Mida commits to sustainable investment ecosystem for Malaysia

by AUFA MARDHIAH / pic by TMR FILE

THE Malaysian Investment Development Authority (Mida) is committed to building a sustainable investment ecosystem for Malaysia this year.

In its recent annual media appreciation and networking event, Mida CEO Datuk Arham Abdul Rahman, shared a brief insight into the organisation’s theme for this year, which is to rebuild a sustainable economy through quality investment and strategic investment in supply chain development.

Reminiscing last year’s achievements, Malaysia attracted RM177.8 billion approved investments in the manufacturing, services and primary sectors in the first nine months and generated 79,899 job opportunities.

During the period, foreign direct investments contributed RM106.1 billion, accounting for nearly 60% of the total approved investments.

The remainder of 40.3% (RM71.7 billion) were channelled from domestic direct investments in regards to the existing and new aspiring local companies meeting the growing industrial needs of different multinational corporations.

“Mida took the initiatives to enhance its business processes, delivery and facilitation to further increase efficiency in supporting investors by establishing one-stop-centre facilities to facilitate the movement of short-term business travellers during the pandemic and establishing the Digital Investment Office, which is a fully digital collaborative platform between Mida and the Malaysian Digital Economy Corp, to spur the charge towards facilitating digital investments in Malaysia,” Arham elaborated.

Mida also created a single gateway portal for approval of investment projects called InvestMalaysia besides establishing its Project Acceleration and Coordination Unit to facilitate all approved projects in the country.

It also initiated the Mida Assessment Development Centre which is a collaboration initiative known as HyTalent Programme — a synergised effort between three premier local universities to offer up-skilling and re-skilling programmes, and the Intervention Fund and Smart Automation Grant to facilitate local players’ competencies.

“We are focusing on the digitalisation transition of the brick-and-mortar hubs into smart factories to enhance flexibility and optimise productivity and growth remotely.

“This effort is to ensure that Malaysia remains welcoming to investors by rolling out several game-changing measures to ease the challenges of operating businesses in the country while encouraging and facilitating the adoption of technology, innovation and research by companies,” he added.

Moving forward, Mida encourages companies to quickly adopt digitalisation and intensify research and development activities to discover new technologies.

Aligned to the Shared Prosperity Vision 2030 and the 12th Malaysia Plan, Malaysia has investments aligned with the National Investment Aspirations (NIA) and the environmental, social and governance principles.

The NIA is expected to propel Malaysia’s long-term growth through the flow of sustainable quality investment in new and complex growth areas.

To reflect this, Mida has lined up 477 projects with investments worth of RM33.3 billion in the pipeline encompassing aerospace, electric vehicles, machinery and equipment, integrated circuit design, advanced electronics; advanced materials; fine chemicals; renewable energy such as photovoltaic; optics and photonics; display technology; petrochemical; pharmaceutical, medical devices and food security.

Mida is also coordinating a central investment promotion agency and a one-stop centre for potential investments and will collaborate with relevant investment promotion agencies to harness the competitive strengths of every state.