882 green projects worth RM3.66 bln approved in 2021
13 Oct 2022
The Malaysian Investment Development Authority (MIDA) has approved 882 green technology (green tech) projects valued at RM3.66 billion and seven green tech services worth RM21.9 million in 2021.
Environment and Water Minister Air Datuk Seri Tuan Ibrahim Tuan Man said these projects comprised investments in the renewable energy generation, green building and waste management sub-sectors.
“The rapid growth of the green tech sector will boost the nation’s Gross Domestic Product growth, hence creating new high-quality job opportunities for the people.
“This will contribute to the rise in the quality of life and environmental sustainability in Malaysia over the long term, as well as ensuring the future prosperity of Keluarga Malaysia,” he said in his speech at the International Greentech and Eco Products Exhibition and Conference Malaysia (IGEM) 2022 here today.
Tuan Ibrahim said that to drive the growth and new investments in the green tech sector, the government had announced several incentives in Budget 2023.
Among these is the improvement to the Green Technology Financing Scheme (GTFS) by raising the financing guarantee value to RM3 billion up to 2025 as well as expanding the scope to include the electric vehicles (EVs) and waste management sectors.
The government has also proposed to extend the Green Investment Tax Allowance and Green Income Tax Exemption incentive application period until Dec 31, 2025, and improve the incentive period of three to five years for eligible green activities such as solar activities and battery energy storage system.
In addition, he said, the exemption period for import and excise duties on imported completely built-up EVs had been extended for another year until Dec 31, 2024.
Meanwhile, in a statement, Tuan Ibrahim said IGEM 2022, which saw the participation of more than exhibition booths, was expected to receive 30,000 visitors and RM3 billion in expected business leads.
There are also 15 conference sessions involving 30 speakers and nine conference partners, with the participation of delegates from 30 countries, including China, Taiwan, Holland, Canada, South Korea, Singapore and Austria.