KUALA LUMPUR, Aug 29 — The Investment, Trade and Industry Ministry (Miti) will be more selective in approving foreign companies’ entry into Malaysia, prioritising those that bring high-quality investments.
Miti secretary-general Datuk Seri Isham Ishak said the strategy to attract quality foreign direct investment (FDI) is vital as the government wants spillover effects from such investment to create high-quality jobs and high-end technology.
“Under the New Industrial Master Plan 2030 that will be launched on Friday (September 1), we will look into more high-quality FDI, including in the sharing or joint development of technologies through value-added or value-creation process.
“This will also strengthen the supply chain ecosystem,” he said after the official opening of Danish hearing technology company Demant’s office here today.
Commenting on the Statistics Department’s report on lower FDI in the second quarter, and having slipped to RM3.1 billion from RM12 billion in the first quarter, Isham said the lower FDI will not affect foreign investors’ sentiments.
This is because they will look at Malaysia’s strong talent pool, advanced infrastructure, strong and stable political system, and comprehensive government policies that support business operations, he said.
“The opening of Demant’s first technology hub outside of Europe here in Kuala Lumpur is proof of that.
“Demant’s technology hub will house 65 per cent of its global engineers and specialists, who will be leading efforts in developing software solutions incorporating the latest technology, including artificial intelligence,” he said.
— Bernama
