Tengku Zafrul: MITI committed to create high-value growth ecosystem in Malaysia to support investors
11 Jul 2023
The Ministry of Investment, Trade and Industry (Miti) is committed to support current investors and potential investors by creating a high-value growth ecosystem.
Its Minister Datuk Seri Tengku Zafrul Abdul Aziz said that as the custodian and promoter of investments in Malaysia, Miti is focused on ensuring Malaysia remains a competitive destination for high-value investments which can deliver sustainable and holistic economic growth.
“Recognising global headwinds, we are intensifying our efforts to increase the nation’s resilience and competitiveness, guided by our 12th Malaysia Plan, New Investment Policy (NIP) as well as the New Industrial Master Plan 2030 (NIMP2030),” he said at the launch of Volvo Trucks Malaysia’s first electric heavy duty prime mover.
Both the NIP and NIMP2030 policies aim to introduce institutional reforms around improving the ease of doing business and developing industries to become more complex, high-tech and sustainable, aligned with the national aspirations.
“To do this, Miti remains open to constructive feedback. So, we welcome investors to share their experiences and suggestions on how we can improve the manufacturing and industrial ecosystem in Malaysia.
“We look forward to hearing Volvo Trucks Malaysia’s inputs on this as a longstanding investor,” he noted.
The Minister added that to respond to growing digital trends post-pandemic, the National Automotive Policy 2020 (NAP2020) strongly underscores the development of new mobility solutions that are efficient, sustainable, and customer-centric.
This includes the promotion of energy efficient vehicles coupled with connected and autonomous vehicles namely next generation vehicles including electric vehicles (EV) as well as Mobility as a Service.
Tengku Zafrul said Malaysia sees potential in the Asean EV market, which is expected to grow to RM11.77 billion by 2027.
“In Malaysia, the government is committed to driving the efforts of attracting EV investments and achieving the national target of 15 per cent of the total industry volume for EVs and hybrids by 2030.
“In this light, it is crucial that we develop policies to support investment choices that not only tick the right boxes in terms of creating higher-paying jobs, but also provide long-term, sustainable economic stability,” he said.