Malaysia continues to record extraordinary achievements in terms of investments, international trade and sustainable industrial development despite facing current global challenges due to inflationary pressures, climate change as well as geopolitical tensions.
Nevertheless, MITI will focus on three areas to ensure the momentum remains strong, namely, trade and sustainable development, supply chain resilience and human capital development.
Senior Minister of International Trade and Industry Datuk Seri Mohamed Azmin Ali, in a statement today (Oct 8) said the allocation to MITI in Budget 2023 amounts to RM1.557 billion which covers administrative allocations of RM625.09 million and development allocations worth RM932.45 million, which will continue to empower MITI’s initiatives and 13 agencies under it to continuously improve the competitiveness of the national economy especially in developing the various industries, increasing international trade and attracting quality investment.
MITI will continue to uphold Malaysia as an investment destination of choice selected for new investments that are of high quality, high technology and wit emphasis towards green technology.
This is in line with the efforts of the New Investment Policy (NIP), launched recently, which emphasises Environment, Social and Governance (ESG) and to boost the country’s long-term growth trajectory.
MITI continues to taking steps to create national wealth, drive sustainable economic growth, providing quality job opportunities, improve the standard of living of the people and guarantee common prosperity. In efforts to face challenges, MITI will do the best for the country and the people.
This simultaneously supports the implementation of key policies such as the Twelfth Malaysia Plan (RMK-12), the Shared Prosperity Vision 2030, New Investment Policy based on National Investment Aspirations (NIA), the National Policy Regarding Industry 4.0 (Industry4WRD), National Trade Blueprint 2021-2025 and the National Automotive Policy 2020 (NAP 2020).
As an effort to preserve a clean environment, the supply of electric cars (EV) into the national market is encouraged. MITI has held discussions with the Ministry of Finance leading to the Government’s go ahead to grant an exemption towards the Approval Permit (AP) fee payment of RM10,000 on each EV unit imported based on an open import license holder appointed by MITI.
This exception is expected to support MITI’s efforts in improving EV car offerings in the market that can directly help develop the EV ecosystem in line with NAP 2020 as well as making Malaysia as a regional automotive hub for Energy Efficient Vehicle (EEV) production.
Azmin added, Malaysia’s economy is on a strong path of growth and recovery, with investments continuing to grow for the period of January to June 2022. A total of RM123.3 billion in investments were obtained in the manufacturing, services and other major sectors, creating nearly 58,000 job opportunities.
MITI adheres firmly to the multi-lateral trade system that is centered on WTO principles. Therefore, we will pursue the export market opportunities through free trade agreements
such as RCEP and CPTPP while adopting a regulated environment by being business-friendly with pragmatic regulations and provide support to the various industries here, especially to SMEs and the younger generation to face the challenges at hand.
Towards youth development, MITI has launched several initiatives including Academy in Factory (AiF) by MPC and Local Employability and Re-Training Program Talent (ERT) by MARii which involves a holistic approach to education and TVET training.
These programmes and efforts successfully meet the needs of the industry for skilled workers in the manufacturing and after-sales sectors, as well as developing a sustainable workforce and give local youths bright opportunities to earn at quality jobs, in addition to improving the performance of education for the people.
In 2023, the country will face different global challenges and uncertainties. MITI will continue to empower industrial development, international trade and facilitate quality investment in strategically planning Malaysia’s competitiveness in the global arena as well as driving a dynamic national economy which is progressive and sustainable for the well-being of the people.
