Malaysia’s Investment, Trade and Industry Minister, Datuk Seri Tengku Zafrul Abdul Aziz, stated that only a mere 1.6 percent of approved investment projects from the year 2021 to March this year have not been implemented.

The minister, who made a dual posting on Instagram and X to brief and update Malaysians stated that 98.4 percent of investment projects have either been completed, a work in progress or at the planning stage.

Tengku Zafrul further explained that an approved investment means the companies’ applications to invest in Malaysia have been given the approval to go ahead by the Malaysian Investment Development Authority (MIDA).

He added that applications from companies to carry out business activities are approved under the Industrial Coordination Act 1975 and if the shareholder capital is at least RM2.5 million or it employs at least 75 workers, it must first apply for a licence.

Other details that a company needs to submit to MIDA include the project’s location, products to be manufactured, the implementation period, annual costs, shareholders information and also the number of jobs that will be created.

Tengku Zafrul also emphasised the importance for companies who are keen on investing in Malaysia to declare their sources of raw materials and components used in the production of their main products or projects.

-THE MALAYSIA VOICE