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KUALA LUMPUR: Prime Minister Tan Sri Muhyiddin Yassin (pix) He said foreign investors, including Fortune 500 companies, have continued to show interest in investing in Malaysia due to various incentives offered by the government.
“We offer special incentives. This is our way of attracting investors. So, for me, it is important that we increase investment. If you come to Malaysia, you will get very attractive incentives.
“So, I think this is our way of attracting investors. For me it is important that we increase investment, but look at certain sectors such as high technology and digital, “he said.
Muhyiddin said this in a special interview conducted by Bernama and various media outlets with him along with his first anniversary as Prime Minister at his residence in Bukit Damansara here.
The Prime Minister recently launched the MyDIGITAL Initiative, implemented through Malaysia’s Digital Economy Plan, which aims to accelerate the country’s transformation into a technologically advanced economy by 2030, including by enhancing digital literacy, creating high-level jobs. income and making banking and financial business easier.
In addition to that, the government announced several tax incentives under the National Economic Recovery Plan (Penjana) to boost investment activity, including a 10-15 year tax exemption for new foreign direct investment (FDI) in the manufacturing sector with a capital investment of RM 300. millions or more.
The specific initiatives implemented include the creation of the Project Coordination and Acceleration Unit (PACU) and various online platforms such as i-Incentive have also streamlined the realization of investments.
Muhyiddin said that according to the latest data, Malaysia received a total of RM109.8 billion in new investments in the economic sector, including manufacturing and services, during the first nine months of 2020.
“During the period, there were 2,935 projects involved, with 64,701 jobs created,” he said.
He said the manufacturing sector attracted the most approved investments for the period, accounting for more than half with 59.5 percent of investments of RM65.3 billion, followed by services and other primary sectors.
Muhyiddin said the government was not concerned about its business-friendly policies to encourage investment sector growth in the future, furthermore, some local companies were seen as competitive in expanding their businesses abroad.
In addition, the government has also decided to encourage national investment.
“Companies that already existed in Malaysia, especially Malaysian companies, have become multinational companies, some have also gone abroad. So, we want them to continue expanding by reinvesting in the country, ”said the Prime Minister.
He also emphasized that a comprehensive plan to develop the country’s economy, including that of Penjana, has produced results in reducing the impact of the Covid-19 pandemic on the national economy, which grew -5.7 percent last year.
To date, the cumulative amount of the country’s stimulus packages is worth RM320 billion or equivalent to 20.4 percent of gross domestic product (GDP).
“But more importantly, at this juncture we have reopened the economy and we believe that we cannot impose a repression. Perhaps the tourism sector has not recovered as we wanted, that, we have to see.
“InsyaAllah (God willing), next month I will announce a comprehensive strategy. I just discussed this with the Minister of Finance. I will announce what the real strategy is, so that we can get out of the current problem faster and our economy becomes more dynamic.
“Just wait, I’ll announce it, maybe mid-March,” said the Prime Minister. -Called
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