Tengku Zafrul sets Mida target of 10% increase in approved investment

 

Tengku Zafrul Aziz said key performance indicators should be set for both approved and executed investments. (Bernama pic)

KUALA LUMPUR: The Malaysian Investment Development Authority has been urged to consider setting itself a target of at least a 10% increase in approved investments from the RM329 billion achieved last year.

Tengku Zafrul Aziz, the minister for investment, trade and industry, said there is a definite correlation between approved investments and the gross domestic product (GDP).

“If Bank Negara Malaysia and the finance ministry expect our GDP to grow by 4%-5% this year, then Mida should target at least a 10% increase (in approved investments).

“I think we need to set key performance indicators for both approved and executed investments.

“I understand that investments also depend on external factors, but we must set a target because investments are a component of the GDP, so we need to align with the GDP target. This is only my suggestion,” he said.

The minister said this at a media briefing on a seminar on business and investment opportunities from the East Coast Rail Link project.

Tengku Zafrul said the ministry and Mida have mobilised a special team to facilitate job placement assistance for Goodyear employees and to offer them skills enhancement and reskilling programmes.

Yesterday, the global tyre manufacturer announced the closure of its factory in Shah Alam starting June as part of its cost-cutting measures. Some 500 employees will be affected.

Tengku Zafrul noted that Goodyear has given an assurance that the company will provide compensation higher than what is required by law.

“The company is also collaborating with Proton Holdings Bhd and several other companies to provide suitable job opportunities. All these efforts have begun before the announcement of the factory closure to ensure a smooth transition process for the workers,” added Tengku Zafrul. - FMT