General & Misc

MIDA: Industry 4.0-Focused Budget to spur More High-Tech Investments

Date: 05 November 2018; Type: Industry Updates; Source: Bernama

KUALA LUMPUR, Nov 5 (Bernama) - The Malaysian Investment Development Authority (MIDA) expects to see more high-technology investments being realised in Malaysia following the large focus on the fourth industrial revolution (Industry 4.0) in the 2019 Budget and the launch of the Industry 4.0 blueprint known as Industry4WRD recently.

In a statement today, Chief Executive Officer Datuk Azman Mahmud said companies in the manufacturing sector should take advantage of the revisions of tax mechanisms and incentives as well as initiatives to promote the adoption of Industry 4.0.

"The companies should also capitalise on the facilities for the production of environmentally-friendly plastics based on bio-resins and bio-polymers, incentives for small and medium enterprises, as well as facilitation for logistics and transportation activities (in the 2019 Budget)," he said.

For the services sector, Azman said while principal hub (PH) companies seeking an extension were now subjected to a tax rate, this review allowed a broader scope of companies to benefit from the PH scheme such as companies with lower value-added income.

"In the long term, we believe that this revised scheme will increase the investment performance of the services sector, as PH investments are the largest contributor to the overall foreign direct investments in the services sector under MIDA´s purview," he said.

Azman also expressed excitement on the prospects of alternative financing sources, including the streamlining of the many venture capital funds managed by government agencies, as well as the allocation of RM50 million for the government to set up a co-investment fund to invest alongside private investors via equity crowdfunding and peer-to-peer financing.

"MIDA looks forward to working hand-in-hand with these entities towards assisting Malaysian companies that are financially limited but possess high potential in new technology areas," he said.

Moving forward, Azman said given the more realistic and attainable fiscal positions under the 2019 Budget and added clarity in policy directions for investors, the years ahead was expected to be positive, particularly with the many initiatives in place to create a more dynamic economy for Malaysia.

MY Bernama

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