Domestic Investment Seminar in Sarawak : MIDA Continues To Create More Business Opportunities for Investors
The Malaysian Investment Development Authority (MIDA) organised the Sarawak Domestic Investment Seminar 2019 today in collaboration with 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 that are available
26 June 2019, Kuching, Sarawak – The Malaysian Investment Development Authority (MIDA) organised the Sarawak Domestic Investment Seminar 2019 today in collaboration with 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 that are available.
The Sarawak Domestic Investment Seminar 2019 was graced by YB Datuk Amar Haji Awang Tengah Ali Hassan, Deputy Chief Minister of Sarawak. During his speech, it was emphasised that “The state has been conducting many outreach programmes, especially towards building the capabilities of our local industry players which consists mainly of small and medium enterprises (SMEs). Despite all our continuous efforts, there is still a lack of awareness among the local business community regarding the various facilities and support provided by the state and federal Government.”
Moreover, he added that “In today’s globalised world, competition is more intense, coming not just from developed economies but also from the developing countries. Therefore, the Government needs to make 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.”
Mr. Arham Abd. Rahman, Deputy Chief Executive Officer of MIDA in his welcoming remarks, also mentioned that “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. We urge not only to adopt automation and other smart technologies, but also to invest in their talent by retraining the workforce and undertake collaborations with the many training institutions that are already available in the country.”
As of 2018, a total of 770 projects worth RM82.7 billion have been implemented in Sarawak. These projects have created more than 104,000 employment opportunities in the state, mainly in the natural gas, chemical and chemical products, basic metal products, electronics and electrical products, wood and wood products sectors.
“With so much development happening in the state, there is certainly more room for expansion and diversification activities, particularly in new growth areas. We encourage more companies to take advantage of the established ecosystem and facilities that Sarawak has to offer” added Mr. Arham.
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 a broad range of speakers from the MATRADE, MIDF, EXIM Bank, MPC, Standards Malaysia, SIRIM and MIDA.
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. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today 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:
Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid
Director, Domestic Investment and Supply Chain Coordination Division, MIDA
Tel.: 03-2267 6633 | Email: [email protected]