Use Malaysia-Singapore fund to tap third country opportunities: MIDA - MIDA | Malaysian Investment Development Authority
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Use Malaysia-Singapore fund to tap third country opportunities: MIDA

Use Malaysia-Singapore fund to tap third country opportunities: MIDA

20 Mar 2024

The Malaysian Investment Development Authority (Mida) is encouraging businesses to leverage the enhanced Malaysia-Singapore Business Development Fund (MSBDF) for ventures in third countries.

The agency under the Investment, Trade, and Industry Ministry (MITI) said a significant enhancement to the provisions of the MSBDF agreement was agreed upon on Oct 30, 2023, between Minister Tengku Datuk Seri Zafrul Abdul Aziz and Singapore’s Trade and Industry Minister Gan Kim Yong.

The fund enables both countries to jointly pursue opportunities in third countries and conduct joint pilots in each other’s country, especially in emerging areas such as the green economy and digital economy.

“Malaysia and Singapore’s unique relationship is underscored by our geographical, as well as long-standing economic and shared cultural ties.

“The enhancements to MSBDF make it more conducive for future collaborative efforts. We strongly encourage businesses to tap into the MSBDF, another important platform through which we can create and deliver more tangible benefits for our people and businesses,” Tengku Zafrul said in a statement on Wednesday.

Mida chief executive officer Datuk Arham Abdul Rahman said the agency is poised to facilitate companies that are keen to explore these new avenues, ensuring a streamlined process for those looking to capitalise on the opportunities presented by the MSBDF.

The MSBDF, administered by MIDA and Enterprise Singapore, the neighbouring country’s government agency championing enterprise development, welcomes applications from Malaysian and Singaporean businesses and associations.

According to the statement, Malaysian SMEs can visit MIDA’s official website for further details on guidelines, eligibility criteria, application procedures and funding mechanisms.

The fund was first established in 2004 to bolster collaboration between the private sectors of both countries.

Source: Bernama