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KUALA LUMPUR: A total of 23 high-profile projects were identified next year for the country’s manufacturing and service industries, says the Vice Minister of Industry and International Trade.
“The Malaysian Investment Development Authority (Mida) has identified 23 potential high-profile projects in the manufacturing and service sectors that have an investment value of RM75.4bil.
“This foreign investment will come from various countries and is destined to be brought to Malaysia in 2021,” said Datuk Lim Ban Hong in answering a question posed by Datuk Ahmad Nazlan Idris (Umno-Jerantut) in Dewan Rakyat on Monday (Nov 30). . .
Regarding the total investment in the country so far, Lim said that an investment totaling RM109.8bil was approved for the manufacturing, service and main industries between January and September this year.
He added that the manufacturing sector contributed the highest amount of investment with RM65.3bil followed by the service sector (RM42.8bil) and the main industries (RM1.7bil).
“Of this total, foreign direct investment accounted for 38.8% or RM42.6 billion, while RM67.2 million or 61.2% were from local investors,” he said.
Lim added that in the same period, a total of 2,935 projects were approved that would help create 64,701 job opportunities.
He said that several measures have been implemented to ensure that the country remains an attractive and competitive destination for foreign investors.
He said some of the measures were fast-track approvals for factory licenses through Mida’s e-ML online portal for non-sensitive industries, which will take two business days for approval.
Lim said a Project Acceleration and Coordination Unit (Pacu) was established under Mida to expedite approval requests in related agencies for the implementation of investment projects.
He added that a single center was also established to evaluate and approve applications for business travelers.
Lim also said that various incentives to help modernize manufacturing sectors were also announced in the 2021 Budget, such as the RM1bil allocation for the transformation of industries digitization and the RM150 thousand grant scheme for small and medium-sized businesses to digitize. and automate.
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