Mida: Nearly RM70b more potential investments in pipeline for this year and next

A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic
A Malaysia Ringgit note is seen in this illustration photo June 1, 2017. — Reuters pic

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KUALA LUMPUR, March 2 — Approximately RM65.9 billion worth of potential investments are currently being evaluated by the government for this year and for 2022, the Malaysian Investment Development Authority (Mida) said today.

It said some 240 high-profile foreign investment projects have also been identified, which include Fortune 500 companies in the manufacturing and services sectors.

Mida’s recent Malaysia Investment Performance Report 2020 stated these projects have a combined potential investment value to increase up to RM81.9 billion.

The aim is to turn Malaysia into a high-value manufacturing, services and global supply chain hub for various sectors including automotive, chemicals and advanced electronics.

Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali said Putrajaya, through Mida, is constantly looking at ways to entice more high-value investments in the areas of technology and innovation.

“This is to position Malaysia as an alternative supply chain hub in Asia. Investors will undeniably derive value by tapping into our well-established local supporting industry network and talented workforce to undertake high-tech products manufacturing and high value-added services to serve their clients in the region, in the present and the future,” he said in a statement.

To increase the ease of doing business for investors in the country, Mida has intensified its efforts to re-engineer its business processes to raise the efficiency of the organisation’s various functions.

Among the implemented initiatives include the Project Acceleration and Coordination Unit to provide end-to-end facilitation for all projects approved to enable the timely implementation of investments in Malaysia.

Also included are online modules such as the e-Manufacturing Licence, e-Incentive and JPC Online Application to accelerate the necessary approvals for manufacturing licences, incentives and exemption of customs duties to expedite the execution of projects.

Despite the Covid-19 pandemic adversely affecting business and investments, Mida remains committed to enticing investments through innovative and aggressive investment promotion activities via its 20 overseas and 12 regional offices, as well as being responsive to providing advice and support to existing and potential investors.

Mida has also established a One-Stop-Centre to evaluate eligible business travellers’ applications to enter Malaysia for trade and investment purposes.

“The new unveiling of the Malaysia Digital Economy Blueprint will also further accelerate Malaysia’s progress towards becoming a technologically-advanced economy.

“The 10-year roadmap will lay the foundations for the country’s transformation into an advanced digital economy, guiding both the ministry and Mida in our efforts to continue attracting high-value investments for the future,” Azmin said.

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