KOTA KINABALU, Sabah, Dec 16 (Bernama) -- The Malaysian Investment Development Authority (MIDA) collaborated with the Ministry of International Trade and Industry (MITI) and Department of Industrial Development and Research (DIDR) Sabah to organise the Sabah Investment Seminar 2019, today.  The event, graced by YB Tuan Chong Chen Bin, Assistant Minister of Trade and Industry (MTI), Sabah aimed to update participants on the current policies, incentives and financial supports that are available for investors. Also present was Mr. Hairil Yahri Yaacob, Deputy Secretary General (Investment) of MITI and Mr. Ahmad Khairuddin, Deputy Chief Executive Officer II, MIDA.
 
YB Tuan Chong Chen Bin, in his speech, highlighted that Sabah offers multiple business opportunities that have yet to be fully explored and tapped by the business community. “The State Government welcomes quality foreign and domestic investments, be it in the form of a direct capital injection or strategic collaborations. Some areas of potential investment opportunities include specialised industrial parks and estates, human resource development programmes, R&D and ICT. To drive Sabah’s industries into Industry 4.0, we welcome the announcement of the extension of the Automation Capital Allowances (Automation CA) to the year 2023 and the expansion of its scope to include the services sector. This incentive will, undoubtedly, enable more Sabahan stakeholders to embrace digitalisation in their operations, strengthening their businesses’ ability to be integrated into more established global supply chains.”
 
Mr. Hairil Yahri Yaacob, Deputy Secretary General (Investment) speaking on behalf of YB. Datuk Darell Leiking, Minister of International Trade & Industry (MITI) said, “The Federal Government, through MITI and MIDA is continuously intensifying its efforts to attract more high level and quality investments to all states including Sabah. As at June 2019, a total of 776 manufacturing projects with investments worth RM19.9 billion have been approved and implemented in Sabah. These projects, mainly in food manufacturing, beverages and tobacco, textiles and textile products, wood and wood products, and furniture and fixtures have created over 91,800 jobs to the State. In the first nine months of this year, Sabah attracted additional approved investments of RM890.7 million in the manufacturing sector, compared with RM140.9 million, approved in the same period last year. Of this, RM744.6 million was from domestic investments, representing 83.5 per cent of Sabah's total approved investments in the manufacturing sector from January to September 2019.”
 
According to Mr. Ahmad Khairuddin, Deputy Chief Executive Officer II of MIDA, “We are working closely with the relevant stakeholders, including the State Government and other government agencies through various initiatives to attract more investments into all states in Malaysia.  For Sabah, this year alone, we have conducted many outreach programmes to facilitate businesses here. For example, under our SME Investment Desk initiative, MIDA Sabah has reached out to companies located in various areas including Kota Kinabalu, Kudat, Tenom, Keningau and Labuan to share information on facilities and incentives available to grow their businesses. This is in line with MIDA’s ecosystem approach in promoting investments where we fill in the gaps in targeted industries’ value chain. Through this, we offer a more sustainable reason for companies to remain and grow in Malaysia.”
 
The Sabah Investment Seminar was well attended by over 300 participants from various fields, including manufacturers, and service providers. It featured presentations by a broad range of speakers from MIDA, Department of Industrial Development and Research (DIDR) Sabah, Malaysia Productivity Corporation (MPC), Malaysia External Trade Development Corporation (MATRADE), Syarikat Jaminan Pembiayaan Perniagaan (SJPP), Malaysia Debt Ventures Berhad (MDV), Cradle Fund, Standards Malaysia, Sabah Port, Sabah Economic Development and Investment Authority (SEDIA), Sabah Softwoods Hybrid Fertiliser, and Layang Layang Group.

About MIDA
 
MIDA is the government's principal promotion agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Starting operations in 1967 with a relatively small set up of 37 staff, MIDA has grown to become a strong and dynamic organisation of over 700 employees. Headquartered in Kuala Lumpur Sentral, MIDA today has 12 regional and 20 overseas offices. MIDA continues to be the strategic partner to businesses in seizing the opportunities arising from the technology revolution of this era. For more information, please visit www.mida.gov.my and follow us on Twitter, Instagram and Facebook.

SOURCE: Malaysian Investment Development Authority (MIDA)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Mr. Sikh Shamsul Ibrahim Sikh Abdul Majid
Director, Domestic Investment and Supply Chain Coordination Division, MIDA
Tel: 03-2267 6633 
Email: shamsul@mida.gov.my

--BERNAMA