KUALA LUMPUR: The government refuses to incentivise industries that does not add value to the economy under the New Investment Incentive Framework.
Investment, Trade and Industry Deputy Minister Liew Chin Tong said the government wants investment in industries that can help level the playing field between the more advanced cities and less developed states.
He added that the new framework is intended to find ways that will develop industries in the country.
"Malaysia is at the right time to shine as we have accumulated quite a number of strengths which were ignored during the period of time when China was the factory for the world."
"Today, the world has changed and Malaysia is well positioned to take advantage of the complex world. But we can't do it alone , we must do it together with Asean," he said at a panel session at Forum Ekonomi Malaysia.
"The intention is also to level the playing field. Regardless of it being a local or foreign investment, we want to see some of these objectives achieved," he said.
In a separate panel session, Finance Minister II Datuk Seri Amir Hamzah Azizan said with the development of the framework, the government wants to be transparent to those who intend to invest in Malaysia.
"Clarifying the infrastructure is what we bring to the investment framework. It also needs to address national needs.
"We bring in higher investments that create better job quality for Malaysians," he said.
Prime Minister Datuk Seri Anwar Ibrahim announced the New Investment Incentive Framework during the tabling of Budget 2025.
It includes a strategic investment fund worth RM1 billion and is aimed at enhancing the capacity of local talent and encouraging the growth of high-value activities in the country.