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MIDA Undergoes Rebranding To Become One-stop Centre For Investors [ 28-07-2010 ]
SEOUL, July 27 (Bernama) -- The Malaysian Industrial Development
Authority (MIDA) is now known as the Malaysian Investment Development
Authority following its rebranding, in an effort to attract greater
foreign investments into Malaysia.
Deputy Prime Minister Tan Sri Muhyiddin Yassin said the rebranding
enables MIDA to become a one-stop centre to assist investors, especially
with the process of getting approvals for investment projects in
Malaysia within the shortest time, that is a day.
In this respect, three related acts will be tabled for amendments in
the October session of Parliament. The acts are, the Investment and
Promotion Act, the Income Tax Act and the MIDA Act.
"The rebranding of MIDA has been undertaken at the administative level
with the establishment of a committee responsible for all investment
approvals of up to RM1 billion.
"The committee, comprising representatives of the national development
corridors and the Finance Ministry, is chaired by the Prime Minister
Datuk Seri Najib Tun Razak.
"All approvals by this committee is final," he told a press conference
here after having breakfast with the Malaysian media accompanying him
on a four-day official visit to South Korea, starting Monday.
Also present was the Malaysian Ambassador to South Korea, Datuk Ramlan
Ibrahim, MIDA Director General Datuk Jalilah Baba and the Education
Ministry Secretary General Tan Sri Zulkurnain Awang.
Muhyiddin said under the amendments, MIDA will have the authority to
provide incentives to investors without having to refer to the National
Economic Action Council (NEAC).
To enable MIDA to give quick approvals to investment applications from
overseas, he said the powers of a number of related agencies such as the
Royal Customs and Excise Department, the Immigration Department and
local authorities, will be ceded to MIDA by stationing officers under
it.
"MIDA's new role is more focused and by doing so, we hope for an inflow of more investments into Malaysia.
"In a situation where other countries, especially China and India are
attracting foreign investments, the government hopes in this way, to
ensure Malaysia continues to be the choice of investors," he added.
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