MIDA to announce ‘aggressive’ FDI target on March 8, says Zafrul
03 Mar 2023
The Malaysian Investment Development Authority (MIDA) is expected to announce its foreign direct investment (FDI) target next Wednesday (March 8), said International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz.
“MIDA will be there to announce the investment numbers. I am pushing MIDA for an aggressive target because I think we should be aspirational,” Tengku Zafrul said at the book launch of Mengharungi Badai Ekonomi: Mengemudi Bahtera Menelusuri Gelombang Covid-19 in Kuala Lumpur on Friday (March 3).
When asked about Malaysia’s political readiness for investments, Tengku Zafrul highlighted that one of the reasons Amazon had committed to make its massive investment of RM25.5 billion here is due to the country’s political stability.
“The stability of the economy and the stability of the country are important to them,” he said.
On Thursday (March 2), Amazon Web Services (AWS) announced its AWS infrastructure in Malaysia to increase the country’s digital adoption, by investing RM25.5 billion in the next few years until 2037.
Meanwhile, Tengku Zafrul acknowledged that the launching of New Industrial Master Plan 2030 was delayed as further reviewing is needed.
“Because of the changes after the pandemic, the geopolitics have changed, [such as] the trade wars, the war in Ukraine. We have to refocus to make the plan relevant and to make it more current with the global [situation],” said Tengku Zafrul, adding that the change of government did not influence the review.
Source: The Edge Markets