THE Malaysian Investment Development Authority (Mida) is actively evaluating potential investments worth RM65.9 billion, which could be implemented this year and in 2022, if approved. 

The investment authority has also identified 240 high-profile foreign investment projects with a combined potential investment value of RM81.9 billion, including Fortune 500 companies in the manufacturing and services sectors. 

This also includes ongoing negotiations with companies from various sectors such as automotive, chemical, and advanced electronics to make Malaysia a high-value manufacturing, services and global supply chain hub for these companies.

Senior Minister and International Trade and Industry Minister Mohamed Azmin Ali said the Malaysia Digital Economy Blueprint will also further accelerate Malaysia’s progress to become a technologically advanced economy.  

“The 10-year roadmap will lay the foundations for the country’s transformation towards an advanced digital economy and guide Miti and Mida in our efforts to continue attracting high-value investments of the future,” he said in a statement. 

While 2020 was a challenging year, Malaysia is steadfast in its fundamentals as the pre-eminent preferred investment destination in the region, he said. 

“As we forge ahead in the new year on the path of economic revitalisation coupled with the rollout of the national vaccination programme, the government remains committed to prioritising the needs of our people and businesses,” he added.

Azmin said the implementation of movement-control order 2.0 has raised questions on whether Malaysia would still be able to maintain the speed of economic recovery. 

“The government, through Mida, continued to be at the forefront to entice more high-value investments in the areas of technology and innovation to position Malaysia as an alternative supply chain hub in Asia,” he said.

“Investors will undeniably derive value by taping on Malaysia’s well-established local supporting industry network and talented workforce to undertake high-tech products manufacturing and high value-added services to serve their clients in the region, in the present and the future,” he added.

Mida has intensified efforts to reengineer its business processes to raise the efficiency of its various functions as part of efforts to increase the ease of doing business for investors in Malaysia. 

Among the initiatives undertaken are the implementation of the PACU@MIDA or the Project Acceleration and Coordination Unit to provide end-to-end facilitation for all projects approved to enable the timely implementation of investments in the country.

It is also providing online services such as e-Manufacturing Licence, e-Incentive and JPC online application to accelerate the necessary approvals for manufacturing licences, incentives and exemption of customs duties to expedite the execution of projects. 

Malaysia recorded total approved investments of RM164 billion last year, which is 22.42% lower than the RM211.4 billion achieved in 2019. 

The RM164 billion entails 4,599 projects in the manufacturing, services, and primary sectors.  

Comparatively, there were 5,287 projects with investments totalling RM211.4 billion approved in 2019.

The decline in investments is attributed to the services and primary sectors, which were directly impacted by declines in global demands due to the Covid-19 pandemic and the MCO. – March 2, 2021.