October 09, 2023 - KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) has launched new funding facilitation initiatives to catalyse Malaysia's industrial growth and foster economic development.
These initiatives include the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI) and the Foreign Investment Accelerator Fund (FIAF).
DIAF and SAG MADANI are designed to assist in the development of high-value economic activities for local manufacturers and service providers.
The funds will also encourage local businesses to upgrade their capabilities and expand their scope of operations, aligning with Malaysia's commitment to fostering innovation, automation, digitalisation, and the adoption of sustainable ESG practices.
In line with MIDA's efforts to prioritise targeted and selective investments that yield high quality and high impact from foreign sources, FIAF is tailored for multinational companies (MNC) operating in Malaysia to facilitate the seamless transfer of cutting-edge know-how within the high- technology sector through research and development (R&D) initiatives and comprehensive training activities.
This 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 realisation of the New Industrial Master Plan 2030's vision to transform Malaysia's industry – characterised 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," Minister of Investment, Trade and Industry (MITI), Tengku Datuk Seri Zafrul Aziz said.
"DIAF, FIAF and SAG MADANI are more than just funds; they are powerful catalysts propelling our 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 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," MIDA CEO Datuk Arham Abdul Rahman, affirmed.
