Budget 2023 empowers Miti to help country through uncertain economic times, says Azmin

PETALING JAYA: Allocations for the International Trade and Industry Ministry (Miti) under Budget 2023 could help the country through next year's economic uncertainties, says Datuk Seri Mohamed Azmin Ali (pic).

The Senior Minister said that the allocation of RM1.557bil which includes managerial allocations of RM625.09mil and developmental allocation of RM932.45 mil would further empower Miti's initiatives and its 13 agencies to build the national economy so that it remains competitive in developing industries, increase international trade and attract quality investment.

"Despite the challenges of global inflation, climate changes and geopolitics, Malaysia has continued to record extraordinary success in terms of secured investment, international trade and development of sustainable industries.

"Miti, however, will focus on three fields to ensure the momentum remains strong - sustainability of trade and development, the durability of supply chain and human capital development.

"Miti will continue its efforts to maintain Malaysia as a chosen investment destination for investments of high quality, high technology and green technology. This is in line with the recently launched New Investment Policy which stresses on the environment, social and governance to up the long-term economic trajectory," said Mohamed Azmin.

He said that the allocations would assist in the implementation of main policies such as the 12th Malaysian Plan, Shared Prosperity Vision 2030, National Investment Aspiration Policy and Industry4WRD Readiness Assessment (Industry4WRD-RA).

Mohamed Azmin applauded the efforts in the Budget 2023 to keep a clean environment such as the Approved Permit (AP) fee exemption of RM10,000 for every electric vehicle (EV) imported by AP-holding companies under Miti.

"It is hoped this will support the efforts of Miti to offer EVs in the market to make Malaysia a regional automotive hub to produce energy-efficient vehicles which include EVs," said Mohamed Azmin.

He also said that he hoped Miti would be able to take on export opportunities through the free trade agreements such as Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), especially with regard to youths and SMEs.

Budget 2023 was presented on Friday (Oct 7), ahead of an impending general election, allocating the largest ever sum of RM372.3bil in what the government called the 3R Budget – one that is responsive, responsible and reformist.

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