MIDA launches i-Services Portal to reduce services sector deficit

KUALA LUMPUR: The Malaysian Investment Development Authority (MIDA) has launched i-Services Portal with the aim to reduce the services sector’s trade deficit, says chief executive officer Datuk Azman Mahmud.

He said the deficit recorded in this sector widened to RM22.8 billion in 2017 compared with the RM18.9 billion recorded in 2016.

In 2016, the export of services amounted to RM147.6 billion against imports worth RM166.5 billion while in 2017, the export of services was recorded at RM159.2 billion versus imports of RM182 billion.

Although the export of services had been increasing in momentum since 2010, from RM111.5 billion in 2010 to RM159.2 billion last year, an increase of RM47.7 billion, corresponding imports had accelerated at an even faster pace by RM77.1 billion, from RM104.9 billion in 2010 to RM182.0 billion in 2017.

“As the investment promotion agency of the country, MIDA wants to leverage on the abundance of the local services providers that make up 89 per cent of business establishments in the country, with the majority being small and medium enterprises,” Azman told reporters after the launch of the portal yesterday.

He said among the key features of the i-Services Portal would be to serve as a single market place to link investors who are looking for local services providers.

“It will also promote and encourage the utilisation of local services providers for projects approved by MIDA and facilitate linkages programmes by MIDA or other agencies.

“I encourage more local services providers to register themselves with the portal to get connected with potential clients,” Azman added. — Bernama