KUALA LUMPUR: The International Trade and Industry Ministry (Miti) expects the country’s investment performance to maintain its upward momentum through the New Investment Policy (NIP) under the National Investment Aspirations (NIA).
Senior Minister and Miti Minister Datuk Seri Mohamed Azmin Ali said the momentum can be maintained if some structural reforms are taken to ensure that the nation’s investment policies are aligned with international standards.
He noted that last year, Malaysia’s total recorded investments had surpassed expectations at RM394bil, driven by foreign direct investments and the rising number of projects in the manufacturing as well as the electrical and electronics sectors.
“We are targeting new areas under the NIP, we don’t want investments that come into this country to be foreign labour-intensive but rather that they be more high-tech in nature,” he said after launching the NIP yesterday.
Earlier in his speech, Mohamed Azmin said the NIA reflects the government’s active, agile and forward-looking measures to ensure a robust investment ecosystem that would propel exponential and inclusive growth.
“These aspirations serve as a core foundation of the NIP, which outlines significant strategies to reinvigorate and catalyse Malaysia’s investment ecosystem,” he said.
Under the NIP, six strategic thrusts have been outlined to address economic and investment challenges, including the formulation of a unified investment strategy on NIAs and the environmental, social and corporate governance agenda.
It will also emphasise agile and forward-looking incentive packages targeted to match the needs and demands of investors.
Additionally, it focuses on charging Investment Promotion Agencies with clear roles and responsibilities for a seamless and smooth investor journey.
The NIP also advocates the nurturing of innovative, high-impact and high-tech investments which would be conducive to the creation of high-skilled jobs, he said. — Bernama
