The Malaysian Investment Development Authority (MIDA) plans to set up a new unit called the Project Acceleration and Coordination Unit (PACU) to facilitate the approval process and speed up the implementation of approved manufacturing projects nationwide.
Senior Minister and International Trade and Industry (MITI) Minister Datuk Seri Mohamed Azmin Ali stated that the manufacturing license approval process for non-sensitive industries will be shortened to just two business days under the unit. The plan was established as part of Malaysia’s new National Economic Recovery Plan (PENJANA) wherein 40 initiatives worth MYR 35 billion (USD 8.2 billion) have been announced with the bulk of the allocation focused on job security, gig economy, re-skilling and easing cash flow for businesses.
Under PENJANA, the tax and investment incentives would boost domestic and foreign investment, as well as attract multinational companies to relocate their operations to Malaysia. The government has also announced a full 10-year exemption for new capital investments ranging from MYR 300 million (USD 70 million) to MYR 500 million (USD 117 million), while investments in properties exceeding MYR 500 million (USD 117 million) will enjoy a full tax exemption for 15 years.
(Sources: BERNAMA; The Edge Markets)