Portal offers info on incentives for business sector

The business community will now be able to obtain real-time information on the latest i-incentive portal set up by Malaysian Investment Development Authority (Mida).

Mida deputy chief executive officer II Zabidi Mahbar said the interactive web portal would provide a comprehensive information on all incentives offered by various ministries and agencies.

“It currently features 124 incentive schemes managed by 12 ministries and 28 government agencies.

“These incentives include tax exemptions, grants, soft loans and other forms of incentives like equity financing, regional establishment status, and training and facilitation programmes.

Organised by Mida, the seminar saw over 300 participants taking part in talk sessions on various topics.

Zabidi said the seminar was part of Mida’s on-going engagement to update industry players in the northern region on the latest policies and facilities available.

“We are delighted to see many participants with a wide representation from the industry’s stakeholders today as Penang is one of the country’s choice locations for domestic and foreign investments.

“Over the last five decades, Penang has consistently ranked among the top investment destinations in the country.

“From 1980 to 2018, Mida approved a total of 4,084 manufacturing projects with investments worth RM129.1bil for Penang.”

Zabidi said among the approved projects, 3,072 projects with investments valuing at RM98.8bil were implemented here.

“These projects have created over 380,000 job opportunities mainly in electrical and electronics, machinery and equipment, and fabricated metal products industries.

“In the first quarter of this year, Penang also recorded RM8.8bil in total approved investment in the manufacturing sector.

“Thus, to encourage more investments, Mida will continue to undertake various activities and programmes to pave the way for further growth, particularly among the domestic players,” he said.

Zabidi added that Mida also developed an i-Services gateway portal as an avenue to market services and solutions of local service providers locally and internationally.

“We hope everyone would register their businesses to increase visibility and accessibility for their potential customers.”

Penang domestic and international trade committee chairman Datuk Abdul Halim Hussain said they hoped Penang would sustain its competitiveness as a leading state for industrialisation.

“We will continue to engage with stakeholders, to listen and obtain feedback from the marketplace.

“Since digital transformation is coming, we cannot be complacent, otherwise disruptions will happen,” he said in his speech.

Source: The Star