Malaysian Prime Minister Najib Razak announced here on Tuesday that the Malaysian Industrial Development Authority (MIDA ) will soon be able to approve incentives in real time when attracting investments.
The authority, which will be renamed as the Malaysian Investment Development Authority, can also act swiftly to engage investors more effectively after being granted necessary flexibility, said Najib.
Najib was invited to deliver his keynote address at the Invest Malaysia 2010 function here on Tuesday. Over 1,000 corporate leaders, representatives from various chambers of commerce, as well as government officials were present.
Najib announced that MIDA would be corporatized, giving it the necessary organizational flexibility to attract and retain the manpower and talents it needed to be an internationally competitive national investment promotion agency.
"The Malaysian government has agreed to empower MIDA with the necessary authority to negotiate directly with investors for targeted projects.
"MIDA will also be designated as the central investment promotion agency for the manufacturing and services sectors, excluding utilities and financial services, to enhance the coordination and cohesion among other bodies in the country," said Najib.
MIDA is the principal government agency of Malaysia responsible for the promotion and facilitation of investments in the manufacturing and services sectors in the country.
Najib said that MIDA had been instrumental in the nation's transformation under different phases of industrial development over the last four decades and had emerged as a well recognized institution among foreign and domestic investors./.