Miti committed to maintaining sharp investment growth, attracting quality players

Miti committed to maintaining sharp investment growth, attract quality players

The Ministry of International Trade and Industry (Miti) believes that the RM1.557 bilion allocation to it as announced in the 2023 Budget speech yesterday will help the current trend of extraordinary growth in investments, adding that the 13 agencies under the ministry are working hard to to attract quality investments.

"Miti remains committed to efforts to create the nation's wealth, drive sustainable economic growth, provide quality employment opportunities, improve people's living standards and ensure shared prosperity," said minister Mohamed Azmin Ali.

He said the ministry would also continue its efforts to keep Malaysia the choice investment destination for high quality, high-tech and green-tech investments. 

"This is in line with the newly launched New Investment Policy that emphasises environmental, social and governance and that will boost the country's long-term growth trajectory," he added.

He said as part of efforts for sustainable development that takes into account the environment, the finance ministry had agreed to Miti's request for a RM10,000 exemption of import permit (AP) fees for companies licensed by Miti to import electric vehicles.

"This exemption is expected to support Miti's efforts to increase the supply of EV cars, which can directly help in the development of the EV ecosystem in line with the National Automotive Policy 2020 as well as the target of making Malaysia a regional automotive hub for the production of energy efficient vehicles, including EVs," he added.

The Malaysian economy continues on the path of growth and recovery, recording a total of RM123.3 billion in approved investments in the manufacturing, service and primary sectors in the first six months of the year, and creating some 58,000 job opportunities.

Azmin listed several priorities of Miti, including taking advantage of two major trade blocs that Malaysia is part of – the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Miti announced on Wednesday that the government had ratified the CPTPP, an 11-member trans-pacific trade pact, giving Malaysian businesses wider access to new markets including countries with which it has yet to sign free trade deals.

"As such, we will pursue export market opportunities through free trade agreements such as RCEP and CPTPP, adopt a business-friendly and pragmatic regulatory environment, and provide support to our industries especially the SMEs and the younger generation in facing the challenges ahead," Azmin said.