SIBS 2023: MIDA actively working to reach investment targets
21 Oct 2023
The Malaysian Investment Development Authority (Mida) is pivotal in facilitating potential investors to attract overseas investments to the country effectively.
Its deputy chief executive officer Sivasuriyamoorthy Sundara Raja said investments are a top priority for the Federal government, and the agency is actively working to consolidate promotional efforts and meet investment targets.
“When we have investors coming to Malaysia, we ask their requirements, including land size, potential locations, how far from the port, how far from the airport, and energy utilisation, among others,
“With that information, we will try to narrow it down further,” he told Selangor Journal, adding that some companies have their preferred locations, such as near electronic or chemical clusters.
Sivasuriyamoorthy was speaking at the Selangor Asean Business Conference (SABC) event ‘Overview of the Investment Landscape in Asean — Outlook and Challenges’ yesterday, held in conjunction with the Selangor International Business Summit (SIBS) 2023.
He said in some cases, if it is hard to meet potential investors’ requirements, Mida would then propose several locations.
“Ultimately, they will decide where to set up the operation. Mida does not decide where the investment goes. We do not do that.
“Once they determine, ‘yes, this is the location’, then we will evaluate the project, and during the negotiation, they will visit the sites,” Sivasuriyamoorthy said.
To effectively attract investment, he said investment promotional agencies (IPAs) should ensure the availability of enablers, as industrial parks are well-prepared with plug-and-play infrastructure.
Meanwhile, Affin Hwang Capital chief economist Alan Tan highlighted the importance of Asean countries bolstering their economic fundamentals to make the region more appealing to foreign multinational companies.
He also spoke of investors’ concerns about the depreciation of a country’s currency.
“What Asean countries need to improve is their economic fundamentals, and with that, we believe more and more foreign multinational companies will look at Asean as an attractive investment location,” he said, adding that most Asean countries have very solid economic growth, despite global environmental uncertainties.
The seventh edition of the SIBS is held at the Kuala Lumpur Convention Centre from Thursday (October 19) to tomorrow (October 22).
Source: Selangor Journal