The Malaysian Investment Development Authority has identified 433 new projects which have the potential to bring in RM97.4 billion worth of new investment to the country, said International Trade and Industry Minister Datuk Seri Mohamed Azmin AliHe said these high-impact projects are expected to have a direct impact on the country’s economic growth.
Among the initiatives introduced under Prihatin includes the introduction of tax exemption for 10 to 15 years for new foreign direct investment in the manufacturing sector involving capital investment of RM300 million or more. Mohamed Azmin also said the 6.3% to 7.5% Gross Domestic Product growth next year projected by international agencies was also proof of foreign investors’ confidence in Malaysia’s economy.
This is after the world body had revised the country’s GDP to a contraction of 3.8% due to the negative global impact in the first half of this year.