PUTRAJAYA, July 14 — Prime Minister Datuk Seri Anwar Ibrahim said today he wants all Malaysian agencies that promote, handle and attract foreign investors to come under the purview of the Malaysian International Trade and Investment Ministry (Miti) and Malaysian Investment Development Authority (Mida) by the end of 2023.
He said this is needed as the current system is too convoluted, causing Malaysia to miss out on opportunities for huge investments both domestic and foreign.
“One key element of the Madani government is establishing Malaysia as a globally-competitive investment destination. As such by the end of 2023, Miti will take the lead in reducing duplication among the IPAs and at the same time strengthen the focus on handling investments domestic and foreign,” he said, referring to income-producing activities.
“This will be done with the focus on translating approved investments into realised FDI and DDI, which means, of all the umpteen agencies we have they’ll all be coordinated under Mida irrespective of their agencies or ministry.”
FDI and DDI refer to foreign direct investment and domestic direct investment.
“This means only Mida and Miti will coordinate the rest of them. This has been approved by the Cabinet to suggest that we will not tolerate any department or agency that would insist on the old procedures,” Anwar said in an engagement session on Budget 2024 at the Ministry of Finance here.
In addition to facilitating investors better in Malaysia, he said the government will actively issue strategic passes for investors to enter Malaysia on a multiple-entry basis.
Likening it to Singapore, he said the authorities will create something similar to Johor’s financial zone, which also include accommodation, international schools and a golf course.
“I don’t know what relevance a golf course has to do with business, but we satisfy them and they require multiple entry visas. With this, we also allow these strategic investors to stay here for five years with a view to extend for another five years,” he said.
He also said that Bank Negara Malaysia will be given the full authority to decide on approving professional workforce for the financial sector without involving other authorities such as the Home Ministry.
“So once all agencies approve, they can enter except if we’ve identified them as being a terrorist.
“Cannot discount some of these potential investors but I don’t think this is going to be the norm. When I asked for a list from the Ministry of Home Affairs, of the names approved by Bank Negara not one was categorised as a terror suspect, good news,” he said light-heartedly.
