Foreign Minister Datuk Seri Mohamad Hasan wants Malaysian ambassadors and High Commissioners to be knowledgeable on trade aspects to attract investment into the country.

He said that apart from maintaining good bilateral relations with other countries, expertise in exploring and attracting investment and trade is crucial to drive the country’s economy forward.

“Foreign policy should not only follow the standard operating procedures (SOPs) when it comes to building and maintaining bilateral diplomacy.

“I want the Ministry of Foreign Affairs, ambassadors and High Commissioners to also be competent in trade to attract as many investors as possible to Malaysia,“ he told reporters after the Khatam Al-Quran Ramadan event held here today in conjunction with Nuzul Al-Quran.

Mohamad, who is also Rembau MP, said apart from the role of the Malaysian Investment Development Authority (MIDA) and Malaysia External Trade Development Corporation (MATRADE) in attracting investments, it is more effective for the envoys to speak directly to investors and convince them.

He suggested that newly appointed envoys should first be placed in MIDA to familiarise themselves with the investment environment and effectively persuade potential investors to invest in Malaysia.

Source: Bernama

Malaysian envoys urged to be savvy on investment, trade

The planning and implementation of a 10-gigawatt renewable energy (RE) project signed by the Malaysian Investment Development Authority (Mida) and United Arab Emirates company Abu Dhabi Future Energy Co PJSC (Masdar) is a commercial arrangement between the two entities.

Deputy Prime Minister and Minister of Energy Transition and Water Transformation Datuk Seri Fadillah Yusof said that in this regard, the planning and implementation of the project’s joint venture will be determined by both parties.

“However, the government adheres to the policy that approval for the development of RE projects in this country must be carried out transparently, fairly and based on current regulatory provisions.

“Therefore, Masdar’s investment, like other RE development companies in the country, needs to be done through participation in the existing RE programmes that are being and will be implemented,” he said.

According to him, existing RE programmes include the Large Scale Solar (LSS) Programme for utility-scale solar development; Feed-in Tariff Programme for the development of non-solar resources; New Enhanced Dispatch Arrangement Programme for the development of non-solar resources; and Rooftop Solar Programme for solar installation on the roof of building premises.

Fadillah was replying to an oral question from Yeo Bee Yin (PH-Puchong) on the implementation of the collaboration and the party responsible for the “off take” of RE in Dewan Rakyat today.

At the same time, Fadillah said, the government planned and drafted the implementation of third party access (TPA) to enable developers to supply RE directly to consumers by using the grid infrastructure of utility companies.

Therefore, according to him, the RE offtaker for the investor company will be determined based on the type of RE programme that the company participates in.

“For example, if a company participates in the LSS programme, then the energy offtaker is the utility or Tenaga Nasional Bhd (while) if an investor participates in the rooftop solar programme, then the energy offtaker under this programme is the electricity user himself.

“If the company participates in the TPA programme in the future, then the corporate user who has a contractual relationship with the developer will be an offtaker for the RE generated,” Fadillah explained.

Overall, he said, the entry of new capacity by Masdar and other RE developer companies should be based on the planning and development of electricity supply generation agreed by the government and carefully refined taking into account all economic, technical and regulatory aspects.

Fadillah said this approach will ensure the introduction of intermittent solar sources will not affect the capacity and safety of the grid system and infrastructure, provide fair and equitable opportunities and competition while safeguarding the interests of local RE industry players.

Source: Bernama

MIDA, Masdar to determine planning, implementation of RE project

The Malaysian Investment Development Authority (Mida) is encouraging businesses to leverage the enhanced Malaysia-Singapore Business Development Fund (MSBDF) for ventures in third countries.

The agency under the Investment, Trade, and Industry Ministry (MITI) said a significant enhancement to the provisions of the MSBDF agreement was agreed upon on Oct 30, 2023, between Minister Tengku Datuk Seri Zafrul Abdul Aziz and Singapore’s Trade and Industry Minister Gan Kim Yong.

The fund enables both countries to jointly pursue opportunities in third countries and conduct joint pilots in each other’s country, especially in emerging areas such as the green economy and digital economy.

“Malaysia and Singapore’s unique relationship is underscored by our geographical, as well as long-standing economic and shared cultural ties.

“The enhancements to MSBDF make it more conducive for future collaborative efforts. We strongly encourage businesses to tap into the MSBDF, another important platform through which we can create and deliver more tangible benefits for our people and businesses,” Tengku Zafrul said in a statement on Wednesday.

Mida chief executive officer Datuk Arham Abdul Rahman said the agency is poised to facilitate companies that are keen to explore these new avenues, ensuring a streamlined process for those looking to capitalise on the opportunities presented by the MSBDF.

The MSBDF, administered by MIDA and Enterprise Singapore, the neighbouring country’s government agency championing enterprise development, welcomes applications from Malaysian and Singaporean businesses and associations.

According to the statement, Malaysian SMEs can visit MIDA’s official website https://www.mida.gov.my/invest-inmalaysia/business-facilitation/ for further details on guidelines, eligibility criteria, application procedures and funding mechanisms.

The fund was first established in 2004 to bolster collaboration between the private sectors of both countries.

Source: Bernama

Use Malaysia-Singapore fund to tap third country opportunities: MIDA

The Malaysian government’s recent strategic working visit to Germany and Australia, which resulted in potential investments totaling almost RM70 billion, demonstrates Malaysia’s adeptness in navigating the global investment landscape.

The Malaysian Investment Development Authority (MIDA) said it has been at the forefront of implementing strategies and initiatives aimed at improving Malaysia’s investment landscape. 

By focusing on reducing bureaucratic hurdles, enhancing transparency, and ensuring a competitive and supportive environment for both domestic and international investors, MIDA has significantly contributed to this international recognition, it said.

“MIDA is dedicated to building upon this success by continually enhancing our services and support systems for investors,” said Datuk Wira Arham Abdul Rahman, chief executive officer of MIDA. 

“Our goal is to not only maintain Malaysia’s position as a prime investment destination in Asia but also to elevate our standing on the global stage. We are devoted to making Malaysia the ultimate investment sweet spot by ensuring a more seamless and efficient investment process across the nation,” he said in a statement.

MIDA, in collaboration with MITI and other ministries and agencies at both federal and state levels, will continue to drive forward Malaysia’s investment agenda and ease of doing business, leveraging the country’s strategic location, political stability, robust infrastructure, and dynamic workforce.

“As Malaysia strides into the future, MIDA invites investors from around the globe to explore the diverse opportunities in the country that is not only strategically positioned but is also committed to fostering responsible and sustainable investments and building an inclusive economic landscape for the nation.”

Meanwhile, the recent working visit to Germany, led by the Prime Minister, Dtuk Seri Anwar Ibrahim, together with the Minister of Investment, Trade, and Industry (MITI), Tengku Datuk Seri Utama Zafrul Abdul Aziz, marked a significant milestone, with prospective investments amounting to RM45.4 billion. 

A similarly fruitful mission to Australia resulted in commitments from Australian companies to invest RM24.5 billion.

MIDA regards the recent Global Opportunity Index (GOI) 2024 report by the Milken Institute, which ranked Malaysia as the best country in Asia for overall investment conditions, as a major achievement.

Globally, Malaysia is ranked 27th, higher than competitors from the region like Thailand and China.

MIDA said this accomplishment is seen as a turning point in the country’s economic development path.

According to the research, Malaysia is among the top 10 rising and developing nations in Asia, possessing a strong institutional structure and well-rounded strengths in the financial, regulatory, and economic domains.

Malaysia offers a much lower-risk investment environment that sets it apart from other growing Asian economies. It has outperformed its peers in all five categories of the Global Opportunity Index.

MIDA said this prestigious ranking is a direct reflection of the relentless efforts by the Malaysian Government, spearheaded by MITI, with MIDA playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation.

From extensive trade and investment missions to forging international partnerships, Malaysia’s concerted efforts are bearing fruit, unlocking potential investments worth billions, MIDA said.

Source: NST

MIDA to elevate Malaysia’s standing on the world stage

Malaysian Investment Development Authority (Mida) said Malaysia ranked above Thailand and China in terms of investment conditions, in a report by Milken Institute. 

Mida said in a statement  Malaysia ranked 27th in the Global Opportunity Index (GOI) 2024. 

Mida said Malaysia emerged as a standout among the top 10 countries in emerging and developing Asia, boasting a strong institutional framework and balanced strengths across economic, financial and regulatory domains.  

Malaysia surpassed its counterparts in five categories of the GOI, offering a comparatively lower-risk investment landscape. 

The report said in addition to its robust Business Perception and Financial Services, Malaysia ranks relatively high in the Institutional Framework category, partly due to the strength of investors’ rights in this country. 

Mida said the ranking in the GOI 2024 is a reflection of the relentless efforts by the government, spearheaded by the Investment, Trade and Industry Ministry, with Mida playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation.  

From extensive trade and investment missions to forging international partnerships, Malaysia’s concerted efforts are bearing fruit, unlocking potential investments worth billions.  

Notably, the recent working visit to Germany led by Prime Minister Datuk Seri Anwar Ibrahim marked a significant milestone with prospective investments amounting to RM45.4 billion.  

This venture, coupled with a similarly fruitful mission to Australia which resulted in investment  commitments of RM24.5 billion, underscores Malaysia’s adeptness in navigating the international investment landscape. 

The GOI 2024 is based on 100 indicators classified into five categories: Business Perception, Economic Fundamentals, Financial Services, Institutional Framework, and International Standards and Policy.

Source: NST

MIDA says Malaysia ranked above Thailand and China, in terms of investment conditions in Milken report

Malaysian Investment Development Authority (Mida) said Malaysia has been ranked 27th place in the recent Global Opportunity Index (GOI) 2024 report by the Milken Institute.

The institute distinguished Malaysia as the leading nation among Asia’s emerging and developing countries in terms of overall investment conditions.

“Malaysia’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in the nation’s economic development journey,” said Mida in a statement.

Surpassing its counterparts in all five five categories of the Global Opportunity Index, Malaysia offers a comparatively lower-risk investment landscape, setting it apart from other developing Asian markets, read the statement.

“Notably, the recent strategic working visit to Germany, led by the Prime Minister Datuk Seri Anwar Ibrahim, together with the Minister of Investment, Trade, and Industry Tengku Datuk Seri Zafrul Abdul Aziz, marked a significant milestone with prospective investments amounting to RM45.4 billion,” added Mida.

This venture, it said, coupled with a separate mission to Australia, resulted in commitments from Australian companies to invest RM24.5 billion.

Source: The Edge Malaysia

MIDA: Malaysia ranks 27th in Milken Institute’s Global Opportunity Index

The Milken Institute’s recognition underscores the effectiveness of Malaysia’s economic policies and the concerted efforts of all stakeholders, including government agencies, industry players, and the investment community, said the Malaysian Investment Development Authority (Mida).

According to its Global Opportunity Index (GOI) 2024 report, Malaysia was recognised as the leading nation among Asia’s emerging and developing nations in terms of overall investment conditions.

Mida said Malaysia’s commendable global rank of 27, surpassing regional competitors like Thailand and China, marks a significant milestone in the nation’s economic development journey.

“The prestigious ranking was a direct reflection of the relentless efforts by the government, spearheaded by the Investment, Trade, and Industry Ministry (Miti), with Mida playing a crucial role in enhancing the ease of doing business and smoothing out the investment process across the nation,” it said in a statement today.

Notably, the recent strategic working visit to Germany marked a significant milestone with prospective investments amounting to RM45.4 billion, coupled with a similar mission to Australia, which resulted in commitments from Australian companies to invest RM24.5 billion.

Mida chief executive officer Datuk Arham Abdul Rahman said the investment promotion agency is dedicated to building upon this success by continually enhancing its services and support systems for investors.

“Our goal is to not only maintain Malaysia’s position as a prime investment destination in Asia but also to elevate our standing on the global stage.

“We are devoted to making Malaysia the ultimate investment sweet spot by ensuring a more seamless and efficient investment process across the nation,” he said.

In line with the sentiments expressed by Investment, Trade, and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, Mida reiterated its commitment to addressing the key pain points along the investor’s journey and optimising the investment climate in Malaysia.

It said future initiatives will focus on digitalisation, sustainability, and innovation, ensuring Malaysia remains attractive to sectors pivotal for future economic growth and in sync with current policies, namely the New Industrial Master Plan 2030, the National Energy Transition Roadmap, and the 12th Malaysia Plan.

“Mida’s strategic approach includes enhancing partnerships, both locally and internationally, to foster a collaborative investment environment.

“These efforts are part of a broader national strategy to secure Malaysia’s position as the gateway to Asia for investors seeking growth, innovation, and sustainability,” it said.

Mida, in collaboration with Miti and other ministries and agencies at both the Federal and state levels, will continue to drive forward Malaysia’s investment agenda and ease of doing business, leveraging the country’s strategic location, political stability, robust infrastructure, and dynamic workforce.

Source: Bernama

Milken Institute’s recognition highlights Malaysia’s economic policies’ effectiveness – MIDA

The Malaysian Investment Development Authority (Mida) should set a target of at least a 10 per cent increase in approved investments from RM329.5 billion last year.

Investment, Trade and Industry Minister Datuk Seri Tengku Zafrul Abdul Aziz said that there is a definite correlation between approved investments and the nation’s gross domestic product (GDP).

“So, in my opinion, if Bank Negara Malaysia (BNM) and the Ministry of Finance expect our GDP to grow by 4.0-5.0 per cent this year, then Mida should target at least a 10 per cent increase (in approved investments).

“I understand that investments also depend on external factors, but we must set a target because investments are a component of the GDP, so we need to align with the GDP target. This is only my suggestion,” he said.

The minister said this during the media briefing on the Seminar on East Coast Rail Link-Economic Accelerator Project (ECRL-EAP) Business and Investment Opportunities held here today.

“I think we need to set key performance indicators for both approved and executed investments,” he said.

Meanwhile, Tengku Zafrul empathised with the plight of the Goodyear employees, adding that the government’s priority is to ensure the welfare of the workers.

Yesterday, the global tyre manufacturer announced the closure of its factory in Shah Alam starting June this year as part of its cost-cutting measures — a move which will affect some 500 employees.

“Miti and its agency Mida have mobilised a special team, involving the Social Security Organisation and the Labour Department through the newly formed Invest Malaysia Facilitation Centre to facilitate job placement assistance for the employees and offer skills enhancement and reskilling programmes,” he said.

He noted that Goodyear has also assured that they will provide compensation higher than what is mandated by law.

“The company is also collaborating with Proton Holdings Bhd and several other companies to provide suitable job opportunities.

“Most importantly, all these efforts have begun before the announcement of the factory closure to ensure a smooth transition process for the workers,” added Tengku Zafrul.

Source: Bernama

Tengku Zafrul proposes MIDA to target 10pc y-o-y increase in approved investments

Malaysia’s significant advancement in the world competitiveness ranking, climbing from 32nd place to 27th last year, underscores the trust and confidence instilled in the country by the global investment community, said the Malaysian Investment Development Authority (MIDA).

According to MIDA, Malaysia achieved a historic investment performance in 2023, with RM329.5 billion of approved investments across various economic sectors.

MIDA said that this is a testament to the strength of the country’s policies designed to foster growth and investment opportunities.

It said that within the manufacturing sector alone, which accounted for RM152 billion of the total approved investments, 62.9 per cent, or RM95.5 billion, originated from existing businesses expanding and diversifying their operations.

“This indicates a strong vote of confidence from established companies in Malaysia’s economic stability and growth prospects,” it said in a statement.

MIDA’s analysis of annual project implementation reveals a consistent and noteworthy trend: over 85 per cent of approved manufacturing projects in 2021 and 2022 have been implemented.

For approved projects in 2023, it said that 50.1 per cent of these have reached the implementation stage.

“It is to be noted that this is highly encouraging, considering that manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of each project.

“Such achievements reflect Malaysia’s substantial potential for delivering attractive returns amidst its journey towards becoming a developed and inclusive economy,” it said.

It said that the government, through MITI and MIDA, remained steadfast in their dedication to advancing the goals under the MADANI Economy Framework, driving quality job creation and economic benefits for the rakyat.

“Our emphasis on innovation and sustainability positions Malaysia as a global model of progress and environmental stewardship, ensuring a prosperous and responsible future for all,” it said.

Source: NST

Malaysia achieved historic investment performance in 2023, says MIDA

The government, through initiatives led by the Investment, Trade and Industry Ministry (Miti) and the Malaysian Investment Development Authority (Mida), has mobilised a “specialised” team to help 550 employees affected by Goodyear’s Shah Alam factory shutdown.

“Miti and Mida have mobilised a specialised team to facilitate job placements, as well as offering upskilling and reskilling programmes for the affected employees.

“Leveraging its experience, Mida has actively engaged with the Social Security Organisation (Socso) and the Labour Department through the newly formed Invest Malaysia Facilitation Centre to assist with job placements  for employees from various sectors.

“This collaborative effort underscores the potential for similarly effective support mechanisms to be extended to those affected by Goodyear’s Shah Alam plant closure, demonstrating a committed approach to workforce transition and resilience,” Mida said in a statement today.

Additionally, Miti and Mida said the intervention is a testament to the unwavering commitment to supporting the local workforce through transformative industrial changes, drawing on previous successful collaborations with companies undertaking similar rationalisation as part of their business plans for closure or downsizing, ensuring workers are well-positioned for new and fresh job opportunities.

“This situation underlines the importance of Miti and Mida’s commitment to supporting affected workers and fostering resilience,” it said.

Goodyear has decided to close its manufacturing facility in Shah Alam and about 550 employees will be directly affected by the shutdown. Goodyear, alongside its shareholders, has been in close coordination with the government well before this decision was publicised, working diligently to establish a support framework for the employees, according to Mida.

“This development is part of Goodyear’s global move aimed at achieving US$1 billion in annualised cost savings by 2025. The company has been operating at a loss since 2017, prompting a strategic shift towards optimising its operations,” it said.

As part of its restructuring, Goodyear has indicated plans to transition from manufacturing to a distributor business model, focusing on premium profitable segments, building capability in sales and marketing, strengthening the distribution network, and improving the cost structure.

“Malaysia achieved a historic investment performance in 2023 with a remarkable RM329.5 billion of approved investments across various economic sectors,” Mida noted.

Notably, within the manufacturing sector alone, which accounted for RM152 billion of the total approved investments, a significant portion — 62.9 per cent, or RM95.5 billion — originated from existing businesses expanding and diversifying their operations. “This indicates a strong vote of confidence from established companies in Malaysia’s economic stability and growth prospects,” it said.

Source: Bernama

Govt mobilises ‘specialised’ team to help employees affected by Goodyear factory closure

The Malaysian Investment Development Authority (MIDA) has officially received the ECRL Integrated Land Use Master Plan (PeGTaECRL) from PLANMalaysia in conjunction with the Seminar on the East Coast Rail Link-Economic Accelerator Project (ECRL-EAP) Business and Investment Opportunities.

In a statement today, MIDA said its chief executive officer Datuk Arham Abdul Rahman received the PeGTaECRL from PLANMalaysia director-general Alias Rameli in an official handover ceremony during the seminar.

It said the momentous occasion signifies a new chapter in Malaysia’s strategic development, with the PeGTaECRL serving as a blueprint for development along the ECRL routes.

“Focused on the 20 strategically identified stations, the plan aims to attract investments and foster harmony between the country’s East and West Coast regions.

“The collaboration between PLANMalaysia and Mida underscores a commitment to integrated planning, economic growth and regional connectivity.

“By aligning land use planning with transportation infrastructure, the PeGTaECRL aims to optimise development opportunities, enhance connectivity, and promote balanced progress across the country’s east and west coasts,” MIDA said.

The seminar, organised by MIDA together with its strategic partners, Malaysia Rail Link Sdn Bhd and PLANMalaysia, marks a significant stride forward following the signing of the memorandum of understanding between Mida and China Communications Construction Company Ltd in 2019 in Beijing, China.

“MIDA, alongside its strategic partners, is committed to promoting the ECRL-EAP to its fullest potential.

“Local and international investors are invited to participate in these economic transformative projects, while stakeholders are encouraged to engage in capacity-building activities to drive the project’s success,” it said.

Source: Bernama

MIDA officially receives ECRL Integrated Land Use Master Plan from PLANMalaysia, says CEO

Malaysia is confident of achieving higher approved investments in 2024 after recording an all-time high of RM329.5 billion last year.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said the ministry is yet to finalise the target figure, adding that “we will finetune the target but (expect a) minimum of 8 to 10 per cent growth in approved investments”.

He said the investment growth positively correlated with the nation’s gross domestic product (GDP), which is forecast to grow 4.0-5.0 per cent this year.

“So, it has to be double the GDP growth. Then we look at the industries and their cycles, we see that the electrical and electronics (E&E) sector is at a good upcycle.

“But other sectors are experiencing oversupply, so there will be some impact,” he said during the annual announcement of Malaysia’s investment performance in the manufacturing, services and primary sectors for 2023.

“To date, there are 1,710 projects in the pipeline, with proposed investments totalling RM87.8 billion,” he added.

Of these proposed investments, a total of 1,648 projects are from the selected services sector (RM52.7 billion), while 62 projects are from the manufacturing sector (RM35.1 billion), all of which fall under the Malaysian Investment Development Authority’s (MIDA) purview.

Additionally, a total of RM88.82 billion in high-potential investment leads is actively being negotiated by MIDA.

On the ringgit, Tengku Zafrul said the investment sector is less sensitive to its movement.

“The currency for investment is not as sensitive when it comes to capital flows.

“When we discussed with investors, the ringgit was not discussed at all, to be honest,” he noted

Nevertheless, he highlighted the importance of doubling investment contribution to the GDP from the current 20-23 per cent.

“In 1990, the investment component of GDP was double what it is today. Last time, it was close to 35 per cent. So, we need to go back to where we were before,” he said.

He said the ministry is pushing harder to attract investment and trade into the country.

“MIDA’s restructuring as the central investment promotion agency is a strategic initiative to reshape and strengthen Malaysia’s investment promotion landscape.

“The goal is to attract quality investments that complement national objectives, focus on essential industries, ensure the swift realisation of approved investments and boost investors’ contentment.

“Fundamentally, MIDA endeavours to create an inviting business climate, drive economic progress and provide investors with a smooth and rewarding experience,” Tengku Zafrul said.

Source: Bernama

Tengku Zafrul: Malaysia expects higher approved investments this year, beating last year’s record

Prompt and disciplined implementation of approved investments is important to generate positive economic spillovers to domestic small and medium enterprises (SMEs) and the creation of 127,000 job opportunities for the people, according to the Ministry of Investment, Trade and Industry (MITI).

MITI and the Malaysian Investment Development Authority (MIDA) are working hard to fully realise the approved investments for 2023, which was RM329.5 billion, a 23 per cent increase compared to 2022.

“Of that amount, foreign investment (FDI) was the main contributor at 57.2 per cent compared to domestic investment (DDI) at 42.8 per cent.

“The 35.1 per cent increase in DDI also reflected the encouraging confidence of local investors in the MADANI Government’s economic policies,“ said the ministry in a written reply to Datuk Seri Shahidan Kassim’s (pix) question at the Dewan Rakyat sitting today.

He wanted to know the latest status of the investment of RM170 billion that was promised as a result of the official working visit to China in April 2023 and what is the actual amount of money invested to date.

Commenting further, MITI said the total investment approved involved 5,101 projects and has the potential to create more than 127,000 new job opportunities in the country.

MITI, through its agencies such as the Malaysia Productivity Corporation (MPC), is also striving to train as many local workers as possible through programmes such as the Academy in Industry (AiI) to meet the demand for quality and trained talent from high-tech and high-impact industries.

“Until February 2024, MPC has successfully placed and improved the skills of 2,665 youths who did not have the opportunity to go to higher education institutions to get a job or improve their ability to benefit from the investment realised in Malaysia,“ it said.

Through the trade and investment mission to China from March 29 until April 3, 2023, MITI said the investment potential from conferences, roundtable meetings and the Malaysia-China Business Forum was estimated to be worth RM170 billion.

Disciplined implementation is one of MITI’s main focuses this year. “Thus, MITI and MIDA are always committed to providing advice, support and facilitation services to potential investors to ensure the implementation of approved projects can be realised as soon as possible,“ said the ministry.

Furthermore, in terms of implementation, MITI has established, among others, the Investment and Trade Implementation Action Committee (JTPPP) which is chaired by the MITI Minister to immediately solve implementation issues and obstacles related to investment and trade, especially high-quality and high-impact investments, including a focus on accelerating the implementation of projects.

The establishment of the Invest Malaysia Facilitation Centre and the Project Implementation and Facilitation Office at MIDA has also helped speed up the process of approval and implementation of investment projects.

Various manufacturing projects that would generally take 18-24 months to complete were successfully implemented in less than 18 months.

Among the projects that were successfully implemented quickly was Enovix Malaysia Sdn Bhd, which developed a silicon carbide battery manufacturing facility involving an investment of RM5.8 billion (US$1.2 billion) over 15 years. 

Source: Bernama

MITI committed to expediting investment implementation to generate economic spillovers, create 127,000 jobs: MITI

Investment, Trade and Industry (Miti) Minister Datuk Seri Tengku Zafrul Abdul Aziz announced today that the government had approved a 23 per cent increase in investments with RM329.5 billion for 2023 as compared to the year before.

Tengku Zafrul said that the amount, which is the highest in the country’s history, includes foreign investment which is the main contributor at 57.2 per cent as compared to domestic investment which is 42.8 per cent.

“So far, on average, the annual implementation performance (for the period 2021-2023) shows that more than 85 per cent of approved manufacturing projects have been implemented, led by Miti and its agency, the Malaysian Investment Development Authority (Mida).

“We will ensure the full implementation rate (approaching 100 per cent) in the coming years,” he said in a statement.

Tengku Zafrul said the approved investment involves 5,101 projects that have the potential to create more than 127,000 new job opportunities.

“The achievement of the total investment reflects the recovery and revival of the national economy. The 35.1 per cent increase in domestic investment also reflects confidence in the policies of the Madani government,” he said.

From 2021 to 2023, Tengku Zafrul said that a total of 2,386 manufacturing projects have been approved.

“Manufacturing projects will generally take 18 to 24 months to complete, depending on the level of complexity of a project,” he added.

He explained that investments were approved via the National Investment Council, Investment and Trade Coordination Action Committee and Investment Coordination Committee Meeting to expedite the process.

“Mida through the Project Implementation and Facilitation Office (TRACK) is also committed to ensure that approved manufacturing projects can be implemented immediately.

“TRACK’s role is very important in increasing the effectiveness of the investment monitoring and facilitation process in order to accelerate and increase the rate of project implementation in Malaysia,” he said.

Tengku Zafrul also said that the ministry and its agencies have facilitated investors’ journeys in Malaysia through the Invest Malaysia Facilitation Centre located at Mida.

Through the caterer, he said, investors can resolve various administrative matters directly with authorities such as Customs, Immigration, the Inland Revenue Board and the Labour Department.

Tengku Zafrul said that Miti also prioritises the development and production of quality talent to meet the dynamic demands of the industry so that Malaysia’s position as a centre of innovation and excellence remains strong.

“We will also prioritise the opening of opportunities for local companies and SMEs to receive the benefits of the various investments implemented in Malaysia,” he said.

Source: Malay Mail

Tengku Zafrul: RM329.5b approved investments will create 127,000 jobs

More than 85 per cent of the manufacturing projects approved in 2021-2023 have been implemented to date, led by the Investment, Trade and Industry Ministry (MITI) and its agency the Malaysian Investment Development Authority (MIDA).

MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said a total 2,386 manufacturing projects were approved during that period, and generally these projects would require 18 to 24 months to be completed, depending on their complexity.

“We will ensure a full implementation rate (nearly 100 per cent) in the years to come.

“MITI also would like to recognise the contributions from various parties at all levels, including the various ministries, agencies and private sector that have assisted in expediting the investment commitments’ implementation process,” he said in a statement today.

Tengku Zafrul said the total approved investment of RM329.5 billion recorded for 2023 reflects the recovery and revival of the national economy.

“The 35.1 per cent jump in domestic investments also reflects the confidence in the MADANI Government’s policies,” he said.

He cited several projects that succeeded to be implemented in a short duration — less than 18 months — including silicon battery company Enovix Corporation’s unit Enovix Malaysia Sdn Bhd which was able to implement its project in less than six months.

Other companies mentioned were Ferrotec Manufaturing Malaysia Sdn Bhd, which established Ferrotec Holdings’ first manufacturing facility for electromechanical assembly and advanced material fabrication for semiconductor equipment in Southeast Asia, and Ultra Clean Technology (Malaysia) Sdn Bhd, which invested in a capacity expansion project in Penang.

“The rapid and thorough implementation to realise the approved investments has been executed via platforms such as the National Investment Council (MPN), Investment and Trade Coordination Action Committee (JTPPP) and Investment Coordination Committee Meeting (ICCM).

“MIDA, through the Project Implementation and Facilitation Office (TRACK), is also committed in ensuring the approved manufacturing projects can be implemented immediately,” he added.

Source: Bernama

Tengku Zafrul: Over 85% of approved manufacturing projects implemented

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