MIDA: Malaysia can attract more quality, sustainable investments after announcement of Budget 2024

14 Oct 2023

Malaysia will be able to attract more quality and sustainable investments following the announcement of the Budget 2024 by Prime Minister Datuk Seri Anwar Ibrahim yesterday, said the Malaysian Investment Development Authority (Mida).

In a statement today, Mida chief executive officer Datuk Arham Abdul Rahman said the agency is committed to ensuring Malaysia remains a major investment destination in Southeast Asia.

“Mida welcomes the strategic policies and the introduction of tax incentives as outlined in Budget 2024 that will foster a stable investment climate to attract more direct domestic investments and foreign direct investments that can accelerate the transition towards a sustainable economy based on knowledge that is in line with the New Industrial Master Plan 2023 (NIMP 2030),” he said.

Mida also welcomed the announcement on establishing the Investment and Coordination Action Committee (JTPPP) that will report to the National Investment Council chaired by the prime minister.

It said that the JTPPP, chaired by Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz, will synchronise investment and trade activities in a more effective, coordinated and holistic manner.

Meanwhile, Mida said the government’s announcement that it will implement the Global Minimum Tax in 2025 is expected to positively impact the country and maintain Malaysia’s ability to attract new investments and ready investments from multinational companies.

“This will also assure investors of Malaysia’s plans concerning GMT implementation,” it added.

Source: Bernama