Govt confident about realising RM170bln in investment commitments from China — Minister
31 Oct 2023
The Malaysian government is confident in realising the RM170 billion investment pledge from China, which Prime Minister Datuk Seri Anwar Ibrahim announced during his visit to the country in April this year.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said an investment commitment means agreeing to invest in Malaysia.
“The next step is that the company will apply for investment approval from the Malaysian Investment Development Authority (Mida).
“At this stage, the investor will make known more details of their investment. This is also the time when they will apply for investment incentives,” he said in a post on X (formerly known as Twitter) on Monday.
Tengku Zafrul also said that once the details of the investment and incentives have been agreed upon, then the investment will be approved.
“After approval, for small investments, it may take a year to see results. If it is a large investment that requires advanced technology and equipment, it may take up to three years to start realising it,” he said.
The minister said the government has also created an investment and trade action coordination committee (JTPPP) to examine the latest status of investment projects.
“One of the JTPPP’s functions is to examine the latest status of investment and trade projects that have been announced to monitor and resolve issues and challenges faced by investors and exporters.
“This JTPPP reports to the National Investment Council, which is chaired by the prime minister. The council meets monthly to discuss the progress of all investment commitments.
”That is how serious the prime minister and the government are trying to realise all investment commitments,” he said.
Tengku Zafrul also said that as of June this year, the country has secured approved investments worth RM132.6 billion, more than 60 per cent of this year’s target.