KUALA LUMPUR: Malaysia will be undertaking extensive reforms in the investment process in order to improve the ease of doing business for both foreign and domestic investors in 2020.
The Ministry of International Trade and Industry (MITI) said domestic investors, in particular, will be encouraged to aggressively pursue export opportunities in new overseas markets.
Under the leadership of minister Datuk Darell Leiking, the ministry has taken on board constructive feedback offered by investors and other stakeholders on how to improve investment process in order to better drive economic growth towards achieving Malaysia’s vision of Shared Prosperity 2030.
"Investors can expect red tape to be cut, bureaucracy to be reduced, and the approval process to be streamlined in order to expedite the realisation of investment.
"MITI recognises that delayed investments mean deferred prosperity. Speed, and quality, is of the essence.
"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 quality investment," said Darell.
In doing so, MITI said 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.
Foreign direct investment (FDI) has assumed a paramount role in Malaysia’s emergence as a dynamic and vibrant industrialising nation, the ministry noted.
Further, substantial inflows of FDI in the manufacturing sector over the last 50 years have been instrumental in Malaysia’s rapid economic growth.
The government will continue to seek quality FDI with high-value added and high technology features, it said.
Besides that, MITI also noted that the government will intensify efforts in facilitating more domestic direct investments (DDI) with greater specialisation in catalytic subsectors, namely chemicals and chemical products, electric and electronics and machinery and equipment industries and high-growth subsectors.
“These sectors stand out due to strong inter-linkages with other sub-sectors and their capability to support the development of the manufacturing sector overall, as well as related services,” it said.
The ministry said along with initiatives under development in MITI’s New Industrial Master Plan (IMP), and a renewed focus on opening up new overseas markets, improvements in the domestic investment landscape will enable more Malaysian companies to become global players.
This will lay the foundations for greater prosperity for Malaysian companies and workers as we reach for the heights of economic development, MITI said.