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Invest Malaysia Facilitation Centre (IMFC): Reducing Bureaucracy, Enhancing Efficiency, and Propelling Economic Growth

>Highlights>Invest Malaysia Facilitation Centre (IMFC): Reducing Bureaucracy, Enhancing Efficiency, and Propelling Economic Growth

Invest Malaysia Facilitation Centre (IMFC): Reducing Bureaucracy, Enhancing Efficiency, and Propelling Economic Growth

Invest Malaysia Facilitation Centre (IMFC), established as a one-stop centre for investment-related matters, represents a significant development in Malaysia’s conducive investment landscape. It stands as a remarkable upgrade to the existing advisory centre at the Malaysian Investment Development Authority (MIDA. Commenced on 1 December 2023, the IMFC aims to speed up various approval processes, provide consultation and advisory services, and reduce bureaucracy in public service delivery. With the establishment of this physical hub at MIDA Sentral, Levels 16 and 17, businesses now have a tangible space to connect, collaborate, and witness firsthand the unwavering dedication to facilitate their investment ventures.

Streamlined and Expedited Processes

The core objective of the IMFC is to expedite various approval processes, offering a streamlined experience for businesses. By bringing together key Ministries and Agencies, namely the Inland Revenue Board of Malaysia, Immigration Department of Malaysia; Royal Malaysian Customs Department; Malaysian Communications and Multimedia Commission; Department of Labour Peninsular Malaysia; Tenaga Nasional Berhad and Telekom Malaysia Berhad, the IMFC acts as a bridge between investors and the Government. This centralised approach enables businesses to navigate the complex regulatory landscape more efficiently, resulting in significant time and resource savings.

Enhancing Confidence and Collaboration

The establishment of the IMFC reflects the Government’s commitment to ease of doing business and continuous reforms, providing effective and efficient services to investors. By creating a physical establishment where face-to-face negotiation and facilitation take place, the IMFC builds trust, instils confidence, and fosters stronger collaboration between investors, industry players, and government ministries/agencies. This, in turn, drives increased investments and economic growth.

Whole-of-Government Approach

Operating on a whole-of-government concept, the IMFC ensures multiple ministries and agencies collaborate closely to support the investor’s journey. By leveraging the expertise and resources of the key ministries and agencies, the IMFC offers a comprehensive range of services to investors.

Complementary Initiatives: TRACK and IMFC

The IMFC is part of a broader push towards enhancing investment facilitation in Malaysia. One such initiative is the Project Implementation and Facilitation Office or TRACK (previously known as Project Acceleration and Coordination Unit or PACU), established by MIDA in 2020. TRACK serves as a facilitation platform for approved investment projects, ensuring their smooth implementation within the specified timeframe. By integrating TRACK with IMFC, MIDA aims to position Malaysia as the preferred investment destination globally, promoting the realisation of investments seamlessly and effectively.

Significant Milestone

The establishment of the IMFC marks a significant milestone in Malaysia’s investment landscape. By expediting approvals, reducing bureaucracy, and providing comprehensive advisory services, the IMFC paves the way for a more conducive business environment. Through collaboration between various ministries and agencies, the IMFC exemplifies the whole-of-government concept and positions Malaysia as a premier investor-friendly and business-friendly destination. As Malaysia strives to achieve its National Investment Aspirations (NIA) and the objectives of the New Industrial Master Plan (NIMP) 2030, the IMFC will assume a pivotal role in attracting more investments, driving economic growth, and propelling the country to greater heights.