MIDA and CIMB Cooperate in CIMB GreenBizReady – Sustainability Solution Platform for Malaysian SMEs
Kuala Lumpur, 4 February 2021 – The Malaysian Investment Development Authority (MIDA) congratulates CIMB on their recent launching of CIMB GreenBizReady, a one-stop sustainability solution for Malaysian Small and Medium Enterprises (SMEs). This is a contemporary platform to catalyse the transition of Malaysian SMEs towards the green economy. With an allocation of RM250 million, SMEs will be empowered through financial solutions and incentives such as sustainability-linked financing benefits, access to sustainability service providers, training and capacity building, certification and advisory services, and business matching with the support of industry leaders and related Government agencies.
Being the principal investment promotional partner to the business community in Malaysia, MIDA is eager to support this newly launched initiative in facilitating CIMB to bring in more investments in the green technology projects by providing the necessary assistance to the business stakeholders.
Starting from 2016 to September 2020, MIDA has approved 1,317 green technology projects of investments amounting to RM18.55 billion, apart from 63 green services companies with a total proposed operational expenditure of RM318.51 million, under the Green Technology incentives. These commendable figures indicate the potential of more substantial investment flows in green technology areas within the country.
Dato’ Azman Mahmud, Chief Executive Officer of MIDA said “The COVID-19 pandemic has compelled economies to revisit their business strategies and operations to hold business revenues while building a more sustainable future. The CIMB GreenBizReady, reflects the commitment to assume a vital role in boosting the socio-economic development and growth of the green technology sector in Malaysia. The SMEs especially, will be equipped with practical knowledge and tools to incorporate economic, environmental and social (“EES”) considerations into their businesses in helping them becoming sustainability-ready for long-term business resilience.”
“More importantly, this platform is timely launched to assist green industry players to contribute in economic recovery whilst advancing Malaysia’s green agenda and aspiration for sustainable growth, in line with the United Nation’s Sustainable Development Goals (SDG)” said Dato’ Azman.
The Government continues to prioritise green adoption to spur economic multiplier effects by extending the incentives of Green Investment Tax Allowance (GITA) for the purchase of green technology assets and Green Income Tax Exemption (GITE) for the use of green technology services and systems until 2023. These incentives which were introduced in Budget 2014, cover green technology activities in green energy, green building, green data centre, integrated waste management and supporting services activities. The GITE is also extended for companies undertaking solar leasing activity under the Net Energy Metering (NEM) scheme.
MIDA is optimistic that by encouraging more investments in green projects and services, there will be increasing demands for the overall green technology industry; spurring a more vibrant domestic economy.
The details on tax incentives for Green Industry are available in MIDA official website at https://www.mida.gov.my/forms-and-guidelines/tax-incentives-for-green-industry/. For more information about CIMB GreenBizReady, please visit https://cimb.com.my/greenbizready or email at [email protected].
MIDA is the government’s principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook.
For more information, please contact:
Ms. Wan Hashimah Wan Salleh
Director, Green Technology Division
Email: [email protected] | DL: 603 2267 3540