KUALA LUMPUR, April 6 (Bernama) – The Government has agreed to provide certain relaxation of conditions to manufacturing and services companies that have been approved with incentives under the purview of the Malaysian Investment Development Authority (MIDA). This is part of the proactive measures undertaken by the Government to continue Malaysia’s economic revitalisation efforts by facilitating investments and restoring investors’ confidence.

Under the normal procedure, the approved companies are required to comply with certain conditions and implement their approved projects within a specific period, as stipulated in the Approval Letters issued by MIDA. However, with the implementation of this relaxation mechanism, a company may be considered for certain relaxations on achieving the approved thresholds or meeting the implementation timeline of their approved projects, subject to compliance of identified criteria set by the Government. The relaxation of compliance with stipulated conditions is for the period between 2020 and 2021.

To leverage this facility, companies are required to submit their soonest requests to MIDA with relevant supporting documentation based on the prevailing policy decisions set by the Ministry of International Trade and Industry as well as the Ministry of Finance.

The Government hopes that this measure will further assist in supporting and stimulating the growth of the manufacturing and services sectors in Malaysia given the onset of the COVID-19 pandemic and the enforcement of the Movement Control Order (MCO) which have challenged economic activities and businesses.

Investors are encouraged to submit their appeal applications on relaxation/amendment of incentive conditions to the relevant divisions for specific industries and services in MIDA. For further enquiries directly related to policy matters, please contact the Strategic Planning and Policy Advocacy (Services) Division of MIDA at 03-2267 3633 (ext. 6675) / zuaida@mida.gov.my or the Strategic Planning and Policy Advocacy (Manufacturing) Division of MIDA at 03-2267 3633 (ext. 6786) / masni@mida.gov.my.

About MIDA
MIDA is the government's principal investment promotion and development agency under the Ministry of International Trade and Industry (MITI) to oversee and drive investments into the manufacturing and services sectors in Malaysia. Headquartered in Kuala Lumpur Sentral, MIDA 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, Facebook, LinkedIn and YouTube channel.

SOURCE : Malaysian Investment Development Authority (MIDA)

FOR MORE INFORMATION, PLEASE CONTACT:
Name: Manjit Kaur Balkar Singh (Ms)
Tel: +603-2267 3509
Email: manjit@mida.gov.my 

--BERNAMA