According to Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz, the ministry is tasked with streamlining and realigning the IPA landscape and will come out with a plan soon.
Malaysia has in total 31 IPAs, including the Malaysian Investment Development Authority and federal location agencies such as InvestKL, state location agencies and federal sector agencies that are looking to secure investments. “The discussions with the IPAs I had was to talk about how we can make transformational changes to ensure that Malaysia remains competitive. We are still at a highly competitive level but we don’t want to be complacent, as neighbouring countries are moving ahead very fast.
“In the first meeting, one of the issues we will discuss is how to refocus, restrategise and streamline these activities so that the process will encourage more investments into the country,” Tengku Zafrul said. Meanwhile, he said the weakening ringgit had little effect in the short term in attracting investment inflows since these investments are longer term in nature.