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KUALA LUMPUR, June 26 -- To achieve a high-income nation status, a new national investment policy has been introduced to attract more high-quality investors during and post-COVID-19 pandemic period.
Senior Minister cum International Trade and Industry Minister, Datuk Seri Mohamed Azmin Ali said Malaysia is now more selective in terms of investments coming into the country.
“After discussions and engagements with Bank Negara Malaysia, the Ministry of Finance, and the Malaysian Investment Development Authority (MIDA) in March this year, we think this is the right time to introduce this policy.
"The aim is to attract high quality and technological investments so that our country can be prepared with a workforce that meets industry demand and further reduce dependence on foreign labour," he said in a post on his official Facebook page today.
He said this was in line with the aspirations of the National Investment Policy (NIA), which would generate high-income jobs, especially in the post-COVID-19 era.
This, in turn, would improve the living standards of the people, he added.
At the same time, the World Bank also projected that Malaysia is expected to achieve a high-income economy in the next five years.
"This can be evidenced by the entry of high-tech and high-quality investments, namely, South Korea’s SK Nexilis, with a total investment of RM4.24 billion (Sabah), and Austrian company AT&S, with an investment worth RM8.5 billion (Kedah)," he said.
Mohamed Azmin explained that SK Nexilis is a copper foil manufacturing company for electric vehicles (EVs), while AT&S manufactures high-end printed circuit boards (PCBs) and integrated circuit (IC) substrates.
He said the AT&S plant in Kedah is expected to create 5,000 high-tech and high-impact jobs.
“The government is committed to improving the socio-economy development of the people, especially after COVID-19.
"However, we need perseverance and openness to achieve inclusive and sustainable growth to realise it.
"I hope that with this new policy, Malaysia will remain the world's preferred investment destination," he added.
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