MIDA inks MoU with Bank Islam towards the development of domestic investment ecosystem
10 Mar 2022
The Malaysian Investment Development Authority (MIDA) and Bank Islam Bhd inked a Memorandum of Understanding (MoU) to provide a financial platform and seamless end-to-end banking services to new and existing domestic and foreign investors in Malaysia.
The partnership, among others, will allow foreign small and medium enterprise (SME) investors to venture and fortify their market presence in Malaysia, contributing to the country’s economic recovery post-Covid-19 pandemic.
“This partnership between MIDA and BIMB would provide a platform to over 3,000 SME customers within our portfolio the access and opportunity they need to expand their offerings to markets beyond our shores,” BIMB group chief executive officer Mohd Muazzam Mohamed said in a statement on Thursday (March 10).
The MoU was signed by MIDA director of domestic investment division Sukri Abu Bakar and BIMB’s group chief business operator, retail, Mizan Masram.
“Through this collaboration, MIDA hopes to leverage such opportunities to promote various fundraising facilities to empower and finance commercial growth, profitable ideas and businesses, allowing entrepreneurs and business owners to raise capital from the public and private markets,” MIDA’s chief executive officer Datuk Arham Abdul Rahman said.
He said the SMEs is vital to the Malaysian economy, contributing more than a third of gross domestic product (GDP) and providing job opportunities to more than four million workers in Malaysia.
The MoU with Bank Islam demonstrates MIDA’s ongoing commitment in pursuing high technology, high value-added and innovative investment projects from both domestic and foreign companies.
The partnership is seen as being timely to provide adequate and financial support to industry players, particularly domestic investors, in expanding the government’s efforts to facilitate investments in Malaysia, which is consistent with the National Investment Aspirations (NIA) framework in driving economic growth.