Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Tengku Abdul Aziz recently shared a video on X (formerly Twitter) to explain the requirements needed for an investment to be approved by the Malaysian Investment Development Authority (MIDA).
The video, presented in the style of a short skit (with mild comedic elements), shows Zafrul acting as a teacher (complete with a rotan) who is educating four individuals pretending to be his students about investment approvals in a classroom. Zafrul said that a Memorandum of Understanding (MOU) between two companies is not considered an approval of investment by MIDA. 'The application of a company to run business activities is approved under the Industrial Coordination Act 1975. If the company has shareholder funds of at least RM2.5 million or a minimum of 75 full-time employees, it is required to submit an application for a manufacturer’s licence to MIDA first,' Zafrul explained. Some of the details the company are required to submit are: Additionally, Zafrul also highlighted a list of requirements for approval: 'We want to create high-income jobs for the people. If all of them want unskilled workers, in the long run, how will the country advance?' he said. Furthermore, Zafrul explained that the need to declare source of materials in the application is to ensure new factories or businesses will use locally-sourced materials, which in turn will help local suppliers generate better income 'Because of this, new businesses will also be established to meet the demands of the industry, and that’s how the country’s ecosystem will grow,’ he added. Two more important components that are required to be submitted to MIDA are the company’s revenue projections, as well as research and development (R&D).
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