Malaysia remains a competitive investment destination despite global uncertainties – MIDA
27 Jan 2021
Malaysia continues to be a competitive investment destination despite the global uncertainties, with US$26.4 billion (US$1 = RM4.04) investments being approved in the first nine months of 2020, according to the Malaysian Investment Development Authority (MIDA).
Chief executive officer Datuk Azman Mahmud said investments approved in the manufacturing sector from January to September 2020 saw an increase of 16.6 per cent in capital investments, up from 3.2 per cent recorded in the corresponding period of 2019.
“The Malaysian government is currently undertaking additional initiatives to drive further foreign investments.
“The initiatives are such as easing operating of businesses through digitalising selected government services, providing tax incentives for the pharmaceutical and services sectors, and the implementation of a one stop centre (OSC) to facilitate the entry of business travellers into the country,” he said in a statement today.
The statement was released in conjunction with the “Italian Industry Expertise in Malaysia” webinar hosted by CIMB ASEAN Research Institute in partnership with ASEAN Business Club here today.
Azman was upbeat that Malaysia’s economic structure and solid macroeconomic management would continue to support the country’s economic fundamentals as the country advanced into the new normal.
“As we move towards strategic diversification, particularly in high-value products and high-end services, the country offers vast opportunities for Italian investments in high-quality machinery and equipment, aerospace, green technology, automotive technologies and industrial design,” he said.
He added that MIDA is optimistic that more quality investment will be coming to Malaysia in the coming years.
Meanwhile, Azman also urged Malaysia’s private sector to leverage upon Italian technological expertise to help facilitate Malaysia’s own digital economy, which is projected to grow by 21 per cent between 2020 and 2025, reaching an estimated US$30 billion gross merchandise value by 2025.
Italian ambassador to Malaysia Cristiano Maggipinto saidItaly remained committed to be Malaysia’s trading and investment partner.
He said that despite the COVID-19 pandemic, bilateral trade between the two countries in the first seven months of 2020 remained at the similar levels to 2019.
He added that Italian companies in Malaysia are currently operating in sectors such as oil and gas, defence and aerospace, construction, automotive and chemicals.