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NCIA, MITI to continue collaboration, bring high-impact investments to NCER

NCIA, MITI to continue collaboration, bring high-impact investments to NCER

06 Dec 2022

The Northern Corridor Implementation Authority (NCIA) will continue to work with the Ministry of International Trade and Industry (MITI) to bring high-impact domestic and foreign investments to the Northern Corridor Economic Region (NCER) to strengthen and sustain Malaysia’s economic growth momentum.

In a statement today, NCIA said that it is looking forward to more collaborations with MITI, the Malaysian Investment Development Authority (MIDA), as well as the state governments of Perlis, Kedah, Penang, and Perak going into 2023 and beyond.

“The region is ready to invest in new technologies and innovation to remain competitive and relevant for the current and future economic landscape,” it said.

NCIA chief executive Mohamad Haris Kader Sultan said the authority will continue to strengthen investor confidence in NCER beyond electrical and electronics, mechanical and electrical, as well as medical devices sectors in the development of industry-relevant, high-value, high-tech and high-skilled local talent.

He said NCER is also facilitating and enhancing industry players to become more export-oriented by providing them with incentives to lower the cost of business, be more competitive globally, have access to various markets, and be in the area of compliance.

“However, we must also be wary of the economic headwinds that are predicted to affect the global economy next year.

“NCER is mindful of the daunting task of reining in inflationary pressures, the high cost incurred in the technology cold war between the United States and China, as well as the ongoing war between Russia and Ukraine that disrupts global supply chain,” he said.

Despite these challenges, he noted that it is also an opportunity for industry players in NCER to strengthen their operations and enhance talent via new investments, especially in the semiconductor industry.

Source: Bernama