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Sunday, March 31, 2024

Targeted subsidies implementation will not affect foreign investments, says Tengku Zafrul

Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz (centre) delivers a speech during the Ihya Ramadan and Iftar event at Masjid Jamek Al Ansar, Felcra Changkat Lada March 31, 2024. — Bernama pic

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Sunday, 31 Mar 2024 11:29 PM MYT

PASIR SALAK, March 31 — The implementation of targeted subsidies in the future, as considered by the government, will not affect foreign investments in the country, said Minister of Investment, Trade and Industry Datuk Seri Tengku Zafrul Abdul Aziz.

He said the implementation, if carried out, would not affect foreign investments because investors have invested for the long term.

The investors focus more on looking at the policies as well as national policies that are consistent before deciding to invest in this country, he said.

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“For example, I mention the semiconductor sector… this sector started in the 1970s and it has been 50 years, and that is the focus for our investors to see how the country’s policies are, if consistent they will invest.

“In terms of costs, we are still low compared to other countries because most companies do not receive targeted subsidies. Therefore, even if the subsidies are withdrawn for large companies, they and also investors will compare us with other countries, and our country is still attractive in terms of costs,” he told a press conference after the Ihya Ramadan and Iftar event at Masjid Jamek Al Ansar, Felcra Changkat Lada near here, today.

Tengku Zafrul said this when asked whether the implementation of targeted subsidies that is being considered by the government would affect foreign investments in Malaysia.

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Earlier, he presented contributions to the asnaf group and prospective Hajj pilgrims at the event.

Meanwhile, regarding the Malaysia-Korea Free Trade Agreement (MKFTA), Tengku Zafrul said both parties will begin discussions at the officials’ level in May this year.

“We have just agreed to resume our negotiations because in 2019 the negotiations were suspended due to issues that we felt were not favourable to our side.

“In the discussions before we resume, the Korean side has agreed to consider and understand sensitive issues, especially in sectors we feel are important in the country, so we resume. There are no details yet, maybe after the May meeting I can provide an update,” he said.

On March 26, 2024, the Ministry of Investment, Trade and Industry (Miti) announced that Malaysia and South Korea have resumed the MKFTA, which is set to increase bilateral trade and investment between the two countries.

According to Miti, both countries are also parties to the Asean-Korea FTA and the Regional Comprehensive Economic Partnership (RCEP) agreement.

Apart from that, regarding the electric vehicle (EV) charging stations in the country, Tengku Zafrul said his discussions with the relevant parties found that they are confident in building more charging stations due to high demand.

“I am trying to ensure that we can achieve the targets,” he said.

Tengku Zafrul was reported saying that Miti would review the target of 10,000 EV charging stations operating in the country by 2025 as previously set. — Bernama

Kaylie Pferten
Kaylie Pferten
A pilot of submersible crafts in a former life, now married to my husband David and writing about investment advice.

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