MIDA

KUALA LUMPUR: The cooperation between the Malaysian Investment Development Authority (MIDA) and the Ministry of Higher Education (MOHE) can catalyse the country’s industrial growth, especially in supporting the development of more talent globally. Minister of Investment, Trade and Industry (MITI) Tengku Datuk Seri Zafrul Abdul Aziz said a trained and competitive workforce is key to the success of the New Industrial Master Plan (NIMP) 2030. “The shortage of skilled talent became a constant issue among our investors, both domestic and foreign. “Without a holistic solution on talent development and supply, Malaysia can never achieve the economic complexity, high-tech industrial ecosystem, net-zero target or the economic security envisaged by the NIMP 2030,” he said at the Memorandum of Understanding signing ceremony between MIDA and MOHE, to which the Minister of Higher Education Datuk Seri Zambry Abd Kadir was also present. According to Tengku Zafrul, the collaboration is in line with the aspirations of the MADANI Economy framework that aims to create graduates and skilled talent to crown Malaysia among the 30 largest economies in the world by 2033. He said that investment in the industrial sector is one of the most stable job creators for a country. “This is the kind of steady and enduring capital that Malaysia needs,” he said. Between 2021-2023, he noted that as many as 150,000 job opportunities were created through 2,386 approved manufacturing projects. Out of this, over 81% have already been implemented and most of those opportunities are for high-income skilled talents for Malaysians. “For manufacturing projects that were approved for that period, a total of 3,678 (over 83%) have been implemented, while 612 (14%) projects are at the planning stage,” he stated. Tengku Zafrul said that in 2023 alone, the project implementation rate shows that more than 63% (559 projects) have been implemented, covering projects in the production stage, factory construction or machine installation. “Typically, each project takes 18 to 24 months to implement. Almost 35% (309 projects) are at the planning stage including activities such as location determination and discussions with developers and consultants. “Only 1.25% (11 projects) have yet to be implemented and 4 other projects that cannot take place for certain reasons, including changes in investor strategy,” he explained. He added that the current rate is encouraging as this investment is unlike the capital market where funds can go in immediately, but can also be withdrawn in just a few hours. “When we ensure a robust talent pipeline, we will strengthen Malaysia’s industrial capacity and this is where we can push value proposition that Malaysia is where global starts,” Tengku Zafrul said, adding that Malaysia is where global companies can situate their regional hubs and where homegrown companies can grow into global champions. — BERNAMA