MITI to pick quality FDIs that benefit the people
29 Aug 2023
The Ministry of Investment, Trade and Industry (Miti) will be more selective in approving the entry of foreign companies into Malaysia, prioritising those that bring in high-quality investments.
Secretary-general Datuk Seri Isham Ishak said the strategy to attract quality foreign direct investments (FDI) is vital, as the government wants the spillover effects from such investments to benefit the people through the creation of high-quality jobs and the use of high-end technology.
“Under the New Industrial Master Plan (NIMP) 2030 that will be launched on Friday (Sept 1), we will look into more high-quality FDIs, including in the sharing or joint development of technologies through value-added or value-creation process.
“This will also strengthen the supply chain ecosystem,” he said after the official opening of Demant — a Danish hearing technology company’s office here on Tuesday.
Commenting on the Department of Statistics Malaysia’s report on the lower FDIs recorded in the second quarter (2Q) of 2023, which slipped to RM3.1 billion from RM12 billion in 1Q2023, Isham said the lower FDI will not affect foreign investors’ sentiments.
This is because they will look at Malaysia’s strong talent pool, advanced infrastructure, strong and stable political system, and comprehensive government policies that support business operations, he said.
“The opening of Demant’s first technology hub outside of Europe here in Kuala Lumpur is proof of that.
“Demant’s technology hub will house 65% of their global engineers and specialists, who will be leading efforts in developing software solutions incorporating the latest technology, including artificial intelligence (AI),” he added.
Demant is a world-leading hearing healthcare and technology group built on a heritage of care, health and innovation since 1904.
Headquartered in Denmark, Demant employs around 20,500 people globally, has offices in 30 countries, and is present with solutions in 130 countries.