MIFA PRESS STATEMENT: Malaysia Industry Forward Association (MIFA) Applauds MITI’s Ambitious Target and Commitment to SME Development

Kuala Lumpur, March 13, 2024 – The Malaysia Industry Forward Association (MIFA) commends the investment, trade, and industry ministry (MITI) for its forward-thinking initiative, as announced by Deputy Minister Liew Chin Tong in Parliament yesterday. MITI has set an ambitious target to nurture 100 local technology companies, each with an annual revenue of RM1 billion by the year 2030.

Deputy Minister Liew Chin Tong reiterated the government’s unwavering commitment to supporting local companies in research and development (R&D) and innovation, with a special focus on aiding small and medium-sized enterprises (SMEs) nationwide. MIFA welcomes this strategic direction, recognizing the pivotal role that SMEs play in driving economic growth and technological advancement.

This significant initiative, spearheaded by MITI, aligns seamlessly with MIFA’s mission to propel Malaysia’s industries towards global competitiveness and innovation. The target of 100 local tech companies achieving RM1 billion in annual revenue by 2030 is not only ambitious but also indicative of Malaysia’s commitment to becoming a technological hub.

Deputy Minister Liew Chin Tong emphasized that the support for SMEs will encompass financing assistance, advisory services, and business guidance, aiming to fortify the SME value chain. MIFA acknowledges the importance of such comprehensive support measures, recognizing that they will contribute to the resilience and growth of SMEs across the nation.

Furthermore, MITI’s collaboration efforts with the Malaysian Investment Development Authority (Mida) in developing joint clusters for the aerospace industry and global shared services in Selangor, Kuala Lumpur, Melaka, and Negeri Sembilan showcase a strategic approach towards industry development and regional collaboration.

Responding to queries from Parliament members, Deputy Minister Liew Chin Tong outlined that MITI’s direction in increasing strategic investments will be guided by 12 revenue-based indicators. This approach, aligned with the new industrial master plan 2030 and national investment aspirations, demonstrates the government’s commitment to ensuring quality and sustainability in investments.

MIFA expresses its gratitude to Deputy Minister Liew Chin Tong and the entire MITI team for their dedication to advancing Malaysia’s industries. As an association committed to fostering growth and innovation, MIFA looks forward to collaborating closely with MITI to realize these ambitious goals and contribute to Malaysia’s economic prosperity.

Ts. Muhammad Didi Hendra Shah ibnu Norharashid

President, Malaysia Industry Forward Association (MIFA)