Budget 2023: Miti continues to revitalize the national economy through a competitive strategy

Minister of International Trade and Industry (Miti) Datuk Seri Mohamed Azmin Ali (right) and Foreign Minister Datuk Seri Saifuddin Abdullah (left) attend the parliamentary session for the tabling of the 2023 budget, on 7 October 2022. — Photo by Hari Anggara

Saturday, October 08, 2022 4:53 PM MYT

KUALA LUMPUR, October 8 – The Ministry of International Trade and Industry (Miti) will continue to foster the development of quality industries, international trade and investment by developing a competitive strategy for Malaysia on the global stage, as well as by stimulating the national economy. be dynamic, progressive and sustainable for the well-being of populations.

His Chief Minister Datuk Seri Mohamed Azmin Ali said that to ensure investment momentum remains strong, his ministry will focus on three sectors, namely trade and sustainable development, supply chain resilience and the development of human capital.

“Meanwhile, allocations to Miti in the 2023 budget totaling RM1.557 billion, comprising operating expenditure of RM625.09 million and development expenditure of RM932.45 million, will continue to bolster the initiatives of the ministry. and its 13 agencies.

“The allocations will be used to revitalize the country’s economy so that it remains competitive, particularly in developing industries, boost international trade and attract quality investment,” he said in a statement. press following the tabling of the 2023 budget.

Mohamed Azmin said Miti will continue its efforts to maintain Malaysia’s status as a premier investment destination to attract new high quality, high tech and green technology investment.

This is in line with the recently launched new investment policy, which emphasizes environmental, social and governance principles and propels the country’s long-term growth trajectory.

In order to protect a clean environment, the supply of electric vehicles (EV) in the market is encouraged.

“Therefore, Miti has discussed with the Ministry of Finance the government’s decision to grant an approved Permit Fee (AP) waiver of RM10,000 on each EV unit imported by public AP licensed companies nominated by Miti.

“We hope this exemption will support Miti’s efforts to increase electric vehicle offerings in the market, which will directly contribute to the development of the electric vehicle ecosystem in line with the 2020 National Automobile Plan, as well as the goal of making Malaysia the regional automotive hub for the production of energy-efficient vehicles (EEVs), including EVs,” he said.

Miti is steadfast in the multilateral trading system anchored on the principles of the World Trade Organization.

Malaysia, he said, will pursue export market opportunities through free trade agreements such as the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). ), adopt a business-friendly and pragmatic regulatory environment, as well as provide support to local industries, especially small and medium-sized enterprises (SMEs) and the youth generation to enable them to face future challenges. — Bernama

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