Putrajaya is expected to launch a new foreign investment policy soon to draw more high-quality foreign direct investments and shift the country away from labour-intensive industries
Senior minister with the International Trade and Industry Ministry (MITI) Mohamed Azmin Ali stated that a paper on the new policy would be presented to the Cabinet for approval.
He added that MITI wants to put the policy in place as quickly as possible, but Cabinet’s approval and support is needed.
“MITI and the Malaysian Investment Development Authority have taken proactive steps to attract investments, and the new investment policy will introduce new incentives to attract new investments into Malaysia based on new investment aspirations.
“This would be in line with the Government’s objective to attract high quality and high technology investments; last time we used to focus on labour-intensive industries, but now we are looking at high-tech investments and to move away from labour-intensive industries,” he said
Azmin further stated that he intends to get the investment strategy in place in time before his trade mission to Japan and South Korea later this month.
“I will be on a trade mission to Japan and South Korea and I will take this opportunity to introduce our new investment policy,” he added.
Azmin also announced RM5.4 billion investment from Nine Dragons Paper Holdings Limited for ventures in Banting, Selangor, and Bentong, Pahang, but did not provide further details.
He also mentioned that South Korean SK Nexellis had invested RM2.3 billion in the country to manufacture batteries for electric vehicles, as reported by the Korean company in January.