KUALA LUMPUR, Feb 14 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) is reviewing five legislations to strengthen industrial development which the ministry intends to present to parliament this year.
Deputy Minister Liew Chin Tong, representing MITI Minister Tengku Datuk Seri Zafrul Abdul Aziz, highlighted five key Acts under review, namely the Industrial Coordination Act 1975 (Act 156), which is planned to be replaced by the Industrial Development Bill 2025.
The others are the Countervailing and Anti-Dumping Duties Act, 1993 (Act 504), the Malaysia Productivity Corporation Act 1966 (Act 408), the Standards of Malaysia Act 1996 (Act 549) and the Strategic Trade Act 2010 (Act 708).
Speaking at a town hall session today, Liew said the proposed Industrial Development Bill 2025 seeks to simplify business processes for manufacturers and enhance supply chain resilience, drawing lessons from the COVID-19 pandemic. He recalled that when COVID-19 hit in 2020, Malaysia scrambled to gather data and information to decide which sectors were essential and which were not.
“The draft bill is guided by the spirit of making it easier for manufacturers that fulfill requirements to obtain manufacturing licenses (MLs) and manufacturing status (in place of the current ICA 10), especially through the adoption of digitalisation and streamlining of processes,” he said.
He added that the new Industrial Development Bill 2025 intends to use the issuance of manufacturing licenses and manufacturing status, as well as the once-every-three-year validation, as a mechanism to keep track of local manufacturing activities and build a resilient local supply chain. “Beyond making it easier for manufacturers and ensuring supply chain resilience, the new Industrial Development Bill 2025, which includes elements of star-rating industrial parks, will also be the foundation for Malaysia to build a strong Malaysian industrial base for the next generation.”
The deputy minister highlighted that the reinforced Countervailing and Anti-Dumping Duties Act will be more effective in protecting the local industry against unfairly priced imports, especially when faced with potential global trade wars and disruptions. “The Anti-Dumping Amendment Bill is now at quite a mature stage, while all other bills would require further input to strengthen them. All your feedback is welcome and I assure you that MITI is all ears, listening and flexible in accommodating good suggestions,” he added.
-- BERNAMA
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