MITI to form committee to speed up investment, export commitments - MIDA | Malaysian Investment Development Authority
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MITI to form committee to speed up investment, export commitments

MITI to form committee to speed up investment, export commitments

09 Oct 2023

The Investment, Trade and Industry Ministry (Miti) will set up an investment and trade action coordination committee to realise all commitments related to trade and Foreign and Domestic Direct Investments (FDIs and DDIs).

Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz said the committee will report directly to the National Investment Council chaired by Prime Minister Datuk Seri Anwar Ibrahim.

“This is important for the transparency and accountability of Miti and its agencies because investments and trade are the growth engine of Malaysia. It is Malaysia’s biggest calling card to the world,” he told reporters after officiating the launch of the TradeSwift DAGANGNET super app here today (October 9).

Tengku Zafrul also said the terms of reference for this committee are being finalised by the secretary general and this will be announced later.

In his speech, the minister said the super app aims to revolutionise trade processes for users to perform and access their trade documentation anytime, anywhere in real-time.

“Trade processes involve a lot of document exchanges. Previously, this was done in a tedious physical or manual manner. Duplicate documents were required by different authorities and agencies for approval, which could slow down operations within the trading community,” he said.

Tengku Zafrul said the introduction of e-services in trade facilitation led to the exchange of trade documents among businesses and approving authorities and agencies being done electronically.

“This saves time and cost and gives the trading community a competitive edge, improving efficiency and productivity, which at the end of the day, simply means improvements in the bottom line.

“On a larger scale, benefits experienced by the trading community can contribute positively to the ease of doing business for the country and competitiveness as a trading nation, and

ultimately the whole economy,” he said.

Launched by Dagang NeXchange Bhd (DNeX) via its wholly owned subsidiary Dagang Net Technologies Sdn Bhd, the all-in-one trade facilitation super app offers value-added features in addition to the company’s web-based e-services, including those offered via the National Single Window (NSW) for trade facilitation.

The super app is a proprietary innovation by DNeX and represents a significant step in digital trade solutions.

It also offers manufacturers, Small and Medium Enterprises (SMEs), importers and exporters, shipping and forwarding agents, and freight forwarders the convenience of performing multiple trade facilitation services anytime, anywhere in real-time.

DNeX executive chairman Tan Sri Syed Zainal Abidin Syed Mohamed Tahir said by consolidating a range of trade services into a single mobile application platform, the super app simplifies trade processes and improves turnaround time, leading to ease of doing business.

“Designed to be a one-stop centre for all logistics and cross-border trade services, it will contribute to Malaysia’s stature as a prominent and advanced trade hub in the region.

“The launch of TradeSwift DAGANGNET is the first of many steps that we are pursuing to continuously enhance our service offerings,” he said.

Syed Zainal said the group is focused on expanding its capabilities in new technology areas encompassing next-generation applications, cloud computing artificial intelligence, big data analytics, IR 4.0 and system integration services.

“Building on the group’s vast technical capabilities and expertise in trade facilitation, we aim to take this technology to other countries,” he said. 

Source: Bernama