Budget 2023: MITI continues to revitalise nation's economy through a competitive strategy

KUALA LUMPUR: The Ministry of International Trade and Industry (MITI) will continue to empower the development of industries, international trade, and quality investments in charting a competitive strategy for Malaysia in the global arena, as well as drive the nation's economy to be dynamic, progressive and sustainable for the wellbeing of the people.

Its Senior Minister Datuk Seri Mohamed Azmin Ali said to ensure that the investment momentum remained strong, his ministry will focus on three sectors, namely trade and sustainable development, supply chain resilience and human capital development.

"In the meantime, allocations to MITI in Budget 2023 totalling RM1.557 billion, comprising operating expenditure of RM625.09 million and development expenditure of RM932.45 million, will continue to empower the initiatives of the ministry and its 13 agencies.

"The allocations will be utilised to revitalise the country's economy so that it is always competitive specifically in developing industries, boost international trade and attract quality investments," he said in a press release following the tabling of Budget 2023.

Mohamed Azmin said MITI will continue its efforts to maintain Malaysia's status as an investment destination of choice for it to draw new investments of high quality, high technology and green technology.

This is in line with the New Investment Policy launched recently which emphasised on Environmental, Social and Governance principles and to propel the nation's growth trajectory for the long term.

As an effort to protect the environment that is clean, the offering of electric vehicles (EV) in the market is encouraged.

"Hence, MITI has discussed with the Finance Ministry wherein the government has agreed to provide approved permit (AP) fee exemption of RM10,000 on each imported EV unit by open AP-licensed companies appointed by MITI.

"It is hopeful that this exemption will support MITI's effort in increasing EV offerings in the market which will directly help to develop the EV ecosystem pursuant to the National Automotive Plan 2020, as well as the target to make Malaysia as the regional automotive hub for the production of Energy Efficient Vehicle (EEV) including EV," he said.

MITI is steadfast in the multilateral trading system anchored on the principles of the World Trade Organisation.

Malaysia, he said, will pursue export market opportunities through free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), adopt a regulatory environment that is business-friendly and pragmatic, as well as provide support to local industries especially small and medium enterprises (SMEs) and youth generation to enable them to face future challenges.

-- BERNAMA