MIDA PARTNERS MIER TO STRENGTHEN MALAYSIA’S INVESTMENT CLIMATE

KUALA LUMPUR, Sept 19 (Bernama) -- The Malaysian Investment Development Authority (MIDA) and the Malaysian Institute of Economic Research (MIER) have established a strategic partnership focused on enhancing Malaysia’s economic and investment climate through data-driven research, analysis, and collaboration.

The memorandum of agreement (MoA) was exchanged today between both parties by MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid and MIER executive director Dr Anthony Dass.

MIDA board member Tan Sri Soh Thian Lai and MIER board member Tan Sri Dr Sulaiman Mahbob witnessed the exchange.

Sikh Shamsul Ibrahim said that by integrating MIDA’s extensive experience in investment facilitation with MIER’s comprehensive economic research, both parties will be able to foster a more competitive and resilient investment environment.

“This partnership is the first of its kind between MIDA and MIER, and I am confident it will unlock new opportunities for both organisations and the nation at large.

“Our collaborations will be guided by shared values of transparency, strategic foresight, and innovation, ensuring that Malaysia continues to be well-positioned to tackle economic challenges and capitalise on emerging opportunities,” he said in his welcoming remarks during the MoA exchange here today. 

He said the MoA aligned with strategic objectives under the New Industrial Master Plan (NIMP) 2030 and reflected a commitment to positioning Malaysia as a premier investment destination on the global stage. 

Echoing Sikh Shamsul Ibrahim, Dass said that Malaysia is demonstrating resilience while the global economy continues to face geopolitical uncertainties and financial market turbulence.

“With our gross domestic product (GDP) growth outpacing expectations -- growing from 4.2 per cent in the first quarter of 2024 (1Q 2024) to 5.9 per cent in the second quarter of 2024 (2Q2024) -- and private consumption forecasted to rise by 5.6 per cent in 2024, the outlook remains positive. 

“Strong domestic demand and robust private investments, with RM160 billion in approved investments in the first half of the year, show the confidence investors have in Malaysia,” he said. 

During today’s event, MIDA and MIER also launched the MIDA-MIER Monthly Business Conditions Survey Report, which will be published monthly to provide key insights into Malaysia’s manufacturing sector.

The survey, conducted in July 2024, reveals that the sector is expected to maintain its growth momentum, with over 70 per cent of companies expressing optimism about current and future sales and production prospects.

MIDA-MIER Monthly Business Conditions Survey Report will be accompanied by MIER’s Monthly Economic Review, which offers a broader analysis of global and domestic economic trends, covering key markets such as the US, China, and Europe, along with forecasts on Malaysia’s economic growth and the performance of the ringgit.

-- BERNAMA