Snapshots of Budget 2020
Budget 2020 themed,“Driving Growth and Equitable Outcomes Towards Shared Prosperity”, was announced by the Minister of Finance on 11 October 2019. The Budget is anchored on four thrusts:
PostInvest Promotes Ease of Doing Business
To nurture the growth of Foreign Direct Investment (FDI) and Domestic Investment (DI) in the country, MIDA - through its Post Investment and Infrastructure SupportDivision (PostInvest), provides ‘handholding’ and ‘problem solving’ services to assist companies’ investing journey in Malaysia.
Malaysia Continues to Attract Business Interest
Malaysia continues to sustain its investment growth momentum in the first half of 2019 (1H2019) despite the challenging global economic landscape and intense competition, with total investments of RM92.0 billion recorded in the services, manufacturing and primary sectors for 1H2019. These investments were from 2,554 projects and will potentially create 59,542 employment opportunities in the country.
Malaysia : The World's Best Country to Invest
The first quarter of 2019 indicated a positive start to the year, with approved foreign investments into Malaysia increased by 73.4% to RM29.3 billion from RM16.9 billion in the first quarter of 2018. This commendable performance could only be achieved with the conducive business climate within the country, which has not gone unnoticed by international observers.
Malaysia Remains an Attractive Investment Destination:Recording Approved Investments of RM53.9 billion in Q1 2019
Malaysia has successfully attracted a total of RM53.9 billion approved investments in the manufacturing, services and primary sectors for the first quarter of 2019 (Q1 2019), an increase of 3.1% from the same period last year (RM52.3 billion). These investments are from 1,678 projects and are expected to generate more than 41,200 job opportunities for the country.
MIDA Facilitates Overseas Internship for Malaysian Students Abroad
Enhancing the students' employability has always been on top of the human capital development agenda of the Government. This is to ensure that they are industry-relevant, ready to enter the job market and ultimately able to contribute to the economic growth of the country. Various programmes are usually adopted by universities and colleges to increase the employability of their students such as internship, career awareness program, industry talk, curriculum embedment, and lecturer's attachment to industry.
MIDA Receives Top Investment Promotion Agency 2019 Award - Asia Pacific Category
MIDA has once again won the Top Investment Promotion Agency 2019 award in the Asia- Pacific National category by the Site Selection, together with the EDB Singapore. The agency won the same award in 2015 and 2016.
Approved Investments in the Manufacturing, Services and Primary Sectors Chart RM201.7 Billion in 2018
Malaysia is set to leverage on the improving trend of private investments bolstered by the positive sentiments arising from the new Government's supportive policies and clear economic direction. This is reflected in the total approved investments in the manufacturing, services and primary sectors, which has increased from RM200.6 billion in 2017 to RM201.7 billion in 2018. Foreign investors continue to capitalise on uniquely Malaysian ecosystems and its regional synergies as FDI increased by 48% from RM54.4 billion in 2017 to RM80.5 bil in 2018.
Malaysia's Industry 4.0 Readiness Assessment
Industry4WRD Readiness Assessment (RA), which was launched together with the National Policy on Industry 4.0 titled "Industry4WRD" is a comprehensive programme to help a company assess their capabilities and readiness to adopt Industry 4.0 technologies and processes. The assessment uses a pre-determined set of indicators to understand their present capabilities and gaps, which will enable the company to prepare possible strategies and plans to move towards Industry 4.0.
USHERING 2019 WITH THE NEW FINANCE BILL 2018
In its effort to reduce leakages while ensuring efficient taxation, the Malaysian Government through Budget 2019 announced several changes in the current tax treatment. A point to note, however, was the Government's quick response to industries' concerns on the limitation of unabsorbed capital allowances. The limitation was lifted before the gazette was done on 27 December 2018. Such action is an attestation that Malaysia is a business friendly destination that is pragmatic and practical in introducing new policies. MIDA trusts that this simplified extract of the major changes will provide more clarity for businesses to usher in the new year.