KUALA LUMPUR, Feb 23 — More than 85 per cent of the manufacturing projects approved in 2021-2023 have been implemented to date, led by the Investment, Trade and Industry Ministry (Miti) and its agency, the Malaysian Investment Development Authority (Mida).
Its minister Tengku Datuk Seri Zafrul Abdul Aziz said 2,386 manufacturing projects were approved during that period. Generally, these projects would require 18 to 24 months to be completed, depending on their complexity.
“We will ensure a full implementation rate (nearly 100 per cent) in the coming years.
“Miti also would like to recognise the contributions from various parties at all levels, including the various ministries, agencies, and the private sector which have assisted in expediting the investment commitments’ implementation process,” he said in a statement today.
The RM329.5 billion in total approved investments for 2023 reflects the national economy’s recovery and revival.
“The 35.1 per cent jump in domestic investments also reflects the confidence in the Madani Government’s policies,” Tengku Zafrul said.
He cited several projects that were successfully implemented within a short duration — less than 18 months — including silicon battery company Enovix Corporation’s unit Enovix Malaysia Sdn Bhd, which was able to implement its project under six months.
Other companies mentioned include Ferrotec Manufacturing Malaysia Sdn Bhd, which established Ferrotec Holdings’ first manufacturing facility for electromechanical assembly and advanced material fabrication for semiconductor equipment in Southeast Asia, and Ultra Clean Technology (Malaysia) Sdn Bhd, which invested in a capacity expansion project in Penang.
“The rapid and thorough implementation to realise the approved investments has been executed via platforms including the National Investment Council (MPN), the Investment and Trade Coordination Action Committee (JTPPP), and the Investment Coordination Committee Meeting (ICCM).
“Mida, via the Project Implementation and Facilitation Office (TRACK), is also committed to ensuring the approved manufacturing projects can be implemented immediately,” Tengku Zafrul said.
— Bernama
