MITI: Unhealthy to have so many investment promotion agencies

International Trade and Industry Minister Darell Leiking said as a development financial institution (DFI), Exim Bank will be able to complement Miti

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) has proposed having a single agency to decide on investments and perks for investors.

The current situation, whereby there are various investment promotion agencies operating under several ministries, was unhealthy, said its Minister Darell Leiking.

Speaking during a panel session at the Malaysia: A new dawn investor's conference on Tuesday, Leiking said this was because the agencies would be competing against one another.

"Most of these agencies are under different ministries and have their own tasks.

"It would be good for Malaysia if we have a singular place to decide on incentives and perks sought by investors.

"If we have many agencies deciding and competing with other agencies, it is not healthy as investors will end up bargaining," he said in response to a question during the session.

Leiking said the best way forward would be to have one agency deciding on the incentives to be provided to investors in Malaysia.

He said this proposal had been put forward and would be brought up to the Cabinet soon.