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MITI: Investment promotion agencies’ functions to be centralised under MIDA on Jan 1, 2024

MITI: Investment promotion agencies’ functions to be centralised under MIDA on Jan 1, 2024

23 Nov 2023

The investment promotion and marketing functions of the federal-level investment promotion agencies (IPAs) will be centralised under the Malaysian Investment Development Authority (Mida) from January 1, 2024.

The Investment, Trade and Industry Ministry (Miti) said the matter was discussed during the first Investment Coordination Committee Meeting (ICCM), which was reactivated recently.

The reactivation of ICCM was decided during the National Investment Council meeting (No 2/2023) in August, it said in a statement today.

“It is aimed at strengthening the nation’s IPA landscape by, among others, streamlining the investment-related functions and roles of regional economic corridors as soon as possible.

“The streamlining is important to ensure no duplication of functions that may complicate the investors’ journey in Malaysia.

“This whole-of-government and whole-of-nation approach is also aimed at enhancing the investment and industrial ecosystem which is conducive for investors,” Miti said.

The ICCM was chaired by Miti Minister Datuk Seri Tengku Zafrul Abdul Aziz and comprised investment-related ministries and agencies at the federal government and state levels.

Miti said that in supporting the Madani Economy goals, the ICCM will coordinate the collaboration between the federal and state governments with the aim of, among others, bolstering the business and industrial ecosystem (including infrastructure and talent) to support the development of new and current sectors.

The aim also includes boosting the foreign direct investment inflow and strengthening the importance of domestic direct investment, as well as targeting strategic investments that contribute to achieving the thrusts of the National Investment Aspirations.

The recent ICCM meeting also discussed the streamlining of industry development plans among the Federal Government and state governments, including developing economic clusters as announced under the New Industrial Master Plan 2030 (NIMP 2030). 

Source: Bernama