The Malaysian Investment Development Authority (Mida) as of July 19, 2013, has approved a total RM220.5 million for 36 projects under the Domestic Investment Strategic Fund (DISF) to boost Malaysian companies presence in the global supply chain, Minister of International Trade and Industry (Miti ) Datuk Seri Mustapha Mohamed said.
He said that the assistance rendered to these companies was also to upgrade themselves including facilitating acquisition by Malaysian owned companies and enable them to obtain certification in strategic industries.
The amount approved was part of the RM1 billion fund that was approved by Prime Minister Datuk Seri Mohd Najib Razak at the opening of the Mida’s new headquarters and launching of its new logo and branding on July 3, 2012.
Mustapha said that the total investments for the 36 projects were valued at RM2,074 million and would help bolster domestic investment and consumption and help to bolster economic growth.
“The projects involve electrical and electronics, services, transport, life sciences and machinery and advanced engineering industries amount to RM213.7 million or 96.9% of the total grants approved,” Mustapha said at the media announcement on DISF yesterday.
He added that the promoted sectors under the DISF are aerospace, medical devices, pharmaceuticals, machinery and equipment, advance electronics and services including design, research and development, testing, quality and standards certification, engineering services, technical and skills training and logistics service provider.
Mustapha said that domestic investments are targeted at 73% of the total investments under the Economic Transformation Programme.
“Our continued competitiveness is now dependent on strengthening the manufacturing and services sector and accelerating the shift to high valueadded, high technology, knowledge intensive and innovative- based industries,“ he said.
On the perception that foreign investments into Malaysia were important foreign direct investment, Mustapha said that DISF is a case in point to show that domestic investment was equally important to Malaysia apart from foreign investment.