KUALA LUMPUR, Feb 14 — Malaysia will be undertaking extensive reforms of the investment process to improve the ease of doing business for both foreign and domestic investors, the Ministry of International Trade and Industry (MITI) said.
“Investors can expect red tape to be cut, bureaucracy to be reduced, and the approval process to be streamlined to expedite the realisation of investment,” its Minister, Datuk Darell Leiking said.
The improvements are based on constructive feedback offered by investors and other stakeholders on how to improve the investment process to better drive economic growth towards achieving Malaysia’s vision of Shared Prosperity 2030, said MITI.
MITI recognises that delayed investments mean deferred prosperity.
“We recognise that Malaysia remains a compelling investment destination due to its stability, good governance, cost competitiveness, and strategic location in the centre of ASEAN. Reforms will help ensure that Malaysia retains its place as a premier destination and home for a quality investment,” it said in a statement today.
Malaysia seeks to remain true to its ambition to become a preferred investment destination for innovative and knowledge-intensive investments within high-growth and high-value sectors.
The government will continue to seek quality Foreign Direct Investment (FDI) with high-value-added and high technology features. At the same time, inspired by the economic example of Japan, South Korea and China, Malaysia seeks a renewed focus on turning domestic companies into global players.
As the Malaysian market on its own is too small to offer the scale needed for global competitiveness, companies must look to regional and world markets and export products with greater added value.
MITI, in conjunction with its Malaysia External Trade Development Corporation (MATRADE), is looking closely at diversifying exports to Africa, Central Asia and Latin America in the coming years.
The government will also intensify its efforts in facilitating more domestic direct investments with greater specialisation in catalytic sub-sectors, namely Chemicals & Chemical Products, Electric & Electronics, Machinery & Equipment industries, and Aerospace and Medical Devices.
MITI will continue to work in close collaboration with the Ministry of Finance, the Central Bank of Malaysia (BNM), and all investment agencies to ensure relevant and specific measures to improve domestic investment are incorporated in the upcoming stimulus package to be announced on Feb 27, 2020. — Bernama