KUALA LUMPUR: Malaysia will be undertaking extensive reforms of the investment process to improve the ease of doing business for both foreign and domestic investors, the Ministry of International Trade and Industry (Miti) said today.
“Investors can expect red tape to be cut, bureaucracy to be reduced and the approval process to be streamlined to expedite the realisation of investment,” its Minister, Datuk Darell Leiking, said.
The improvements are based on constructive feedback offered by investors and other stakeholders on how to improve the investment process to better drive economic growth towards achieving Malaysia’s vision of Shared Prosperity 2030, said the ministry.
Recognising that delayed investments mean deferred prosperity, Miti said in a statement: “We recognise that Malaysia remains a compelling investment destination due to its stability, good governance, cost competitiveness and strategic location in the centre of Asean.
“Reforms will help ensure that Malaysia retains its place as a premier destination and home for a quality investment.”
Malaysia seeks to remain true to its ambition to become a preferred investment destination for innovative and knowledge-intensive investments within high-growth and high-value sectors.
The government will continue to seek quality foreign direct investment (FDI) with high-value-added and high technology features. At the same time, inspired by the economic example of Japan, South Korea and China, Malaysia seeks a renewed focus on turning domestic companies into global players.
As the Malaysian market on its own is too small to offer the scale needed for global competitiveness, companies must look to regional and world markets and export products with greater added value.
Miti, in conjunction with its agency Malaysia External Trade Development Corporation (Matrade), is looking closely at diversifying exports to Africa, Central Asia and Latin America in the coming years.
The government, the statement said, will also intensify its efforts in facilitating more domestic direct investments with greater specialisation in catalytic sub-sectors – chemicals & chemical products; electric & electronics; machinery & equipment industries; and aerospace and medical devices.
Miti said it will continue to work in close collaboration with the Finance Ministry, Bank Negara Malaysia and all investment agencies to ensure that relevant and specific measures to improve domestic investment are incorporated in the stimulus package to be announced on Feb 27. – Feb 14, 2020, Bernama