Special incentives to attract investors

KUALA LUMPUR: Prime Minister Tan Sri Muhyiddin Yassin said foreign investors, including Fortune 500 companies, have continued to show interest in investing in Malaysia due to various incentives offered by the government.

“We offer special incentives. This is our way of attracting investors. It is important that we increase investment but set our eyes on (certain) sectors such as high technology and digital, ” he said.

He said this in a special interview with Bernama and several media organisations in conjunction with his first anniversary as the Prime Minister at his residence in Bukit Damansara here.

He recently launched the MyDigital Initiative via the Malaysia Digital Economy Blueprint, which is aimed at accelerating the country’s transformation into a technologically advanced economy by 2030 by improving digital literacy, creating high-income jobs and making banking and finance business easier, among others.

The government also announced several tax incentives under the National Economic Recovery Plan (Penjana) to boost investment activities, including a 10 to 15-year tax exemption for new foreign direct investment in the manufacturing sector with capital investment of RM300mil or more.

Specific initiatives implemented include the setting up of the Project Acceleration and Coordination Unit and various online platforms such as i-Incentive, which have also expedited the realisation of investments.

Muhyiddin said that according to the latest data, Malaysia received a RM109.8bil in new investments in the economic sector, including manufacturing and services, for the first nine months of 2020.

He also stressed that a comprehensive plan to develop the country’s economy, including that of Penjana, had yielded results in reducing the impact of the Covid-19 pandemic on the national economy. — Bernama

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