Malaysian government introduce policy to attract high-tech investments

KUALA LUMPUR, Mar 18 — A new foreign investment policy is set to be announced by the government soon to attract more high-quality foreign direct to move the country away from labour-intensive businesses, said Datuk Seri Mohamed Azmin Ali.

The senior minister with the International Trade and Industry Ministry (Miti) said today that a paper on the new policy would be tabled to the Cabinet soon for approval.

“We want to implement the policy as soon as possible but we want to also get the mandate and approval from the Cabinet.

“Miti and the Malaysian Investment Development Authority have taken proactive steps to attract investments, and the new investment policy will new incentives to attract new investments into Malaysia based on new investment aspirations.

“This would be in line with the government’s objective to attract high quality and high technology investments; last time we used to focus on labour-intensive industries, but now we are looking at the high tech investments and to move away from labour-intensive industries,” he said during a press conference at Menara Miti here today.

Azmin said he hopes to be able to launch the investment policy in time with his trade mission trip to Japan and South Korea later this month.

“I will be on a trade mission to Japan and South Korea and I will take this opportunity to introduce our new investment policy,” he added.

Azmin also announced a RM5.4 billion investment from Nine Dragons Paper Holdings Limited for projects in Banting, Selangor, and Bentong, Pahang, but did not elaborate.

He also said some RM2.3 billion was invested in the country by South Korea SK Nexellis to produce batteries to be used in electric cars, which was announced by the Korean company in January.

He added that the recent focus by the government to speed up the national immunisation programme was also a testament of the administration’s commitment to return to normalcy and revive the economy by resuming its part in the global supply chain.

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