Govt relaxes threshold, implementation conditions

It is hoped that this latest move will further support and stimulate the growth of the domestic manufacturing and services sectors. MALAYSIAN INVESTMENT DEVELOPMENT AUTHORITY

KUALA LUMPUR: The government has agreed to relax certain conditions to manufacturing and services companies approved with incentives under the purview of the Malaysian Investment Development Authority (Mida).

It said in a statement yesterday this was part of the government measures to revitalise Malaysia’s economy by facilitating investments and restoring investors’ confidence.

“It is hoped that this latest move will further support and stimulate the growth of the domestic manufacturing and services sectors, given the impact of the Covid-19 pandemic and the Movement Control Order.”

Under the normal procedure, these companies are required to comply with certain conditions and implement their projects within a specific period, as stipulated in the approval letters issued by Mida.

With the relaxation of the conditions, they may receive leeway in achieving the approved thresholds or meeting the implementation timeline, subject to compliance with identified criteria set by the government.

The agency said to leverage the facility, which was valid for last year and this year, companies must submit their requests along with supporting documentation based on the prevailing policy decisions set by the International Trade and Industry Ministry and the Finance Ministry.