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Domestic Investment Seminar in Sarawak : Industry Players to Take Full Advantage of Government's Facilities and Incentives

MIDA Insights - Events

June - E 1

MIDA organised the Sarawak Domestic Investment Seminar 2019 on 26 June 2019 in collaboration with the Ministry for Industrial and Entrepreneur Development Sarawak (MIED) as a platform to update the industry players especially in East Malaysia region on the latest policies and facilities by the government. YB Datuk Amar Haji Awang Tengah Ali Hassan, Deputy Chief Minister of Sarawak who graced the seminar said that the state has been conducting many outreach programmes, especially towards building the capabilities of the local industry players which consists mainly small and medium enterprises (SMEs).

"Despite all efforts, there are still lack of awareness within the local business community on various facilities and support provided by the State and Federal Governments. Moreover, in today’s globalised world, competition is more intense, coming not just from developed economies but also from the developing countries. Therefore, the Government is making every effort to ensure the readiness of our local industry players in enhancing and sustaining their competitiveness. I look forward to more local SMEs going into high tech and high value-added ventures. We cannot continue to rely on low cost, low tech and labour-intensive strategies to grow our industries. Together, let us build a business landscape that is innovative, creative and sustainable, focusing on the future.” he added.

Mr. Arham Abd. Rahman, Deputy Chief Executive Officer of MIDA in his welcoming remarks, said “The Government is providing more opportunities for companies to move towards Industry 4.0 through various initiatives. This includes incentive packages such as the Pioneer Status (PS), Investment Tax Allowance (ITA) and the Domestic Investment Strategic Fund (DISF). There are also tax incentives for the production of robotics; the Automation Capital Allowance (Automation CA) to encourage automation in the manufacturing industry; and the Soft Loan Scheme for Automation and Modernisation (SLAM) to enhance manufacturing processes, upgrade production capability and capacity, and diversify into higher value-added activities. With these facilities in place, companies’ particularly domestic players need to take full advantage of the facilities available.

Companies are urged to not only adopt automation and other smart technologies, but to also invest in talent development by retraining their workforce and undertake collaborations with training institutions that are available in the country.” The Sarawak Domestic Investment Seminar 2019 was well attended by over 200 participants from various fields, including government agencies, manufacturers, service providers and potential investors. The seminar featured panel sessions by speakers from MIDA, MATRADE, MIDF, EXIM Bank, MPC, Standards Malaysia and SIRIM.

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Last Updated : Thursday 21st November 2019