MITI: Unhealthy to have so many investment promotion agencies


International Trade and Industry Minister Darell Leiking said as a development financial institution (DFI), Exim Bank will be able to complement Miti

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) has proposed having a single agency to decide on investments and perks for investors.

The current situation, whereby there are various investment promotion agencies operating under several ministries, was unhealthy, said its Minister Darell Leiking.

Speaking during a panel session at the Malaysia: A new dawn investor's conference on Tuesday, Leiking said this was because the agencies would be competing against one another.

"Most of these agencies are under different ministries and have their own tasks.

"It would be good for Malaysia if we have a singular place to decide on incentives and perks sought by investors.

"If we have many agencies deciding and competing with other agencies, it is not healthy as investors will end up bargaining," he said in response to a question during the session.

Leiking said the best way forward would be to have one agency deciding on the incentives to be provided to investors in Malaysia.

He said this proposal had been put forward and would be brought up to the Cabinet soon.

Subscribe or renew your subscriptions to win prizes worth up to RM68,000!

Monthly Plan

RM13.90/month

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!

   

Next In Business News

Lagenda Properties' unit secures contract worth up to RM99.6mil
Icon Offshore secures four key agreements to drive portfolio growth and expansion
RHB, CGC ink Malaysia’s first LCTF portfolio guarantee agreement, valued at RM400mil
Solarvest secures RM142mil solar EPCC contract in Kedah
Allianz Malaysia posts 7.4% lower earnings of RM183.17mil in 3Q
Tex Cycle eyes M&A, ESG market expansion
Ringgit retreats after three days of gains
Sarawak Plantation posts 14.5% profit jump in 3Q, declares 15 sen dividend
MAHB raises RM1.6bil in oversubscribed sukuk wakalah
MNRB appoints Rudy as interim president & CEO

Others Also Read