The National Investment Council (MPN) Meeting, chaired by Prime Minister Dato’ Seri Anwar Ibrahim has recently agreed to empower the Malaysian Investment Development Authority (MIDA) as the country’s main investment promotion agency.
This is a part of the Government’s efforts to reorganise the ecosystem of the Investment Promotion Agency (IPA) and to coordinate the functions and roles of the IPA and related regional economic corridors investment in phases.
The MPN, as the highest executive body in planning investment related agenda, is also responsible for addressing key issues and challenges in the implementation of investment projects, especially strategic and impactful investments to ensure the smooth implementation of such projects.
Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz, in a statement today (May 22) said in terms of empowering MIDA as the main investment promotion agency in Malaysia, it’s important to strengthen the account monitoring function and reporting centralisation which carry the latest investment information under a single platform or dashboard as well as deal with investor issues and support drafting of policies for industrial development
This is along with improving investment promotion incentives and facilitating the investor’s journey as well as facilitating a smooth and effective investment procedures.
This intention is in line with the strategic thrust under the New Investment Policy (NIP) based on the National Investment Aspiration (NIA) which outlines the requirements to improve the country’s IPA landscape so that it is more planned at once facilitate the investor’s journey.
Zafrul cited, accordingly, the decision made to raise MIDA as the nation’s main promotion agency is also part of MPN’s efforts to improve and empower the country’s ecosystem and investment landscape for:
a. Ensuring the government’s comprehensive approach in terms of promotion activities national investment in a more organized, efficient, focused, structured and systematic.
b. Ensure Malaysia can optimize existing resources for overcome the issue of duplication of responsibilities between IPAs while also guaranteeing more effective delivery of IPA services.
c. Ensure a more structured IPA governance because it is also a an important factor for investors to make decisions and evaluate Malaysia as preferred investment destination.
d. Increase and maintain foreign direct investment (Foreign Direct Investment – FDI) and also domestic direct investment (Domestic Direct Investment – DDI).
e. Ensuring FDI as well as DDI leads to positive spillover effects to the domestic economy and supply chain, local SMEs and the people Malaysia is in line with NIA’s objectives.
