KUALA LUMPUR: There is no let-up in investment promotion efforts carried out by the Malaysian Investment Development Authority (Mida) headquarters and its 20 overseas and 12 regional offices to entice quality investments from their areas of coverage despite the flagging economy due to Covid-19.
Mida, which is the government’s principal agency for the promotion of the manufacturing and services sectors, has overseas offices that cover Asia, Europe, the United States, and Australia.
Despite facing international border closures and observing the government’s standard operating procedures, Mida has continued to be responsive in providing advice and support to the existing and potential investors.
“In fact, during the movement control order (MCO), Mida had been instrumental in the evaluation process for companies to operate during the MCO period. Our team had worked round the clock to provide pertinent inputs required by the International Trade and Industry Ministry to grant approval for companies, ” Mida told Bernama in an email interview.
Some of the projects that have been approved and announced this year included that of global supplier of innovative wafer fabrication equipment and services to semiconductor corporation Lam Research Corp and global leader in continuous glucose monitoring for people with diabetes Dexcom Inc.
In 2019, Mida attracted a total of RM207.9bil of approved investments in the manufacturing, services, and primary sectors in 2019, a 1.7% increase compared to that of 2018.
The services sector led the way for total investments approved in 2019 at RM118.1bil, followed by the manufacturing sector at RM82.7bil and the primary sector at RM7bil.
In June, Mida chief executive officer Datuk Azman Mahmud said foreign direct investment into Malaysia is set to recover in 2021 in line with the revival of the global economy and pent-up demand that is supported by various policies, initiatives, and plans set by the government to woo funds into the country. — Bernama
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