Kuala lumpur: The Malaysian Investment Development Authority (MIDA) is intensifying engagement with Nordic investors to position Malaysia's New Incentive Framework (NIF) and broader facilitation ecosystem as key advantages for high-quality foreign investment. MIDA chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid emphasized the potential for Nordic companies to contribute to Malaysia's green economy agenda, particularly in renewable energy, battery and energy storage systems, and environmental technologies.
According to BERNAMA News Agency, Sikh Shamsul Ibrahim expressed confidence in Nordic companies' technological capabilities in environmental and renewable energy sectors. He encouraged these companies to seize opportunities as Malaysia advances its renewable energy expansion and sustainability agenda. His remarks were made during a fireside chat at a networking event hosted by OCBC Bank and the Nordic Chambers and Council.
The event featured senior representatives from the Danish Chamber of Commerce, the Swedish Chamber of Commerce, the Malaysia Norway Business Council, and the European Chamber of Commerce, along with Nordic corporates with an established presence in Malaysia. Sikh Shamsul Ibrahim highlighted the NIF's introduction in March 2026 as a reflection of Malaysia's shift toward attracting investments that offer stronger domestic economic benefits, such as higher-value jobs, localisation, and enhanced supply-chain participation by Malaysian companies.
The NIF employs a scorecard-based assessment covering economic complexity, high-income jobs, industrial linkages, research and development, and environmental, social, and governance considerations. It replaces the Promotion of Investments Act 1986 for manufacturing incentives, which Sikh Shamsul Ibrahim noted was effective in earlier decades but is no longer aligned with current economic priorities.
Sikh Shamsul Ibrahim reiterated MIDA's ongoing engagement with business associations, chambers, and consultants to support investors as they adapt to the new framework. The NIF officially took effect for the manufacturing sector on March 1, 2026, with plans for the services sector to follow in the third quarter of 2026.