The government is evaluating a proposed revision of the Industrial Coordination Act 1975.
At the Investment and Trade Action Coordination Committee (JTPPP) meeting today (Apr 5) Minister of Investment, Trade and Industry (MITI) Tengku Zafrul Abdul Aziz said the Act had never been revised since 1976.
The Industrial Coordination Act of 1975 was introduced with the aim of maintaining orderly development and growth in the country’s manufacturing sector. The Act requires manufacturing companies with shareholder funds amounting to RM2.5 million and above or that employ 75 or more full-time workers to apply for a manufacturing licence from the Malaysian Investment Development Authority (Mida), an agency under MITI.
“Since I have been at MITI, one of our focuses has been the immediate implementation of investment projects involving industry as well as export commitments,” Zafrul said through a posting on X today.
JTPPP, which was established in October 2023, which held its sixth sitting .today also discussed the Kerian Integrated Green Industrial Park.
He said coordination across various ministries including the Ministry of Finance (MoF), the Ministry of Economy as well as other relevant ministries and agencies is important because each project involves different approvals based on the source and jurisdiction of certain ministries, and the type of investment or project.
“For example, matters related to tax incentives are under the jurisdiction of MoF, not Miti. The important thing is that we all work together as a whole-of-government to make sure all bases are covered and we leave no stones unturned.
“’Good traction’ on JTPPP so far and various projects are already running smoothly,” he said.
