Mida-Fmm National Investment Seminar Aims To Boost Domestic Investment, Supply Chain Resilience And Foster Innovation

Mida-Fmm National Investment Seminar Aims To Boost Domestic Investment, Supply Chain Resilience And Foster Innovation

Kuala Lumpur, June 13, 2024 – Malaysia’s economic growth hinges significantly on domestic investment. In a collaborative effort, the Malaysian Investment Development Authority (MIDA), together with the Federation of Malaysian Manufacturers (FMM) and its strategic partner, the Malaysian Industrial Development Finance Berhad (MIDF), successfully organised the National Investment Seminar: Re-Energising Domestic Investment at the Mandarin Oriental Hotel, Kuala Lumpur. The seminar served as a transformative platform, particularly empowering SMEs, to glean invaluable insights on facilitation, incentives, and business matching and networking opportunities across the manufacturing and services sectors.

Over 300 participants were present at the event, covering various backgrounds such as captains of industry; business associations/ organisations; senior managements from the manufacturing and services sectors; entrepreneurs; Government-Linked Investment Companies (GLICs); banks; private equity firms; venture capitals; academicians; and government officials.

During a luncheon session, YB Liew Ching Tong, Deputy Minister of Investment, Trade and Industry (MITI), delivered special remarks, engaging with industry leaders to foster collaboration and drive initiatives forward. Notable attendees included Tan Sri Dato’ Seri Dr. Sulaiman Mahbob, Chairman of MIDA; Mr. Jacob Lee, Vice President of Federation of Malaysian Manufacturers (FMM); Mr. Fadzlan Abu Bakar, Head of Marketing, Grant and Factoring Management Department, MIDF and Dr. Anthony Dass, Executive Director of the Malaysian Institute of Economic Research (MIER).

In his remarks, Deputy Minister of MITI, YB Liew Chin Tong, underscored the critical need for resilient and robust supply chains, which is the most important concern of firms post-Covid-19 and in the current challenging geopolitical environment. “The MADANI Government led by the Prime Minister YAB Dato’ Seri Anwar Ibrahim has a very ambitious agenda for industries: to grow exponentially, to tech-up, to green up and to share the

fruits of growth better. We need to do more to break down the walls between MNCs and domestic firms through win-win localisation programmes to create and enlarge markets for Malaysian firms. We will also need to link the capital market, especially GLICs and GLCs, to invest in high-end manufacturing and R&D. The Government is committed to strengthening supply chain resilience and bring the technology levels of Malaysian firms closer to that of in South Korea, Taiwan, and Shenzhen.”

Chairman of MIDA, Tan Sri Dato’ Seri Dr. Sulaiman Mahbob in his keynote address emphasised, “Recognising the vital role of SMEs in Malaysia’s economy, MITI and MIDA are committed to empowering these businesses. We aim to boost productivity, encourage technology adoption, and enhance competitiveness in local and international markets. We remain steadfast in supporting SMEs on their growth journey.”

“Building on our current momentum and facing the challenges ahead, MITI and MIDA are poised to take on a more dynamic and engaging role in 2024. Our primary focus will be on the comprehensive implementation of all government initiatives and mandates to achieve the desired outcomes aligned with the national agendas. These include the Twelfth Malaysia Plan (12MP), the MADANI Economy Framework, the New Industrial Master Plan (NIMP) 2030, and the National Energy Transition Roadmap (NETR).” he added.

Mr. Jacob Lee, Vice President of FMM, highlighted “the impressive turnout today speaks volumes. It signifies our collective commitment and enthusiasm to “re-energise domestic investment” and at the same time, to help propel our SMEs into the global supply chain; towards the common aim of advancing the Malaysian manufacturing industry. More importantly, today’s event, the first joint investment seminar by MIDA and FMM, demonstrates both the industry and the Government’s joint effort and strong resolve to attract and re-energise domestic investment in priority sectors such as electrical and electronics; food and beverage; and pharmaceutical and medical device sectors”.

Dr. Anthony Dass, Executive Director of Malaysian Institue of Economic Research (MIER), presented insights on the World Economy: Challenges and Opportunities, providing valuable economic forecasts and analysis for policymakers and the private sector. Three breakout sessions covered crucial topics including The Industrial Linkage Programme (ILP), ECRL – Impacts on Regional Development and Economic Integration, and Funding and Financing Opportunities.

MIDA’s strategic collaborations with key partners such as FMM forge a strong backbone for local enterprises, fueling domestic investment and elevating Malaysia’s appeal to global investors.

About MIDA
MIDA is the government’s principal investment promotion and development agency under the Ministry of Investment, Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA has 12 regional and 21 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on X, Instagram, Facebook, LinkedIn, TikTok and YouTube channel.

About Federation of Malaysian Manufacturers (FMM)
The Federation of Malaysian Manufacturers (FMM) has been the voice of the Malaysian manufacturing sector since 1968. Representing over 12,300 member companies (3,900 direct and 8,400 indirect) from the manufacturing supply chain, FMM is actively engaged with government and its key agencies at Federal, State and local levels. FMM is also well- linked with international organisations, Malaysian businesses and civil society. Apart from benefitting from FMM’s advocacy, FMM members enjoy value-add services, including training, business networking and trade opportunities as well as regular information updates.

-Dino

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