Thursday, February 22, 2024
Thursday, February 22, 2024
Home » Govt Confident About China’s Investment Commitment

Govt Confident About China’s Investment Commitment

by Josh Saunders
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KUALA LUMPUR: The government is confident in realising the RM170bil investment pledge from China, which Prime Minister Datuk Seri Anwar Ibrahim announced during his visit to the country in April.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said an investment commitment means agreeing to invest in Malaysia.

“The next step is that the company will apply for investment approval from the Malaysian Investment Development Authority. At this stage, the investor will make known more details of its investment. This is also the time when it will apply for investment incentives,” he said in a post on X (formerly known as Twitter) on Monday.

Tengku Zafrul also said that once the details of the investment and incentives have been agreed upon, the investment will be approved.

“After getting an approval, for small investments, it may take a year to see results. If it is a large investment that requires advanced technology and equipment, it may take up to three years to start realising it,” he said.

The minister said the government has also created an investment and trade action coordination committee (JTPPP) to examine the latest status of investment projects.

“One of the JTPPP’s functions is to examine the latest status of investment and trade projects that have been announced so that it can monitor and resolve issues and challenges faced by investors and exporters,” he said. — Bernama

Source : TheStar

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