Kuala lumpur: The Ministry of Investment, Trade and Industry (MITI) has announced an update to its investment incentive framework for the manufacturing sector, which aims to align with targeted outcomes such as increasing economic complexity, creating high-value jobs, and strengthening domestic linkages, according to MITI Minister Tengku Datuk Seri Zafrul Abd Aziz.
According to BERNAMA News Agency, Tengku Zafrul outlined the ministry’s strategic focus during his address at the Malaysian Institute of Certified Public Accountants’ (MICPA) 67th Annual Dinner. He emphasized that the new framework includes specific key performance indicators (KPIs) for each intended outcome, encouraging financial professionals to advise clients on meeting these KPIs to qualify for better investment incentives.
The update aligns with the New Industrial Master Plan 2030 (NIMP 2030), which includes missions to enhance economic complexity, advance net-zero agendas, embrace digitalization, and ensure economic inclusivity and security. Tengku Zafrul highlighted the critical role financial professionals play in measuring impact, assessing risk, and ensuring accountability to drive Malaysia toward an advanced, sustainable, and inclusive economy.
Additionally, under a sub-policy of NIMP 2030 named the Green Investment Strategy (GIS), the Malaysian Investment Development Authority (MIDA) has been tagging approved investments since its launch in 2024. This strategy focuses on building capacity in sectors like renewable energy, green mobility, green hydrogen, and carbon capture, utilization, and storage (CCUS), which are identified as ‘blue ocean’ sectors by MITI, thereby encouraging advisory expertise in these areas.
Tengku Zafrul also highlighted the vital role accountants play in sustaining market confidence as Malaysia navigates the global trading landscape. He noted that whether through investments in manufacturing, services, or capital markets, the accounting profession is crucial in achieving national economic policy outcomes. He emphasized the growing investor interest in sustainable practices that prioritize planet- and people-friendly factors, which accountants are instrumental in supporting to attract and retain investments in Malaysia.