Lokman (third left) and Chin (second left) visiting one of the booths at SiTS 2019 in Sabah Trade Centre, Likas yesterday.
KOTA KINABALU: None of the companies from Sabah have received the federal Domestic Investment Strategic Fund (DISF) scheme that could help businesses to be future-proof, said International Trade and Industry Minister Datuk Darell Leiking
Leiking reiterated the Ministry of International Trade and Industry (MITI) and its agencies are ready to assist and intensify efforts to help companies including service providers to be on Malaysia’s current Industry4wrd direction.
He said companies, including service providers, need to invest in talent and technology to improve productivity and capability in preparation for an industrialized nation.
“MIDA (Malaysian Investment Development Authority), an agency under MITI is offering DISF to Malaysian-owned companies seeking to accelerate the shift to high value-added, high technology, knowledge intensive and innovation-based industries,” said Leiking, whose speech was read by MITI secretary general Datuk Lokman Hakim Ali, at the Sabah International Trade Show (SiTS) 2019 at Sabah Trade Centre here yesterday.
“Since the introduction of this scheme in 2012, MIDA has approved 308 projects with investments amounting RM14.7 billion with an approved grant value of RM1.51 billion. However, there is no company in Sabah that has received a grant under the DISF scheme but there is one project in Sabah that has been granted the Less Developed Areas Incentive,” he revealed.
The incentive for Less Developed Area (LDA) was introduced by the government to assist states that received lower investments compared with more developed states.
“We hope to see companies in Sabah applying for all these incentives as this can go a long way in helping companies to be more active in the global value chain as well upgrade themselves,” he said.
“Therefore, I urge all companies to take advantage of the available facilities provided by the government such as the matching grant under DISF, and the Less Developed Area Incentive,” he emphasised.
Leiking said Sabah, a state with vibrant destinations for investment because of its natural beauty and rich natural resources, has a total of 769 manufacturing projects with implemented investments worth RM19.84 billion since December 2018.
He elaborated on the projects, particularly in the food manufacturing, paper, printing and publishing, wood and wood products, chemical and chemical products, and non-metallic mineral products sectors, have created more than 91,000 jobs.
The first edition of SiTS, organized by Dreamforce Productions Sdn Bhd and led by the company’s managing director Leslie Chin, included more than 90 exhibitors and industry players.