As the country progresses towards becoming a high-income country, Putrajaya is looking to adopt a new national investment strategy to attract more high-quality investors.
Senior Minister and International Trade and Industry Minister Mohamed Azmin Ali said the Economic Action Council (EAC) has approved and endorsed a working paper on the proposed policy, which will be presented to the Cabinet within this month.
Following discussions between MITI, the EAC, and MIDA, Mohamed Azmin stated that it was decided to pursue a proposal to introduce new incentives to attract foreign investors to Malaysia with the Ministry of Finance.
” We believe it is appropriate to introduce this new investment policy after extensive deliberation and consultation with Bank Negara Malaysia, the Ministry of Finance (MoF), and the Malaysian Investment Development Authority (MIDA).
“The goal of this national investment aspiration is to attract high-quality, technological investment so that we can train our workforce to meet the demands of the industry,” Azmin said.
Azmin added during his speech that Malaysia remained the destination of choice for investors in 2020 and has recorded a total of RM164 billions of investments were approved through 4,599 projects in the manufacturing, services, and primary sectors.
He further said that their next target is to attract that investment of high quality in terms of technology and manpower requirements.
“This high-quality investment is in line with the Government’s aspiration to be a high-income nation, a competitive and reducing economy dependence on foreign labour needs.
