline Malaysia’s path to a sustainable and inclusive energy future,” deputy chief executive officer (Investment Development) of MIDA Lim Bee Vian said.

Lim said these strategic moves aimed to mitigate economic risks associated with environmental, social and governance (ESG) factors, ensuring exporters maintain access to markets and increase Malaysia’s attractiveness as an investment destination.

Meanwhile, MPIA president Davis Chong said the solar energy industry is at the forefront of reshaping Malaysia’s green energy landscape and, therefore, reckons that collaboration is key.

“Together, we can drive positive change and create a brighter, cleaner future,” Chong said.

UOB Malaysia managing director and country head of commercial banking Beh Wee Khee said he believed that energy efficiency improvements are the low-hanging fruits that businesses could leverage to kick-start their sustainability efforts.

“Whether they are seasoned investors or small companies looking at capitalising on green technology to embark on a green journey, we have tailored the right solutions under our sector-focused financing frameworks to help them achieve their ambitions,” he added.

Source: Bernama

MIDA’s pioneer solar energy seminar at IGEM 2023 garners RM2.3 bln potential investment

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The Malaysian Investment Development Authority (Mida) revealed that Malaysia garnered an impressive RM132.6 billion (US$28.3 billion) in approved investments from January to June.

These investments, which span across the services sector (RM82.4 billion), manufacturing sector (RM44.9 billion), and primary sectors (RM5.3 billion), encompass 2,651 projects poised to generate 51,853 employment opportunities.

Mida’s data highlights that domestic direct investments (DDI) constitute a substantial 52.2 per cent of the total approved investments, amounting to RM69.3 billion, while foreign direct investments (FDI) contribute 47.8 per cent, totaling RM63.3 billion.

The five leading sources of FDI are Singapore (RM13.7 billion), Japan (RM9.1 billion), the Netherlands (RM9.0 billion), China (RM8.4 billion), and the British Virgin Islands (RM7.1 billion).

Simultaneously, the top five states that have recorded substantial investment values in proportion to the total approved investments include Kuala Lumpur (RM31.7 billion), Selangor (RM29.7 billion), Kedah (RM14.6 billion), Johor (RM14.2 billion), and Sabah (RM9.0 billion).

Mida reports that the 2,651 projects approved in this investment wave represent a remarkable increase of 34.8 per cent compared to the corresponding period in 2022.

In a statement, Mida expressed that these investments are a testament to Malaysia’s thriving economy, bolstered by pro-business policies and an ongoing commitment to enhancing the ease of doing business in the country.

The agency also attributes Malaysia’s success in attracting these significant investments to its burgeoning innovation capabilities, serving as a trusted hub for supply chains, capital, talent, and the smooth flow of goods and data.

Investment, Trade, and Industry minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz commended Malaysia’s ability to draw in investments despite global demand slowdowns and higher interest rates in key markets.

He expressed confidence in the nation’s ability to achieve its annual target, particularly with expectations of stronger growth in the second half of the year.

Source: NST

Economic Revival: RM132.6 billion new investments to generate over 50,000 jobs

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