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Friday, September 1, 2023

Govt going liberal over investment strategies and policies

 

Tengku Zafrul Aziz said Malaysia wanted its SMEs to be part of the global supply chain.

KUALA LUMPUR: Malaysia is adopting a more liberal approach towards investment strategies, as long as it benefits the economy and the people, investment, trade and industry minister Tengku Zafrul Aziz said.

Tengku Zafrul said his ministry hoped the policies will have spillover effects to local companies, especially on small and medium-sized enterprises (SMEs), within the supply chain.

“As per the New Industrial Master Plan (NIMP) 2030, we hope we can elevate the status of our SMEs so they can be part of the global supply chain,” he told a press conference after the launching of the NIMP by Prime Minister Anwar Ibrahim today.

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He said the government was open to reevaluating and implementing progressive policies that led to positive economic effects.

Tengku Zafrul was asked whether the government was considering a liberalised approach in doing business, seeing that the entry of Elon Musk’s Tesla was achieved without establishing a local partner first in the country.

In July, Anwar said Tesla will be setting up its Malaysian headquarters in Selangor this year.

Subsequently, he announced that the government will buy 40 units of Starlink internet devices for use in universities, colleges and schools across the country.

Starlink is a satellite communications device from Musk’s SpaceX which provides internet links through the SpaceX constellation of satellites in low-earth orbit.

The NIMP 2030 outlines the government’s objectives to transform Malaysia into a high-tech industrialised nation.

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Unlike the previous industrial transformations and three industrial master plans since 1986, the NIMP adopts a mission-based approach, Anwar said. - FMT

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