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Proposal to introduce new investment policy being finalised — MITI

Proposal to introduce new investment policy being finalised — MITI

18 Mar 2021

The proposal to introduce a new national investment policy to attract more high-quality investments into the country is in the final stage of preparation before it is presented to the Cabinet, said Senior Minister Datuk Seri Mohamed Azmin Ali.

Mohamed Azmin, who is also the International Trade and Industry Minister, said the matter was the outcome of discussions between the Ministry of International Trade and Industry (MITI), Malaysia Investment Development Authority (MIDA), Bank Negara Malaysia and the Finance Ministry.

“In the next few weeks, we hope to get an endorsement for this (proposal),” he told a press conference on Thursday.

Meanwhile, Mohamed Azmin said, even though the country is faced with various challenges in its efforts to draw foreign investment due to travel restrictions, it was not an obstacle as engagement sessions via online would be held continuously.

“We have been taking proactive actions through constant engagements with various chambers of commerce, industries association and foreign embassies virtually on the government’s assistance and initiatives, while also listening to their challenges and feedback.

“In fact, Malaysia is still their preferred destination for foreign direct investment,” he said.

He also noted the latest investments included from China worth RM5.4 billion that will be invested in Bentong (Pahang) and Banting (Selangor). However, no details were disclosed.

Besides that, he said South Korea was also expected to invest RM2.3 billion in Malaysia to produce special batteries for electric vehicles, the first such venture outside of the republic.

Mohamed Azmin also said he will be on a trade mission to Japan and South Korea beginning the end of this month to take the opportunity to discuss the new trade and investment policy with his counterparts there.

“We want to make sure that they know we are a business-friendly government and are here to facilitate business activities, while also providing a conducive environment.

“We understand political stability is paramount, which is why the government, from day one, has been focusing on ensuring acceleration in economic recovery and managing the Covid-19 pandemic effectively,” he said.

While acknowledging that the country’s trade figures and performance are doing well, he said there is more to be done to improve this position.

Source: Bernama