The Ministry of International Trade and Industry (MITI) on Thursday (April 6) stressed that the ministry and its agencies had an existing robust and comprehensive monitoring and facilitation mechanism for potential investments and exports made through trade and investment missions or other means.
In a statement, MITI said the Malaysian Industrial Development Authority (MIDA) and InvestKL would follow up on potential investments, while potential exports would be pursued by the Malaysia External Trade Development Corporation (Matrade).
International Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the mechanism enables MITI and its agencies to be highly responsive in providing support to ensure announced commitments — be it investments or exports — are well facilitated and materialized.
“I have also emphasized the proper monitoring of the key performance indices for each project, which must support MITI’s national goals, including providing more higher – paying jobs for Malaysians, ensuring knowledge transfers, and moving small and medium enterprises further up the value chain,” he said.
MITI said examples of appropriate tracking of potential projects and leads include the online real-time investment tracking mechanism by MIDA’s Project Implementation and Facilitation Office (TRACK), which facilitates the approval process and speeds up the implementation of investment projects.
“Both MIDA and InvestKL have established end – to – end facilitation services to hand – hold each investor during the company’s investment journey from announced commitment to implementation.
“There are also appropriate milestone checks and periodic post – investment reviews to ensure that these investments will contribute to a more prosperous, inclusive, and sustainable Malaysia,” it said.
Tengku Zafrul said the Cabinet receives quarterly updates on committed investment figures before a press release is issued to the media.
“In terms of export performance figures, Matrade issues its press release monthly. All these are also made available to the public,” he said.
MITI said the investment project monitoring update would be part of Malaysia’s National Investment Council (NIC) standing agenda to ensure the highest level of commitment in realizing major potential investments, said MITI.
“Prime Minister Datuk Seri Anwar Ibrahim is the chair of the newly established NIC, whose first meeting will be scheduled soon,” it said.
The ministry added that to enhance the ease of doing business, the Special Task Force to Facilitate Business (PEMUDAH) had been reactivated, with MITI as its secretariat, to ensure that the investor’s journey is facilitated end – to – end.
- The Edge Markets