KUALA LUMPUR: Export-Import Bank of Malaysia Bhd (Exim Bank) will soon be placed under the International Trade and Industry Ministry (Miti) alongside SME Bank Malaysia.
Exim Bank is an agency under the purview of the Finance Ministry while SME Bank is already under Miti.
International Trade and Industry Minister Darell Leiking said as a development financial institution (DFI), Exim Bank will be able to complement Miti’s other agencies like Malaysia External Trade Development Corp in facilitating Malaysia’s global businesses by providing the necessary banking and credit support for cross-border business ventures.
“This move is consistent with Miti's efforts to make Malaysia a globally competitive trading nation and promote the country’s enterprises to the world,” he told reporters after a networking session with chambers of commerce and business and industry associations here yesterday.
He explained that all DFIs would still be under the Finance Ministry, but when it comes to managing policies, SME Bank and Exim Bank will now fall under the purview of Miti.
Besides Exim Bank, he said Invest KL Corp Sdn Bhd would also be under the purview of Miti as the government thinks that it can be better managed under the ministry, which has expertise in drafting international trade policies.
It has not been decided whether Invest KL will be amalgamated under the Malaysia Investment Development Authority (Mida), as both have a similar role, albeit with a slightly different focus.
Invest KL, which focuses on bringing investment into Kuala Lumpur, previously also reported to the Federal Territories Ministry besides Miti, while Mida is focused on investment in manufacturing for all states in Malaysia, he said.
He noted that in the wake of the US-China trade conflict, Miti has taken a proactive step by establishing a task force to monitor and coordinate inputs and feedback arising from these developments.
“The task force is monitoring the short-term and long-term impacts of this conflict. While the US and China are in conflict, we want to become the solution for everyone.
“Miti in many events is helping out the exporters and importers as their shipments have been redirected everywhere.
“As a hub of solutions, we are also providing some value-add to the shipments, which along the way could also create new business opportunities for the country,” he said.
On another note, Darrell said Miti has undertaken due process in formulating and finalising the draft National Policy on Industry 4.0, with the announcement on the policy to be made by the Government soon.
“By providing an enabling ecosystem for the manufacturing sector to thrive by adopting new technologies, we can ensure that Malaysia remains as an attractive prospect for high-technology, innovative and high value-added industries in years to come,” he added. — Bernama
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