MITI extends project implementation period for manufacturers

by NUR HAZIQAH A MALEK/ pic by MUHD AMIN NAHARUL

THE Ministry of International Trade and Industry (MITI) has agreed to grant an extension of the project implementation period for the manufacturing sector as part of the measures undertaken by the government to ensure the economy remains competitive despite the Covid-19 pandemic.

A statement by the Malaysian Investment Development Agency (Mida) yesterday stated that the automatic expansion shall be applicable and available to companies that have obtained interim approvals or manufacturing licenses under the Industrial Coordination Act 1975 from MITI and are yet to implement the project.

The approved manufacturing company will be automatically given an extension of 12 months which will commence from the end date of the implementation period stated in the approval letter.

Under the normal procedure, licensed companies are required to implement their approved projects within a period, as stipulated in the approval letter of the manufacturing licence.

For companies to benefit from the automatic extension, they are required to apply to Mida by scanning the QR code provided, and they can submit the applications from June 16, 2020, to May 31, 2021.