The Malaysian Investment Development Authority (MIDA) has approved grants worth RM1.01 billion under the Domestic Investment Strategic Fund (DISF) as of December last year. Deputy International Trade and Industry Minister, Datuk Ahmad Maslan, said the grants were approved for 242 projects.
Speaking to reporters after officiating the Local Investment Seminar for the southern region, he said, the projects involved various industries, including transportation, oil and gas services as well as electronics.
“The grants aim to assist local companies in harnessing outsourcing opportunities provided by multinational corporations operating in Malaysia,” he said.
On another note, Ahmad said, local industry players should shift towards smart manufacturing technology, in line with the Fourth Industrial Revolution.
“This would shift production methods to move towards automation, and the technology would help to increase productivity and competitiveness, as well as to cut down on the dependency on unskilled labour force.
“Therefore local companies are urged to make use of the available facilities provided by the DISF, which aims to assist the industry and local investors,” he said.
Ahmad said the government had provided various initiatives and facilities to encourage the growth of local companies.
“However, in order to qualify for the grant, each company would have to be 60 per cent Malaysian-owned, and there are a few sectors which will be given priority,” he said.
Meanwhile, Ahmad said, MIDA has approved 733 manufacturing projects, involving RM58.5 billion in investments, with Johor recording the highest investment at RM26.4 billion, followed by Selangor (RM7.88 billion), Sarawak (RM4.63 billion) and Melaka (RM1.35 billion).