KUALA LUMPUR: The Malaysian Investment Development Authority (Mida) has launched new funding initiatives aimed at catalysing Malaysia's industrial growth and fostering economic development.

These initiatives include the Domestic Investment Accelerator Fund (DIAF), the Madani Smart Automation Grant (SAG Madani), and the Foreign Investment Accelerator Fund (FIAF) which are set to play a pivotal role in advancing Malaysia's economic landscape.

Mida said DIAF and SAG Madani have been strategically designed to offer a variety of tailored solutions that assist in the development of high-value economic activities for local manufacturers and service providers.

"They also encourage our local businesses to upgrade their capabilities and expand their scope of operations, aligning with Malaysia's commitment to fostering innovation, automation, digitalisation, and the adoption of sustainable ESG practices,” it said in a statement today.

FIAF is tailored for multinational companies (MNC) operating in Malaysia to facilitate the seamless transfer of cutting-edge know-how within the high-technology sector through research and development (R&D) initiatives and comprehensive training activities.

"This strategic approach is poised to nurture a highly skilled and high-income local workforce while preserving Malaysia’s competitiveness in an evolving global industrial landscape,” it added.

Mida chief executive officer Datuk Wira Arham Abdul Rahman said DIAF, SAG Madani, and FIAF are powerful catalysts propelling the nation towards a sustainable and dynamic industrial ecosystem.

"With the support of Mida, these funds will empower businesses especially local SMEs and mid-tier companies to innovate, expand, integrate into the technologically evolving global supply chain and actively contribute to our nation's economic progress,” he said.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said Mida’s newly launched funds are among the first concrete steps to support industries in upgrading their capacity for higher value economic activities and facilitating knowledge transfer from foreign investors to domestic companies.

"By nurturing local talent, fostering partnerships, and promoting technological advancement, we are not just catalysing sustainable economic growth; we are also setting the stage for Malaysia to be at the forefront of the global industrial landscape by 2030 and beyond, as well as ensuring the prosperity of our companies and our people,” he said in the same statement. - Bernama

Source: The Star