International Business News – Malaysia’s Ministry of International Trade and Industry (MITI) expects the country’s investment performance to maintain its upward momentum through the New Investment Policy (NIP) under the National Investment Aspiration (NIA).
Malaysian Senior Minister and Minister of Trade and Industry Dato’ Seri Mohamed Azmin Ali (Mohamed Azmin Ali) said on October 6 that the momentum can be maintained if some structural reforms are adopted to ensure that the country’s investment policy is aligned with international standards.
He noted that last year, Malaysia’s total investment exceeded expectations, reaching RM394 billion (about US$85 billion), driven by foreign direct investment and a growing number of projects in the manufacturing, electrical and electronics sectors.
Malaysia’s Minister of Trade and Industry revealed that the NIA reflects the government’s proactive, flexible and forward-looking measures to ensure a strong investment ecosystem that will drive exponential and inclusive growth. These aspirations are the core foundation of the NIP, which outlines key strategies to reinvigorate and promote Malaysia’s investment ecosystem.
The NIP outlines six strategic priorities to address economic and investment challenges, including the development of a unified investment strategy on NIA and an environmental, social and corporate governance (ESG) agenda. It will also emphasize flexible and forward-looking incentive programs designed to meet the needs of investors. In addition, it focuses on charging investment promotion agencies (IPAs) with clear roles and responsibilities for a seamless and smooth investor journey.
The NIP also promotes fostering innovative, high-impact and high-tech investments that will facilitate the creation of high-skilled jobs, he said.
“This is critical to adding value and positively impacting the economic complexity that defines the country’s long-term growth trajectory,” he added.
It also aims to ensure a vibrant talent pool to meet the needs of the labor market in order to capture high-value job opportunities.
“This will ensure progressive and incremental transfer of technology, capacity building and access to the technical and digital knowledge and skills required by industries and businesses.
“Finally, the new policy will accelerate the streamlining of the overall business ecosystem to ensure ease of doing business, enhance competitiveness and secure Malaysia’s position as a preferred investment destination in the region,” said Mohamed Azmin.