The Malaysian Investment Development Authority (MIDA) has on Monday announced the launch of new funding facilitation initiatives aimed at catalyzing Malaysia’s industrial growth and fostering economic development.
MIDA said in a statement that these initiatives include the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI) and the Foreign Investment Accelerator Fund (FIAF), which are set to play a pivotal role in advancing Malaysia’s economic landscape.
According to the statement, the DIAF and SAG MADANI have been strategically designed to offer a variety of tailored solutions that assist in the development of high-value economic activities for local manufacturers and service providers.
They also encourage the local businesses to upgrade their capabilities and expand their scope of operations, aligning with Malaysia’s commitment to fostering innovation, automation, digitalization, and the adoption of sustainable environmental, social and governance (ESG) practices.
MIDA also steadfastly centers its efforts on prioritizing targeted and selective investments that yield high quality and high impact from foreign sources.
In line with this commitment, FIAF is tailored for multinational companies operating in Malaysia to facilitate the seamless transfer of cutting-edge know-how within the high-technology sector through research and development initiatives and comprehensive training activities.
This strategic approach is poised to nurture a highly skilled and high-income local workforce while preserving Malaysia’s competitiveness in an evolving global industrial landscape.
“The realization of the New Industrial Master Plan 2030’s vision to transform Malaysia’s industry – characterized by innovation, technology and economic complexity – requires strong enablers, one of which is funding,
“To that end, MIDA’s newly launched funds are among the first concrete steps to support our industries in upgrading their capacity for higher value economic activities and facilitating knowledge transfer from foreign investors to domestic companies,” said Zafrul Aziz, the Minister of Investment, Trade and Industry (MITI).
“By nurturing local talent, fostering partnerships, and promoting technological advancement, we are not just catalyzing sustainable economic growth; we are also setting the stage for Malaysia to be at the forefront of the global industrial landscape by 2030 and beyond, as well as ensuring the prosperity of our companies and our people,” he said.
Meanwhile, MIDA Chief Executive Officer Arham Abdul Rahman said that DIAF, FIAF and SAG MADANI are more than just funds as they are powerful catalysts propelling the nation towards the vision of a sustainable and dynamic industrial ecosystem.
“Our shared mission is to cultivate a thriving economic landscape, and with these initiatives, we are nurturing a brighter future for Malaysia,
“With the support of MIDA, these funds will empower businesses especially local small and medium-sized enterprises (SMEs) and mid-tier companies to innovate, expand, integrate in the technologically evolving global supply chain and actively contribute to our nation’s economic progress,” he said.
MIDA is Malaysian government’s principal investment promotion and development agency under the MITI to oversee and drive investments into the manufacturing and services sectors in Malaysia.
Headquartered in Kuala Lumpur, the agency has 12 regional and 21 overseas offices.
MIDA, CREST team up with Dassault Systèmes to enhance cloud-based collaboration for SME