17 November 2015

Malaysian companies need to join global supply chains

Malaysian companies should upgrade their services, capabilities and production quality to meet the requirements of high value-added and advanced technology industries, said Malaysia's International Trade and Industry Minister Dato' Sri Mustapa Mohamed.

"This will allow local players to leverage on the opportunities of being part of the MNCs’ competitive global supply chain," he said at the opening of the Grow with Us Seminar, a joint collaboration between the Malaysian Investment Development Authority (MIDA) and the Malaysian Investment Development Finance (MIDF) to update companies on the latest government policies and facilities.

Dato' Sri Mustapa said that the government has adopted several proactive economic measures to assist Malaysian businesses in the current challenging economic times. These include the Working Capital Guarantee Scheme of RM2 billion for SMEs, 5% to 30% import duty exemption on 90 items in the manufacturing sector and an additional allocation of RM1 billion for the Domestic Investment Strategic Fund (DISF) under the 11th Malaysia Plan.

As of September 2015, MIDA has approved RM756.4 million of the DISF grant for 184 projects with investments of RM8.1 billion. “As at December 2014, 800 projects have been implemented in Negeri Sembilan, with a total investment of RM32 billion. From these projects, more than 90,000 jobs were created. For the nine months of this year, Negeri Sembilan attracted a total of 29 manufacturing projects with approved investments worth RM1.42 billion," Dato' Sri Mustapa said.