10 local companies secure over RM100 mln worth funds via DICP – MIDA
22 Dec 2021
The Malaysian Investment Development Authority (MIDA) through its Domestic Investment Coordination Platform (DICP) has assisted 10 local Small and Medium Enterprises (SMEs) and Mid-tier Companies (MTCs) to secure funds worth more than RM100 million.
MIDA chief executive officer (CEO) Datuk Arham Abdul Rahman said the local companies which have benefitted from the platform are involved in food and beverages, manufacturing and financial technology sectors.
“We have engaged with more than 175 companies and about 20 companies are in the advanced stage in terms of finalising their proposals,” he said at the press conference after officiating the opening of D’Masking retail outlet here, today.
He said MIDA and DICP has successfully assisted many SMEs and local businesses including Malaysia’s first integrated durian specialist DSR Taiko Bhd (DSR) to pursue their business plans by providing the missing link between businesses, funding, technology, and research capability.
To-date, seven companies are going through a funding process through private equity, venture capital and banking institution; three companies are preparing for an initial public offering within a period of three years and 10 companies are in the middle of technology adoption.
He said the DICP platform is one of the initiatives to encourage or promote more investment, particularly in domestic investment.
MIDA has worked closely with all stakeholders including local regulators, technology providers, financial institutions as well as equity and corporate advisory firms to facilitate local companies to grow their businesses; subsequently, driving more domestic direct investments (DDI) in the country.
“The DICP has successfully assisted many SMEs and local businesses in pursuing their business plans. We believe in creating inclusivity and sustainable economic growth and we will continue to welcome more government-business collaborations to help our clients build the nation’s economy.
“As a trusted business partner, apart from helping investors and business owners grow and expand their operations, MIDA will continue to assume its role of scouting and sourcing for resources and talent,” he said in his speech.
Aligning its focus with the National Investment Aspirations agenda, MIDA is actively seeking potential investors to pitch sectors with growth capabilities and fit in with the overall business environment.
During the launch, DSR has also exchanged a project agreement with SIRIM Tech Venture Sdn Bhd to develop SIRIM industry standards on Musang King via the Musang King Integrated Tracking System (MKITS) for the product traceability enhancement.
The collaboration is expected to spur job creation as well as develop new skillsets in agriculture best practices.
“This proprietary system, deemed a game-changer, will alter the landscape of the durian farming industry. The application of the Internet of Things (IoT) and Big Data Analytics allows business continuity and provides more significant results in output.
“Through this, the food and agriculture industry, one of the key mainstays of our economic sector, can continue to operate more efficiently to meet the growing market needs and, even more importantly, during such volatile economic times,” said Arham.
Meanwhile, DSR CEO Datuk Ng Lian Poh said the group is also embarking on international expansion by bringing the homegrown Musang King durian specialities to the global stage, starting with 15 countries in early 2022.
Going under the D.Masking brand, DSR would distribute its in-house developed durian specialities to countries including China, the United Arab Emirates, Indonesia, Singapore, and South Africa, through Daily Fresh outlets, via its partnership with Daily Fresh Foods Group.