KUALA LUMPUR, Nov 26 (Bernama) -- The Ministry of Investment, Trade and Industry (MITI) is committed to ensuring that every joint venture (JV) project with foreign companies makes a significant contribution to the development of local workforce capacity and competencies.
The ministry said this is to enable the nation to maximise economic spillovers and ensure that JVs with foreign firms act as drivers of sustainable, high-impact national industrial development.
“MITI always ensures that JV projects with foreign companies deliver genuine added value to the country.
“This includes building the capacity and skills of the local workforce, as well as participation in high-value activities such as engineering, research and development (R&D), and advanced manufacturing technologies, rather than being limited to assembly or operations,” it said in a response posted on the Parliament’s website today.
MITI was responding to Datuk Mohd Shahar Abdullah (BN–Paya Besar) about the measures it is taking and plans to take to ensure joint venture projects with foreign companies can maximise the development of capacity and competencies among local workers — particularly during the construction and technology-transfer phases — rather than being limited to assembly and operation sites.
The ministry said it is implementing several initiatives via the Malaysian Investment Development Authority (MIDA), including setting specific conditions for investment projects approved for tax incentives and strengthening the supply chain ecosystem between local companies and multinational and large domestic firms.
“MIDA has also developed the i-Services Portal as a platform to connect service providers with investors, including foreign investors, and operates the Domestic Investment Coordination Platform (DICP), which supports the growth of local small and medium enterprises (SMEs).
“In addition, MIDA introduced the New Investment Incentive Framework (NIIF) under the 2025 Budget, which will be implemented for the manufacturing sector starting in the first quarter of 2026 and for the services sector starting in the second quarter of 2026,” it added.
-- BERNAMA
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