Malaysia provides four new tax subsidies to attract overseas investment, said Malaysian Minister of International Trade and Industry Mustapa Mohamed lately.
The tax subsidies launched by Malaysian Investment Development Authority (MIDA) are applied in the undeveloped areas or sectors, management of industrial zone, capital promoting industrial automation, and major hub building, he said.
The first three subsidies have taken effect since April 6, the last subsidy will be implemented from May 1.
Malaysian government has approved 3,498 projects of five economic corridors’ development during the past eight years, attracting domestic investment of 99.09 billion ringgit (about 27.29 billion U.S. dollars) and foreign investment of 165.65 billion ringgit (about 45.62 billion U.S. dollars) and creating 381,000 jobs, said the minister.
He believed the four subsidies will enhance the competitiveness of Malaysian enterprises and attract more foreign investment.
Media reviews said these newly launched subsidies, especially those to the multinational corporations which build major hubs in Malaysia, will promote the country's competitiveness, enhance international operation of infrastructure, and expand the scale of offshore outsourcing.