Over 85% of approved manufacturing projects implemented - Tengku Zafrul

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz

KUALA LUMPUR: More than 85 per cent of the manufacturing projects approved in 2021-2023 have been implemented to date, led by the Investment, Trade and Industry Ministry (MITI) and its agency the Malaysian Investment Development Authority (MIDA).

MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz said a total 2,386 manufacturing projects were approved during that period, and generally these projects would require 18 to 24 months to be completed, depending on their complexity.

"We will ensure a full implementation rate (nearly 100 per cent) in the years to come.

"MITI also would like to recognise the contributions from various parties at all levels, including the various ministries, agencies and private sector that have assisted in expediting the investment commitments’ implementation process,” he said in a statement today.

Tengku Zafrul said the total approved investment of RM329.5 billion recorded for 2023 reflects the recovery and revival of the national economy.

"The 35.1 per cent jump in domestic investments also reflects the confidence in the MADANI Government’s policies,” he said.

He cited several projects that succeeded to be implemented in a short duration -- less than 18 months -- including silicon battery company Enovix Corporation’s unit Enovix Malaysia Sdn Bhd which was able to implement its project in less than six months.

Other companies mentioned were Ferrotec Manufaturing Malaysia Sdn Bhd, which established Ferrotec Holdings’ first manufacturing facility for electromechanical assembly and advanced material fabrication for semiconductor equipment in Southeast Asia, and Ultra Clean Technology (Malaysia) Sdn Bhd, which invested in a capacity expansion project in Penang.

"The rapid and thorough implementation to realise the approved investments has been executed via platforms such as the National Investment Council (MPN), Investment and Trade Coordination Action Committee (JTPPP) and Investment Coordination Committee Meeting (ICCM).

"MIDA, through the Project Implementation and Facilitation Office (TRACK), is also committed in ensuring the approved manufacturing projects can be implemented immediately,” he added. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!

Next In Business News

TSMC's first quarter profit rises 9%, beats forecasts
Asia FX gains on respite from dollar strength, equities rally
Bursa Malaysia mixed at midday break, key index up
Dialog Axiata inks deal to acquire Airtel Lanka via share swap
ACE Market-bound Sin-Kung targets RM26mil in proceeds from IPO
Smart Asia to issue 93.5mil shares, en route to ACE Market listing
Matrade to organise halal showcase in Dubai
Feytech inks underwriting deal with TA Securities, AmInvestment Bank
Ringgit extends gains to open higher against US$
Loan applications for property take a breather in Feb

Others Also Read