Malaysian Investment Development Authority (MIDA) is expected to approve RM65 billion of investments in the manufacturing sector this year as compared to RM52 billion last year. Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed said this forecast is expected to be achieved within seven months, from January to July this year and MIDA has approved investments of RM53.1 billion.
“Based on the application which will be accepted this year, we expect MIDA to approve RM65 billion worth of investments in the manufacturing sector,” he said here yesterday.
He said the development showed that investment in Malaysia is growing and it is in line with the government’s desire to attract local and foreign investment and increase employment opportunities for its citizens.
Meanwhile, in a separate statement, he said, the development of small and medium enterprises (SMEs) continue to be the focus of next year’s budget and allocated RM14.3 billion compared to RM2.8 billion in 2014.
Mustapa said the allocation of 18 programs involving SMEs will be implemented in the services sector, Bumiputera entrepreneurs, youth, micro-enterprises, small businesses, small farmers, cooperatives and associations. “SMEs are important given that the sector is the backbone of the economy, employment to many people and contribute to economic growth.
“In Budget 2015, there is a great emphasis on SMEs, including provisions for TEKUN, MARA, SME Bank, SME Corp, which works to help improve the contribution of SMEs to the national economy,” he said. He also mentioned that the 2015 Budget announced by the Prime Minister recently also was a windfall to SMEs in terms of access to financing.