InvestKL Becomes a Subsidiary of MIDA Effective June 1 – MITI
KUALA LUMPUR: The Ministry of Investment, Trade, and Industry (MITI) has begun consolidating all functions of investment promotion agencies under the Malaysian Investment Development Authority (MIDA).
This consolidation aims to eliminate duplicate functions, prevent investor confusion, and enhance investment facilitation, MITI said in a statement today.
“For this purpose, Invest KL Corporation (InvestKL), an existing agency under the ministry, will become a subsidiary under MIDA effective June 1, 2024, reflecting the government’s holistic MADANI approach towards improved public resource utilization and better public service delivery,” it said.
The ministry stated that it will ensure a smooth transition, particularly in transferring InvestKL’s operations to MIDA and efficiently aligning all functions within MIDA’s operational framework.
“During this transition phase, all existing investors under InvestKL will continue to be assisted and guided appropriately, as MITI remains committed to positioning Greater Kuala Lumpur as a leading global services hub,” it added.
According to the statement, these efforts will also be carried out in tandem with mapping the existing skills and expertise within MIDA to support the efficient implementation of various key policies such as the New Industrial Master Plan 2030, the Chemical Industry Roadmap 2030, and the recently announced National Semiconductor Strategy.
MITI mentioned that it will also prioritize processes aimed at enhancing investor experience, such as through the Malaysian Investment Facilitation Center established in December 2023, a multi-agency center at MIDA to expedite the resolution of investor administrative issues.
Based on the latest data for the first quarter of 2024, a total of 725 cases were assisted, with 612 cases, or 84.4 percent, fully resolved.
“As we move forward, MITI and its supporting agencies remain steadfast in our commitment to ensuring Malaysia remains a preferred destination for global and local investors while building on our current resources to develop a more resilient investment, trade, and industrial landscape for the prosperity of the people, small and medium enterprises, and investors,” the statement concluded.
