The private sector should continue working closely with the government in tackling new pressing challenges for the economy, including from around the globe, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.

He said a “whole of nation” approach is required in order for Malaysia to achieve the goal of becoming a high-income nation by the end of 2025, as the world is facing challenges in the form of geopolitical unrest as well as the effects of global warming.

“This has led to extreme and unpredictable weather conditions which resulted in high commodity prices and supply chain disruptions.

“I urge the private sector to play a more active role in driving socio-economic progress for our people and our beloved country,” he said at the Chinese Chamber of Commerce and Industry of Kuala Lumpur and Selangor (KLSCCCI) dinner here.

Mustapa said the government can react to challenges as they come, but together with the private sector, the country will be able to proactively and preemptively deal with future challenges.

Meanwhile, KLSCCCI today launched its second publication, “Outstanding Entrepreneurs 2.0 — A Heritage of Wisdom”, which features the experience and success stories of 21 entrepreneurs nationwide.

KLSCCCI president Datuk Ng Yih Pyng said the book recognises the remarkable achievements of outstanding entrepreneurs in their respective fields. 

Source: Bernama

Minister: Govt calls for continued private sector cooperation in tackling economic challenges in Malaysia

Malaysian companies should seize the opportunity to reinvest in the country, riding on the additional reinvestment allowance (RA) offered for assessment years 2020-2024.

Malaysian Investment Development Authority (MIDA) deputy chief executive officer for investment promotion and facilitation, Sivasuriyamoorthy Sundara Raja, said the additional RA initiative was announced under the National Economic Recovery Plan.

The RA is an incentive to encourage companies to reinvest and expand their businesses.

A resident company in operation for not less than 36 months that incurs capital expenditure to expand, modernise, automate, or diversify its existing manufacturing business or approved agricultural project is entitled to the RA.

The allowance is given for 15 years, starting from the first year of claim, based on 60% of capital expenditure incurred for the qualifying project.

Speaking at the “How to Revive Domestic Direct Investment?” forum by the National Chamber of Commerce and Industry of Malaysia, Sivasuriyamoorthy said there has been a misconception among companies that the government is overfocusing and incentivising foreign investors rather than local players.

He said that domestic players enjoy more investment incentives compared with foreign investors, and emphasised that domestic investments have been a major contributor to approved investments in the economy.

According to him, from 2012 to 2021, approved domestic investments accounted for RM1.3 trillion or 64% of total approved investments.

Sivasuriyamoorthy said during the period, domestic direct investments (DDIs) dominated the service sector at 84.2% or about RM1.01 trillion, while foreign direct investments (FDIs) accounted for 15.8% or RM190.4 billion.

Conversely, the manufacturing sector was mainly dominated by FDIs at 64.5% or RM527.6 billion, while DDIs stood at 35.5% or RM290.8 billion.

“We acknowledge that we need to do more in this area. We need to get more Malaysian companies to invest in the manufacturing sector.

“In the service sector, a lot of the investments go to real estate and other service activities,” he said.

He added that MIDA has also requested additional funds for the Smart Automation Grant, Automation Capital Allowance and Industry4WRD Intervention Fund allocated for local companies.

Source: Bernama

Capitalise on additional RA to reinvest now — MIDA

Global players are welcome to diversify into value-added activities in the agriculture and food processing industries in Malaysia, said the Malaysian Investment Development Authority (MIDA).

In a statement today, MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said by leveraging Malaysia’s business ecosystem and established local supply chain, it serves as an ideal destination for companies to establish regional production hubs while also enabling the country to fortify its agricultural-based food production.

He said this following the completion of the Netherlands’ leading vegetable breeding company Enza Zaden’s first Southeast Asia research and development (R&D) infrastructure facility, called Enza Zaden Asia R&D Sdn Bhd, in Sauk, Perak.

“Enza Zaden’s R&D centre contributes significantly to the national aspiration to implement smart agriculture through the utilisation of agri-technology and sustainable

raw materials in line with the national framework for food security and the global initiatives for plant-based proteins to reduce carbon emissions.

“The growing opportunities in high-value food product manufacturing will facilitate the Malaysian talents in gaining knowledge on new processes and product development, apart from expanding the exports of Malaysian-made food products,” Arham said.

MIDA said the milestone expands Enza Zaden’s network in vegetable seeds research and agricultural development through its 45 subsidiaries and three jointventures in 25 countries.

The R&D facility based in Malaysia is set to cater for the agriculture seed markets in 12 countries in the region and beyond, ultimately serving farmers worldwide to cultivate high-quality vegetables for the daily consumption of over 450 million people globally.

In 2016, Enza Zaden was awarded BioNexus Status by the Malaysian Bioeconomy Development Corp Sdn Bhd (Bioeconomy Corp), an economic development agency under the supervision of the Ministry of Agriculture and Food Industries Malaysia (MAFI) that provides support and facilitation to drive the biotechnology and biobased industries in the country.

Bioeconomy Corp CEO Mohd Khairul Fidzal Abdul Razak said the agency believes the company could develop innovative seed varieties that are suitable for tropical climate and soil conditions.

“We are confident that the research outcomes from this R&D centre will benefit and uplift local farmers besides contributing to the national food security.

“We will continue to support the company and we look forward to their future success in adding value to the global seed industry,” he said.

Meanwhile, Enza Zaden CEO Jaap Mazereeuw said the company’s latest investment in Sauk is built with a conducive working environment along with state-of-the-art R&D seed processing and research facilities.

“As part of our initiatives to serve the Southeast Asian farmers well, we recognised that research and breeding under local conditions are imperative in facilitating a sustainable agricultural system.

“After a thorough analysis, the Enza board decided to invest in Malaysia by having an R&D farm of more than 20 hectares,” he said.

Mazereeuw also said the company is committed to empowering many smallholder vegetable farmers across the region.

Enza Zaden regional director Pankaj Malik said establishing a new office and having a dedicated team of R&D with local experience and knowledge will help identify the needs of the local growers and the local market.

“This enables us to develop the best high-performing varieties, totally attuned to the local (climate) conditions,” he said.

According to MIDA, Enza Zaden has invested over RM100 million in Malaysia and employed more than 100 locals in their workforce in the existing facility.

The company’s technical training contributes to the capacity building of Malaysia’s agricultural workforce, preparing them for future-ready skillsets.

As part of their commitment to promoting agricultural technical knowledge among the youth, Enza Zaden also provides internship opportunities for students through partnerships with local universities.

The Dutch company also has an education sponsorship programme for students to enable the country’s agriculture industry to flourish.

Source: Bernama

MIDA welcomes global players to diversify into value-added activities in agriculture

The Malaysian Investment Development Authority’s (MIDA) One Stop Centre (OSC) established on Oct 2, 2020 to facilitate the movement of business travellers will be phased out effective April 1, 2022.

This follows Prime Minister Datuk Seri Ismail Sabri Yaakob’s recent announcement that Malaysia, in its transition into the endemic phase of Covid-19, is set to reopen its border for international travellers including business travellers effective April 1.

In a statement yesterday, MIDA said this is a positive step forward as fully vaccinated travellers may enter Malaysia without prior approval from Malaysian authorities and are not subject to mandatory quarantine on arrival.

Drawing the curtains of the OSC’s platform for short-term business travellers entering Malaysia, investors are no longer required to apply for entry permission and quarantine mandatory exemption to the OSC platform through the Safe Travel portal (https://safetravel.mida.gov.my/), it said.

MIDA CEO Datuk Arham Abdul Rahman said these (earlier) initiatives were a quick response by the government during a trying time globally to ensure Malaysia’s competitiveness and availability as an investment destination were not compromised and that the country remained open for business despite the national health emergency.

“Throughout its operations, the OSC and the Business Travellers Centre at the Kuala Lumpur International Airport facilitated a total of 3,223 companies approved for short-term business travellers, with an estimated total investment value of RM171.82 billion,” he said.

MIDA commits to be responsive in undertaking innovative and aggressive investment promotion initiatives aligned with Malaysian investment aspirations as the country transitions to the endemic stage, the statement said. 

Source: Bernama

MIDA’s OSC for business travellers to be phased out from April 1

The Malaysian Investment Development Authority (MIDA) and Bank Islam Bhd inked a Memorandum of Understanding (MoU) to provide a financial platform and seamless end-to-end banking services to new and existing domestic and foreign investors in Malaysia.

The partnership, among others, will allow foreign small and medium enterprise (SME) investors to venture and fortify their market presence in Malaysia, contributing to the country’s economic recovery post-Covid-19 pandemic.

“This partnership between MIDA and BIMB would provide a platform to over 3,000 SME customers within our portfolio the access and opportunity they need to expand their offerings to markets beyond our shores,” BIMB group chief executive officer Mohd Muazzam Mohamed said in a statement on Thursday (March 10).

The MoU was signed by MIDA director of domestic investment division Sukri Abu Bakar and BIMB’s group chief business operator, retail, Mizan Masram.

“Through this collaboration, MIDA hopes to leverage such opportunities to promote various fundraising facilities to empower and finance commercial growth, profitable ideas and businesses, allowing entrepreneurs and business owners to raise capital from the public and private markets,” MIDA’s chief executive officer Datuk Arham Abdul Rahman said.

He said the SMEs is vital to the Malaysian economy, contributing more than a third of gross domestic product (GDP) and providing job opportunities to more than four million workers in Malaysia.

The MoU with Bank Islam demonstrates MIDA’s ongoing commitment in pursuing high technology, high value-added and innovative investment projects from both domestic and foreign companies.

The partnership is seen as being timely to provide adequate and financial support to industry players, particularly domestic investors, in expanding the government’s efforts to facilitate investments in Malaysia, which is consistent with the National Investment Aspirations (NIA) framework in driving economic growth.

Source: Bernama

MIDA inks MoU with Bank Islam towards the development of domestic investment ecosystem

The Malaysian Investment Development Authority (MIDA) has identified 352 high profile foreign investment projects as of the end of last year in the manufacturing and services sectors, including Fortune 500 companies, with a combined potential investment value of RM39.2 billion.

Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said these projects will create more than 19,000 new jobs.

He said the proposed investments were in areas such as  aerospace, electric vehicles, machinery and equipment, advanced electronics,  renewable energy, pharmaceuticals, medical devices and food security, among others.

“While 2021 presented unique economic challenges, Malaysia remains steadfast in its fundamentals as the pre-eminent preferred investment destination in the region and set to catapult the nation to stage its most robust recovery post-pandemic,” the minister  said at the MIDA  Annual Media Conference (AMC) 2022 here today.

“As we forge ahead in the new year on the path of economic revitalisation supported by ongoing policy reforms, the effective deployment of vaccination programmes, and accelerated digitalisation, the government remains committed to prioritising the needs of our people and businesses,” he added.

As a trading nation, he noted that Malaysia will continue to be impacted by the dynamics of geopolitics, economic headwinds, as well as the continuing fight against the pandemic, and warned of uncertainty ahead.

“Be that as it may, Malaysia continues to forge ahead (with) robust policies that will further enhance the positive trajectory we are in. The National Investment Aspirations is poised to attract high impact investments in new growth areas,” he said.

The New Industrial Master Plan 2022-2033 will further spur local industries to accelerate digitalisation efforts so that the country can fully realise the benefits of transition into Industry 4.0, the minister said.

Source: Bernama

MIDA identifies 352 foreign investment projects worth potentially RM39 bln

The Malaysian Investment Development Authority (MIDA) wants to provide opportunities for businesses to learn, evaluate and consider raising capital through public and private markets, as well as market-based financing options such as equity crowdfunding (ECF) that are registered with the Securities Commission.

The investment agency recognises the financial challenges faced by the domestic industry players, particularly small and medium-sized enterprises (SMEs) and mid-tier companies (MTCs), in executing their business expansion plans, its director of domestic investment division Sukri Abu Bakar said.

“MIDA’s domestic investment coordination platform or DICP aims to bridge businesses, technologies and research capability with capital funding sourced from the public and private markets,” he said in a statement on Tuesday (Feb 15). “We continuously work with local regulators, technology providers, and financial institutions to drive business growth by facilitating business support services to SMEs, crucial to domestic direct investments, which bring significant economic growth.” 

MIDA through DICP with Bursa Malaysia and Capital Markets Malaysia (CMM), an affiliate of the SC, have kickstarted their seminar series on “Business Growth through the Malaysian Capital Market”. 

The inaugural seminar, held in Port Dickson, Negeri Sembilan, was jointly organised with Invest Negeri Sembilan and attracted 35 companies from Negeri Sembilan, as well as Melaka. 

MIDA anticipates to organise more seminars throughout the country in 2022. 

The director of the securities market of Bursa Malaysia Azhar Mohd Zabidi said the initiative is a great way to increase awareness and create a better understanding among SMEs and MTCs throughout Malaysia to ultimately tap the Malaysian capital market through various channels including initial public offerings (IPOs).

“IPOs will not only facilitate the raising of capital to help fulfil growth strategies but also open doors to new opportunities for the companies at different stages of growth,” he said.

Source: Bernama

MIDA, Bursa and CMM encourage local companies to explore alternative fundraising

Eclipse Automation Inc, which has 20 facilities located across Canada, the United States and Central Europe, will be making its first foray into Asia with the setting up of a manufacturing facility in Penang.

Headquartered in Ontario, Canada, the company is a leading supplier of automated manufacturing equipment for the life sciences, energy, transportation, consumer electronics and the industrial sectors, the Malaysian Investment Development Authority (MIDA) said in a statement.

The agency said a groundbreaking ceremony for the new facility, located on 1.21 hectares, was held today at Batu Kawan, Penang. The facility will serve Eclipse Automation’s major customers across Asia Pacific and other regions.

“The factory’s construction is expected to commence in the first quarter of 2022 with commercial operations targeted to begin in 2023,” it said.

MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the new facility is expected to create about 150 new jobs by 2025, with about 80 per cent of the employees to be from the technical and engineering background.

The project is described as “timely and significant” as it can contribute to the Malaysian economy in terms of high-income employment amid the Covid-19 pandemic.

It will also further strengthen Malaysia’s position as “a strategic destination for global machinery and equipment (M&E) players that will create a multiplier effect within the domestic economy in terms of local supply chain usage and technology transfer,” Arham said.

The Eclipse Automation Malaysia site will have a production area of 55,000 square feet (sq ft) and an office area of 27,000 sq ft. It will support customer needs within the life sciences sector and other industries within the ambit of the group.

Eclipse Automation CEO Steve Mai said the site in Penang will provide exceptional, value-added manufacturing options to best support global programmes, including replication line and outsourcing model platforms.

“Our Malaysian facility will also employ a large team of highly-qualified engineers, assemblers and other support teams to enhance our ability to provide solutions with a powerful follow-the-sun model of service.

“We appreciate MIDA for supporting us throughout our journey, and Malaysia’s pro-business, pro-trade and business-friendly investment policies have played a key role in helping us make our investment decision,” he said.

Last year, MIDA approved a total of 49 M&E projects with an investment value of RM1.3 billion.

Of the total, 27 were new projects, with investments amounting to RM753.7 million (56.3 per cent). The remaining 22 were expansion or diversification projects worth RM584.4 million (43.7 per cent), MIDA said.

Most of the investments approved were from foreign sources, amounting to RM906.0 million, or 67.7 per cent; while the remaining RM432.2 million (32.3 per cent) were from domestic direct investment.

These approved projects are expected to create 2,253 new job opportunities, the agency said.

Source: Bernama

MIDA: Eclipse Automation to set up manufacturing facility in Penang

The definitions of “Contract Research and Development (R&D) Company” and “R&D Company” under section 2 of the  Promotion of Investments Act 1986 (PIA) have been amended to require approval as an R&D status company by the Minister of International Trade and Industry (MITI) effective from Jan 1, 2022, the Malaysian Investment Development Authority (MIDA) said.

In a statement today, MIDA said this is following the passing of the Finance Bill 2021 in Parliament on Dec 23, 2021, which incorporated several announcements made in the Budget 2022 and contained proposed amendments, including to PIA.

“Companies in the business of providing R&D services, namely contract R&D company and R&D company, that wish to apply for R&D tax incentive will be granted R&D status (subject to MITI’s approval) for a period of five years,” it said.

It said the Finance Bill 2021 further provided that existing contract R&D companies and R&D companies which have been given approval as an R&D company prior to Jan 1, 2022 are required to notify MIDA within the grace period from Jan 1 to June 30, 2022 for consideration.

“Companies approved with this status may apply for extension to MIDA. However, the granting of the approval is subject to consideration by MITI and the Ministry of Finance,” it said.

It said for this purpose, companies are required to provide documents to prove that they are undertaking activities relating to R&D as defined under the PIA and complied with conditions imposed previously in their approval letters.

“Failure to do so will cause the companies to cease their status as approved companies fulfilling the definition of contract R&D company and R&D company,” it added.

Source: Bernama

Contract R&D, R&D companies requires MITI’s R&D status company approval effective Jan 1 – MIDA

The Malaysian Investment Development Authority (MIDA), Malaysia Productivity Corporation (MPC), and Intel Malaysia have awarded Intel’s Artificial Intelligent (AI) Kits to five local universities to ensure a conducive learning environment for the youth.

The  five selected universities namely Universiti Malaya, Universiti Sains Malaysia, Universiti Tunku Abdul Rahman, Universiti Tenaga Nasional, and Asia Pacific University of Technology and Innovation were awarded the ‘AI-based machine vision’ kits which align with the growth of the emerging technologies by providing educational institutions with an avenue to equip future talents with AI skills.

MIDA chief executive officer Datuk Arham Abdul Rahman said MIDA aspires to emulate the success of the Artificial Intelligence for Universities (AI4U) Programme to initiate multiple academia-industry collaborations, remote learning, giving communities of learners ubiquitous access to knowledge and self-development.

“Besides creating high-value job opportunities, we are responsible for preparing our aspiring young technology innovators and leaders because they are crucial to nation-building in this technologically driven era.

“We hope today’s milestone will trigger new opportunities to emulate similar partnerships between premier universities and the corporate sector to enhance growth in AI-related research activities and commercial product innovation,” he said in a statement today.

Arham said the event is a continuation of the AI4U programme launched by the organisations in November last year to facilitate the building of their respective AI labs among these institutions to cultivate computational thinking skills among students of various fields of study.

Moreover, the MPC director-general Datuk Abdul Latif Abu Seman said MPC was delighted to collaborate with MIDA and Intel Malaysia in the AI4U programme.

“As technology evolves, employers are asking for graduates with different skills as well and higher education will need to respond accordingly.

“As we ramp up our efforts, we gave the education institutions a facelift to reflect our goals for an AI-driven future,” he said. 

Source: Bernama

MIDA, MPC, Intel pushing new height of AI innovations to educational institutions

Malaysia is expected to post a strong number for its approved investments for the year 2021, which will be announced on March 8, surpassing the performance of the past three years, said the Malaysian Investment Development Authority (MIDA).

MIDA chief executive officer, Datuk Arham Abdul Rahman said Malaysia has displayed a strong resilience in the face of unprecedented challenges because the pandemic offered the country a unique opportunity.

“Our resilience and efforts in implementing various outreach and investment promotion programmes paid off. Within the first nine months of 2021, foreign direct investments (FDI) contributed RM106.1 billion, accounting for nearly 60 per cent of the total approved investments.

“The remainder 40.3 per cent or RM71.7 billion, were channelled from domestic direct investments (DDI), thanks to the existing and new aspiring local companies meeting the growing industrial needs of different multinational companies (MNCs),” he said at an appreciation and networking session with the media on Thursday.

Malaysia had approved RM164 billion investments through 4,599 projects in the manufacturing, services and primary sectors in 2020, RM211.4 billion in 2019, and RM201.7 billion in 2018.

As for 2022, Arham shared that MIDA remained optimistic to get good numbers but it would be challenging to beat 2021.

He opined that this was because Malaysia was able to attract a few notable projects with very high-value amounts last year, such as those of Risen Energy Co Ltd’s solar project with an investment of RM42.2 billion.

In the pipeline for this year, he said that MIDA has 477 projects with proposed investments of RM33.3 billion in the manufacturing and services sectors within its purview.

Among them are aerospace, electronic vehicles (EV), machinery and equipment, integrated circuit (IC) design, advanced electronics, advanced materials, fine chemicals, renewable energy such as solar photovoltaic (PV), optics and photonics, display technology, petrochemical, pharmaceutical, medical devices, as well as food security.

“We are looking to leverage on the recovery momentum experienced in 2021 to spur Malaysia’s investment growth in 2022.

“MIDA is also aiming to profile Malaysia as a regional digital hub with a holistic business ecosystem that converts investments into sustainable economic pillars. We want to mitigate environmental impact, expedite socio-economic developments, extend domestic linkages, promote new growth clusters and offer inclusivity,” he said.

Arham noted that MIDA will be focusing on pursuing more high-quality, capital-intensive projects and those that support the sustainable development agenda of the nation.

“We stress on accelerating the adoption and adaptation of advanced factory automation and digitalisation levels to enable the transition of brick and mortar hubs into smart factories to enhance flexibility and optimise productivity and growth remotely.

“MIDA strives to ensure that Malaysia remained welcoming of investors by rolling out measures to ease the challenges of operating businesses in the country while encouraging and facilitating the adoption of technology, innovation and research by companies,” he said.

To reflect this, he said that MIDA has lined up targeted trade and investment missions (TIM) and Specific Project Missions (SPM) to capture investments in high technology, innovation and research-driven industries that will complement the Malaysian industrial ecosystem.

Source: Bernama

Malaysia’s approved investments in 2021 to surpass three-year feat – MIDA

The Malaysian Investment Development Authority (MIDA) has affirmed its commitment to build a more sustainable investment ecosystem for Malaysia this year.

The government, via MIDA, remains focused on attracting high-quality investments from foreign and domestic companies into Malaysia through various investment strategies and policy initiatives amid the Covid-19 pandemic.

MIDA chief executive officer Datuk Arham Abdul Rahman said the agency will focus on digitalisation to transition brick and mortar hubs into ‘smart factories’ to enhance flexibility and optimise productivity and growth remotely.

Arham said MIDA strives to ensure that Malaysia remains welcoming of investors by rolling out several game-changing measures to ease the challenges of operating businesses in the country while encouraging and facilitating the adoption of technology, innovation and research by companies.

“Looking towards 2022, MIDA encourages companies to accelerate the adoption of digitalisation and intensify research and development (R&D) activities to discover new technologies,” he said.

According to MIDA, Malaysia has also focused on pursuing more high quality, capital-intensive projects and those that support the sustainable development agenda of the nation.

Aligning to the Shared Prosperity Vision (SPV) 2030 and the Twelfth Malaysia Plan (RMK12), it said the country has been securing new investments that align well with Malaysia’s National Investment Aspirations (NIA) and Environmental, Social and Governance (ESG) principles.

“The NIA is expected to propel Malaysia’s long-term growth through the flow of sustainable quality investment in new and complex growth areas,” it said.

To reflect this, MIDA has lined up targeted trade and investment missions (TIM) and Specific project Missions (SPM) to capture investments in high technology, innovation and research-driven industries that will complement the Malaysian industrial ecosystem.

MIDA has a pipeline of 477 projects with proposed investments of RM33.3 billion in the manufacturing and services sectors within the agency’s purview.

These include aerospace, electric vehicles, machinery and equipment, IC design, advanced electronics; advanced materials; fine chemicals; renewable energy such as photovoltaic; optics and photonics; display technology; petrochemical; pharmaceutical, medical devices, etc. food security, it said.

“As the coordinating central investment promotion agency and a one-stop centre for potential investments, we look forward to working collaboratively with the relevant investment promotion agencies to harness the competitive strengths of every state within Malaysia.” said Arham.

From January to September 2021, Malaysia attracted RM177.8 billion approved investments in the manufacturing, services and primary sectors and generated 79,899 job opportunities.

Within the first nine months of 2021, foreign direct investments (FDI) contributed RM106.1 billion, accounting for nearly 60 per cent of the total approved investments.

The remainder, 40.3per cent or RM71.7 billion, were channelled from domestic direct investments (DDI), thanks to the existing and new aspiring local companies meeting the growing industrial needs of different MNCs.

Source: NST

MIDA affirms more sustainable investment ecosystem for Malaysia this year

The Malaysian Investment Development Authority (MIDA) through its Domestic Investment Coordination Platform (DICP) has assisted 10 local Small and Medium Enterprises (SMEs) and Mid-tier Companies (MTCs) to secure funds worth more than RM100 million.

MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the local companies which have benefitted from the platform are involved in  food and beverages, manufacturing and financial technology sectors.

“We have engaged with more than 175 companies and about 20 companies are in the advanced stage in terms of finalising their proposals,”  he said at the press conference after officiating the opening of D’Masking retail outlet here, today.

He said MIDA and DICP has successfully assisted many SMEs and local businesses including Malaysia’s first integrated durian specialist DSR Taiko Bhd (DSR) to pursue their business plans by providing the missing link between businesses, funding, technology, and research capability.

To-date, seven companies are going through a funding process through private equity, venture capital and banking institution; three companies are preparing for an initial public offering within a period of three years and 10 companies are in the middle of technology adoption.

He said the DICP platform is one of the initiatives to encourage or promote more investment, particularly in domestic investment.

MIDA has worked closely with all stakeholders including local regulators, technology providers, financial institutions as well as equity and corporate advisory firms to facilitate local companies to grow their businesses; subsequently, driving more domestic direct investments (DDI) in the country.

“The DICP has successfully assisted many SMEs and local businesses in pursuing their business plans. We believe in creating inclusivity and sustainable economic growth and we will continue to welcome more government-business collaborations to help our clients build the nation’s economy.

“As a trusted business partner, apart from helping investors and business owners grow and expand their operations, MIDA will continue to assume its role of scouting and sourcing for resources and talent,” he said in his speech.

Aligning its focus with the National Investment Aspirations agenda, MIDA is actively seeking potential investors to pitch sectors with growth capabilities and fit in with the overall business environment.

During the launch, DSR has also exchanged a project agreement with SIRIM Tech Venture Sdn Bhd to develop SIRIM industry standards on Musang King via the Musang King Integrated Tracking System (MKITS) for the product traceability enhancement.

The collaboration is expected to spur job creation as well as develop new skillsets in agriculture best practices.

“This proprietary system, deemed a game-changer, will alter the landscape of the durian farming industry. The application of the Internet of Things (IoT) and Big Data Analytics allows business continuity and provides more significant results in output.

“Through this, the food and agriculture industry, one of the key mainstays of our economic sector, can continue to operate more efficiently to meet the growing market needs and, even more importantly, during such volatile economic times,” said Arham.

Meanwhile, DSR CEO Datuk Ng Lian Poh said the group is also embarking on international expansion by bringing the homegrown Musang King durian specialities to the global stage, starting with 15 countries in early 2022.

Going under the D.Masking brand, DSR would distribute its in-house developed durian specialities to countries including China, the United Arab Emirates, Indonesia, Singapore, and South Africa, through Daily Fresh outlets, via its partnership with Daily Fresh Foods Group.

Source: Bernama

10 local companies secure over RM100 mln worth funds via DICP – MIDA

World’s largest chip maker Intel Corporation, through local subsidiary Intel Malaysia Sdn Bhd, has signed a memorandum of understanding (MoU) with the Malaysian Investment Development Authority (MIDA) to enhance talent development within the country’s electrical and electronics (E&E) industry.

The Ministry of International Trade and Industry (MITI) said the scope of the MoU will include human capital development for the future workforce, research and development collaborations, expansion of local sourcing, driving the adoption of Industry 4.0 by E&E ecosystem players, and the deployment of Intel  Digital Readiness Programme.

“The MoU is a framework to facilitate the cultivation of a thriving tech talent ecosystem and ultimately prepare Malaysia’s workforce for an increasingly digital and artificial intelligence world,” MITI said in a statement today.

MIDA is an agency under the ministry.

MITI said the strategic collaboration will explore the development of long-term research and talent development programmes between Intel and selected Malaysian institutes of higher learning in building sustainable, competitive talent pools.

“The MoU aims to improve graduate marketability through greater academia and industry collaborations, effectively preparing graduates to meet industry needs,” it said.

Signifying this partnership, both Intel and MIDA will continue to work together on state-of-the-art technology research and development collaborations to support the development of the E&E ecosystem in Malaysia.

MITI said the adoption of Industry 4.0 in the field of smart manufacturing is also emphasised in the MoU as well as increasing digitalisation activities through the deployment of Intel Digital Readiness Programme in support of Malaysia’s Digital Economy Blueprint.

“In line with the Malaysian government’s aspirations of preparing the nation and its youths for the future, this collaboration is timely in supporting the 12th Malaysia Plan to advance the digital economy and to capitalise on emerging technologies.

“The partnership will also further solidify the country’s aim to reinvigorate the national agenda in enhancing long-term national competitiveness as formulated in the National Investment Aspirations,” it said.

MITI said the government will continue its efforts to encourage more public-private partnerships that provide tangible solutions for the industry needs, while raising economic impacts in technology transfer and knowledge content, new export leads and spin-off effects across industries.

Source: Bernama

Intel, MIDA aim to work together to boost talent development

The Artificial Intelligence for Universities (A14U) Programme, launched under the recently tabled Budget 2022 to improve the quality of education, is a testament to Intel Malaysia’s continuous commitment in bridging the gap between the needs of the industry and the supply of young local talents.

The Malaysian Investment Development Authority (MIDA) said the AI4U programme is an initiative that is set out to introduce an “AI-based machine vision” to the university community.

“Parallel to the Malaysian government’s aspirations of preparing the country and its youth for the future, the programme supports the 12th Malaysia Plan (12MP) to advance the digital economy;  normalise digitalisation for inclusive development;  accelerate research, development, commercialisation and innovation;  as well as capitalise on emerging technologies,” it said in a statement yesterday.

The AI4U programme, which  was virtually launched yesterday, is organised by MIDA with the collaboration of Intel Malaysia and the Malaysia Productivity Corporation (MPC).

The event is a continuation of Intel’s pilot Artificial Intelligence for SMEs (AI4S) programme launched in January 2021.

The statement also said that the AI4U programme is expected to benefit young graduates and the underprivileged further through technical and vocational education and training.

Meanwhile, MIDA deputy chief executive officer of investment promotion and facilitation Sivasuriyamoorthy Sundara Raja said it emphasises the importance of cultivating an AI mindset among university graduates, especially those without a computer science background.

“Effectively, the programme is expected to shatter the traditional notion that AI is only for ‘techies’.

“I am confident that this initiative developed by MIDA, Intel and MPC will serve as a catalyst to the local universities and education centres in proactively creating a new generation of AI-savvy Malaysians who are primed to propel the nation towards achieving the Fourth Industrial Revolution (IR 4.0),” he said.

He expressed hope that the AI4U programme will also inspire other multinational companies in Malaysia to emulate Intel’s goodwill in contributing back to the talent ecosystem in Malaysia, not only on the prospects of increasing talent capabilities overall but the enhancement of their own value proposition as well.

“MIDA has stepped up its efforts in preparing local talents for future jobs, sharpening the country’s competitive edge to become the preferred investment destination.

“Being the government’s principal investment promotion and development agency, MIDA has been collaborating with academic institutions, policymakers, and industry players to undertake initiatives that will drive the right skilling and continuous technology grading of the local talents,” he said.

Intel Malaysia managing director Aik Kean (AK) Chong said Intel will be supporting the programme by laying the groundwork for these modules to be executed, including training to the lecturers.

“The AI4U programme is yet another collaborative initiative between Intel, MIDA and MPC to prepare our future workforce for the AI world, after the launch of the AI4S and AI for Youth (AI4Y) programmes.

Source: Bernama

AI for Universities Programme to bridge gap between industry needs and talent supply

The Malaysian Investment Development Authority (MIDA) and the Construction Industry Development Board (CIDB) have inked a memorandum of understanding (MoU) to promote technology adoption and global best practices among Malaysian construction industry players in order to raise the standards and competitiveness of the sector.

The MoU, with a five-year partnership commitment to strengthen the Construction 4.0 Strategic Plan, is in line with the Wawasan Kemakmuran Bersama (WKB) 2030 and the National Policy on Industry 4.0 (Industry4WRD), MIDA said in a statement today.

“The collaboration will also see both parties enhancing the areas of policy development and advocacy; research and development, training, and promotion of Industrialised Building Systems (IBS); Industrial Revolution 4.0 (IR4.0) and Construction Revolution 4.0 (CR4.0) technologies; green initiatives and building materials quality; as well as investment promotion in relevant sectors,” it said.

MIDA chief executive officer Datuk Arham Abdul Rahman said the MoU would maximise production output, increase investments, improve quality, and practice sustainability in the manufacturing, services and construction sectors.

“Industries are encouraged to work on sustainable practices of environmental, social and governance (ESG) towards enhancing Malaysia’s competitiveness.

“We are here to advise on IBS incentives, green initiatives and building materials compliance, research and development, training, and promotion efforts,” he said.

In the recent five years, MIDA has approved a total of 56 IBS projects for manufacturing licence valued at RM4.5 billion in investments with 4,521 in employment opportunities, including skilled positions for engineers, specialised quality controllers and highly skilled technicians.

Source: Bernama

MIDA, CIDB ink MoU to raise standards, competitiveness of construction sector

The Malaysian Investment Development Authority (MIDA) aims to elevate the Malaysian batik industry through the adoption of new technology and development of green business models.

This is because the government has recognised the importance of the cottage industry as a national heritage and nation’s pride, while the expertise of local craftsmen should be preserved and further enhanced, MIDA said in a statement released after the completion of a five-day virtual Batik Week from Oct 25-29, 2021.

“Companies should automate and modernise in their bid to reduce overall costs and improve efficiency to compete better, while diversifying their operations into new markets,” MIDA chief executive officer Arham Abdul Rahman said in his welcoming remarks at the event.

The programme themed — Revitalising Malaysian Batik Industry, was organised in collaboration with the Malaysian Batik Association, Yayasan Budi Penyayang Malaysia, Federation of Malaysian Fashion Textiles and Apparels, and Kraftangan Malaysia.

Meanwhile, Ministry of International Trade and Industry (MITI) secretary-general Datuk Lokman Hakim said the batik industry must be transformed through the adoption of green practices for it to stand out globally.

“This is critical as it aligns with the environmental, social and governance principles stipulated in various government’s policies such as the Twelfth Malaysia Plan, National Investment Aspirations, and National Trade Blueprint.

“Batik designers must strive to marry their creativity with innovation to ensure the Malaysian batik is more marketable worldwide. Sustainability including technology adoption is the strong value proposition that appeals to international audiences,” he said.

The event featured pioneer batik entrepreneurs who displayed their products and brand identity through Batik Showcase and Virtual Factory Tours.

Source: Bernama

MIDA encourages batik manufacturers to automate, modernise industry

The Malaysian Investment Development Authority (MIDA) is partnering with Intel Malaysia to implement a programme for selected local universities to prepare a future-ready workforce in artificial intelligence (AI) for entry-level careers while saving employers’ time and resources for basic AI training and skilling.

The agency said this will be patterned after the Artificial Intelligence for SMEs (AI4S) programme that they, along with the Malaysia Productivity Corporation, organised on Wednesday for the second time.

The Virtual AI4S Enhanced Programme was a continuation of the first AI4S event held in January this year where Intel Malaysia awarded AI starter kits to 100 selected Malaysian companies.

“Today’s AI4S Enhanced Programme saw Intel Malaysia commit to handing out a Field Programmable Gate Array (FPGA) card to the participating companies, which is a powerful tool that enables the AI kit to be five times more powerful than the existing kit,” MIDA said in a statement.

These identified small and medium enterprises (SMEs) are currently going through a comprehensive technological enablement process and training to empower them in implementing pilot projects in their business or operation setting to jump-start the AI or Industry 4.0 journey.

MIDA chief executive officer Arham Abdul Rahman encouraged other multinational companies (MNCs) to follow Intel’s footsteps in contributing back to the nation’s industrial ecosystem and increase the capabilities of domestic companies while at the same time enhancing the MNCs’ value proposition.

He noted that the AI features can assist to automate routine tasks, augment employees’ capabilities and allow time for them to focus on more stimulating and higher value-adding work.

“If automation is widely adopted, AI could potentially create six million new jobs by 2030 in Malaysia with new skills and long-term workforce training will be high in demand. Therefore, it is important for the government to intervene in overcoming challenges faced by the local companies in adopting AI, especially in getting the right expertise and managing financing needs,” he said.

In line with the government’s commitment, MIDA seeks industry leaders and players to leverage the facilitation by the government under the Industry4WRD initiative, he said.

Source: Bernama

MIDA, Intel team up to boost AI knowledge of future workforce, SMEs

This includes how to go about IR4.0 within the 4 walls of the manufacturing facility and beyond

While investors’ confidence in Malaysia remains, the country must give importance to talent readiness for the increasingly high-tech innovative companies and projects.

Malaysian Investment Development Authority (Mida) CEO Arham Abdul Rahman said that this includes how to go about IR4.0 within the four walls of the manufacturing facility and beyond, which requires the right methodology and mindset.

“Interestingly, McKinsey reported that artificial intelligence (AI) could potentially create six million new jobs by 2030 in Malaysia because new skills are in high demand.

“Therefore Mida, under the stewardship of the International Trade and Industry Ministry (MITI), will continue to facilitate high-technology, knowledge-based and capital-intensive investments that generate multiplier effects on Malaysia’s economy, including generating quality jobs,” he said at the Mida Assessment Development Centre (MADC) HyTalent Programme signing ceremony last Friday.

To boost IR4.0 readiness among fresh graduates, Mida has signed a memorandum of agreement (MoA) with Universiti Kebangsaan Malaysia (UKM), Universiti Teknologi Malaysia (UTM) and Universiti Putra Malaysia (UPM) for the implementation of MADC HyTalent Programme.

It was established to map out dedicated programmes for future hybrid talents which have a combination of technical and soft skills, displaying flexibility and adaptability to start at junior levels and progress quickly with the right know-how and leadership, as required by the industry.

It is also expected to pool-strength and taps into the wealth of industry expertise, preparing university, technical and vocational education and training graduates with the skills and needs of IR4.0, especially in Internet of Things (IoT), Industrial IoT (IIoT), robotics, AI, big data and cybersecurity.

According to Arham, the programme anticipated to train 500 undergraduates in the field of IoT and IIoT to be employed at participating Malaysian companies with a higher than average compensation or salary after graduation.

He noted that the initiative was approved under the government’s special Covid-19 Fund 2021 — 2022 to stimulate Malaysia’s current economy amid the pandemic, with special emphasis on addressing unemployment.

“At Mida, we value public-private partnerships. Hence, we are excited to partner with these universities and companies for the implementation of the MADC HyTalent Programme, whereby these reputable universities will provide the much-needed personnel equipped suitably with the relevant qualifications and experience to support our fresh graduates.

“This is to groom future leaders with the essential talents of technical and soft skills as required by the industry,” he added.

Arham also hoped that this will ultimately contribute towards increasing the country’s productivity, efficiency and global competitiveness as an investment destination regardless of the global economic sentiments.

The signing ceremony was witnessed by MITI Minister Datuk Seri Mohamed Azmin Ali.

Mohamed Azmin noted that the initiative is a testament to the government’s continuous focus on creating high-value jobs to ensure Malaysians reap the long-term benefits of investments in the country, in tandem with enhancing the overall industry’s ecosystem to drive sustainable economic growth on the road to recovery post-Covid-19.

Apart from local universities, the MADC HyTalent Programme syllabus was also established in collaboration with international and local industry players to bridge the gap between the supply of local engineers and the demand of the industry, especially IoT and IIoT.

The programme comprises a six-month live-in pilot programme combined with a six-month internship duration to develop fresh graduates in structured leadership and technical training to meet the needs of Malaysia’s industries.

Source: Malaysian Reserve

Malaysia must address talent readiness for high-tech jobs

The Malaysian Investment Development Authority (MIDA) has signed a memorandum of understanding (MoU) with French private business network abroad, MEDEF International, to further encourage, promote and facilitate potential investments and business cooperation.

The signing in Paris was witnessed by Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.

Underscoring the significance of the MoU, Mohamed Azmin said France has had a long presence in Malaysia’s manufacturing and services sectors.

“Recognising the synergies between the French innovative capabilities and Malaysia’s value proposition, we are confident that there will be more French investors, investing particularly within high value and high technology fields such as transport equipment (aerospace), as well as machinery and equipment,” he said in a statement on Monday.

Concurrently, the government hopes that these investments will spur more talent development programmes to future-proof Malaysian workforce, building upon the country’s National Investment Aspirations and the 12th Malaysia Plan towards 2025, he added.

Meanwhile, MIDA chief executive officer Arham Abdul Rahman said the partnership would enable more Malaysian businesses and technology providers to better connect with the global supply chain.

“The Malaysian government, through MIDA, will continue to work closely with MEDEF International to further boost and realise French investments in Malaysia,” he added.

Source: Bernama

MIDA, MEDEF sign MoU to promote investments

The Malaysian Investment Development Authority (MIDA), through its one-year-old One Stop Centre (OSC) for Business Travellers, has facilitated 822 companies and 2,121 short-term business travellers (STBT) with a total investment value of RM121.37 billion.

MIDA deputy chief executive officer Sivasuriyamoorthy Sundara Raja said the centre, which was established on Oct 2 last year, had eased the entry application process and the movement of business travellers in Malaysia.

“The OSC is a game changer for new investors to conduct new business activities and existing ones to expand or diversify their existing operations,” he said in his welcome remarks at a webinar on the OSC for Business Travellers.

The three-day webinar aims to create awareness of the OSC programme to ease the movement of STBTs by expediting the approvals for their entry into Malaysia.

According to him, MIDA would continue to welcome investors to do business in Malaysia amid the pandemic, and Malaysia remains steady on the path to economic recovery and growth while balancing between public health and livelihoods.

Meanwhile, senior deputy director (talent division) Afidah Mastor said from 2,822 evaluations for STBTs, 2,121 (75%) had been approved, while 580 (21%) were rejected and 121 (4%) were still pending.

“For long-term business travellers, MIDA has evaluated 18,659 travellers and 90.8% have been approved, while 9.2% have been rejected,” she said.

Afidah said the top six countries whose business travellers had applied under the programme were Germany, Japan, the US, Indonesia, China and South Korea.

Source: Bernama

MIDA’s one-stop centre eases entry permission for companies and business travellers with RM121.37b investment value

The Malaysian Investment Development Authority (MIDA) is targeting to train 500 graduates under the pilot MIDA Assessment Development Centre (MADC) HyTalent Programme in the fields of Internet of Things (lOT) and Industrial Internet of Things (IIOT).

Chief executive officer Arham Abdul Rahman said the programme comprises a six-month, live-in pilot programme combined with a six-month internship duration to develop fresh graduates in structured leadership and technical training to meet the needs of Malaysia’s industries.

“MADC is a trilateral cooperation among MIDA, universities and companies, especially the foreign direct investment companies which will pool-strength and tap into the wealth of industry expertise, preparing the university and technical and vocational education and training (TVET) graduates with the skills and needs of the Industry 4.0.

“We know the requirements of the industries when we attract the investment. We are fully confident that the 500 trainees to be enrolled under MADC would, at the end of the programme, be employed by the participating industry players,” he told reporters after a signing ceremony with three local universities here today.

MIDA inked a memorandum of agreement (MOA) with Universiti Kebangsaan Malaysia (UKM), Universiti Teknologi Malaysia (UTM) and Universiti Putra Malaysia (UPM) for the implementation of MADC HyTalent Programme, witnessed by Senior Minister and Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali.

Arham said the MADC pilot programme, which will kickstart January next year, is open for all graduates from all universities who would be screened through by their behavioural tendencies, communication skills, interest and confidence level in addition to their academic achievement.

“This programme is not exclusive to these three universities. Moving forward, once this pilot programme is successful, we will open the programme to all other public and private universities as there is a lot of requirement for highly talented engineers from foreign investors out there,” he said.

Citing a McKinsey report, Arham said that Al could potentially create six million new jobs by 2030 in Malaysia as new skills are in high demand.

He said the MADC will continue to provide the necessary support to industries of high-technology, knowledge-based and capital-intensive investments to generate multiplier effects in the nation’s economy, including high-value employment opportunities.

“The overall goal is to enhance the country’s efficiency and global competitiveness to position Malaysia as the preferred investment destination,” he added.

Meanwhile, Mohamed Azmin, in a statement, said the MADC programme embodies the 12th Malaysia Plan roadmap to develop and equip future talent with Fourth Industrial Revolution (4IR) skill sets that are important to keep pace with the rapid changes in technological advancement and meet industry demands.

“This is a testament to the government’s continuous focus on creating high-value jobs to ensure Malaysians reap the long-term benefits of investments in the country, in tandem to enhancing the overall industry’s ecosystem to drive sustainable economic growth on the road to recovery post Covid-19,” he said.

The programme is approved under the special Covid-19 Fund (2021-2022) by the government to stimulate Malaysia’s current economy amidst the pandemic, with special emphasis towards addressing unemployment.

Source: Bernama

MIDA to train 500 graduates under its pilot talent programme to meet industry needs

Malaysian Investment Development Authority (MIDA) is currently working with a number of companies to help them get the Global Lighthouse Network recognition by the World Economic Forum (WEF).

MIDA chief executive officer Arham Abdul Rahman said there are companies at an early stage of the process while some of them are near to getting the recognition.

This comes as one of the smart manufacturing facilities in Malaysia has attained the prestigious WEF Lighthouse recognition — Malaysia’s first WEF Lighthouse company, namely Western Digital (WD), located in Batu Kawan, Penang.

“WD, in distinctively achieving such status, has responded to the government’s persistent calls to industry leaders to champion the transformation and adoption of the 4th Industrial Revolution (4IR),” he said at the virtual press conference between MIDA and WD on WEF Industry 4.0 Recognition on Tuesday.

Earlier in his remarks, Arham said WD Batu Kawan has applied technology innovation, including robotics, automation, and advanced analytics, enabling transformational change that benefits customer delivery targets, cost, sustainability as well as workforce skills advancement.

“The Global Lighthouse Network recognition by the WEF on Western Digital’s operation in Batu Kawan has brought about significant benefits to a local chain of players by resetting the benchmark of operational, financial, and sustainability levels, he said. “MIDA is now further encouraged that this pioneering project in Malaysia will be an exceptional example to the rest of the industries operating in Malaysia to cultivate new thinking of 4IR technologies, address sustainability and workforce productivity growth in facing today’s intense global competition.” 

Hence, Arham said MIDA has invited electrical and electronics, machinery and equipment and other resource and non-resource based companies to enhance its 4IR technologies network in Malaysia through its own Lighthouse Programme.

“These ‘Lighthouses’ act as beacons to guide their supply chain and Malaysian companies to apply technologies including additive manufacturing, advanced analytics, and the industrial Internet of Things to overcome challenges in existing production systems.

“The Lighthouse Programme will also serve as a platform for broader economic spillover benefits as the adoption of 4IR technologies by anchor companies will inject fresh revivals across societies in need of productivity and fragmentation innovation,” he said.

He said the agency’s Lighthouse initiative aims to strengthen Malaysia’s position as a hub for research and development, high technology industries, and global services.

Source: Bernama

MIDA working with a few companies to get WEF’s Global Lighthouse Network recognition

The Malaysian Investment Development Authority (MIDA) and Citibank Bhd (Citi Malaysia) signed a memorandum of understanding (MoU) today to expanding Citi Malaysia’s financial platform and banking services to new and existing foreign investors in Malaysia.

MIDA chief executive officer Arham Abdul Rahman said the collaboration stimulate active business environment in the current economic recovery.

Arham said in response to the changing global business landscape, Malaysia is adopting bold and impactful initiatives to encourage existing and new investors and industry players to induce new investments into the country.

“The MoU with Citi Malaysia signifies MIDA’s continuous commitment in pursuing high technology and high value-added investment projects according to the National Investment Aspiration (NIA) framework and goals of the 12th Malaysia Plan in driving further economic growth.

“I trust this partnership will also boost the government’s ongoing efforts to position Malaysia as the pre-eminent preferred investment destination in the region,” he said in a statement today.

The MoU was signed virtually by Arham and Citi Malaysia chief executive officer Usman Ahmed.

The ceremony was also attended by Citi Malaysia’s head of corporate banking Zuliana Tann, head of global subsidiaries group Biplab Banerjee and head of treasury and trade solutions Abdul Jalil Jalaludin.

Virtual attendees from MIDA include deputy chief executive officer Sivasuriyamoorthy Sundara Raja and director of foreign investment promotion Faizal Jalaludin.

“Citi Malaysia is very pleased to partner with MIDA as we expand our institutional business in Malaysia and continue to present Malaysia as an attractive investment destination to our clients across the globe,” said Usman.

“Despite the challenges posed by the Covid-19 pandemic, we have witnessed significant growth inflows across key investment corridors as Malaysia continues to stand out as an important and competitive investment destination.

“We thank MIDA for this opportunity to work together to promote FDI and trade flows. As the world’s most global bank, Citi has a presence in 96 countries and does business in

over 160 countries, and through this MoU we look forward to harnessing the full potential of our network, world-class products and digital banking capabilities to further deepen our commitment to the country.” he said.

Citi Malaysia’s multinational clients operating in various industries spanning across the high-technology manufacturing, industrials, energy (including renewables), consumer, health care, services, as well as hardware and software technology sectors.

Citi Malaysia is also one of the largest market makers for the Malaysian Government Securities and is among the top foreign banks in Malaysia for Corporate Foreign

Exchange, cross border cash management and institutional investor transactions.   

Source: NST

MIDA, Citi Malaysia inks MoU to expand banking service offering to foreign investors in Malaysia

SIRIM Bhd’s subsidiary SIRIM Tech Venture Sdn Bhd (STV) has signed a memorandum of understanding (MoU) with Malaysian Investment Development Authority (MIDA) to foster long-term business collaboration in technology-driven projects.

The MoU enables STV to tap into MIDA’s business connections with investors, local large corporations and small and medium enterprises (SMEs) seeking innovation while MIDA will facilitate business leads to STV on technology-driven projects and provide funding and government incentives advisory to STV.

In a statement, STV said it offers technology assessment, IP valuation, market feasibility study, market accessibility via linking up with other subsidiaries, among others, to businesses.

SIRIM president and group CEO Datuk Dr Ahmad Sabirin Arshad said the collaboration, among other things, would provide MIDA with direct access on available technology solutions by SIRIM available to be utilised by variouus industries.

Various industries will be the direct beneficiaries of this collaboration including various financing (options) for product or technology adoption through investment on new and future technology in order to achieve technology-led growth.

“With the MoU, technology adoption that can be explored include in the areas of Industry 4.0, fabrication of machinery and equipment and renewable energy, medical devices, environmental technology and waste-to-wealth.

“Through MIDA, we hope that STV can work with medium-size industries. STV can provide consultancy and technical assistance to potential local industry in technology, recommending proposals for the application of SIRIM’s technology, innovative solution or adoption of other technology to a specific target group,” he said.

The engagements between MIDA and STV had commenced since 2019, with MIDA linking STV to several industries and STV plays active roles in bridging them to other relevant technology centre or subsidiary of SIRIM. 

Source: The Sun Daily

SIRIM Tech Venture, MIDA firm up partnership in tech projects