KUALA LUMPUR, Sept 14 (Bernama) -- The proactive economic measures announced by the Prime Minister Datuk Seri Najib Tun Razak is a shot in the arm for the domestic industry in sustaining economic growth.
In a statement today, Minister of International Trade and Industry (MITI) Datuk Seri Mustapa Mohamed said these measures were a reflection of the government's commitment to assist and facilitate Malaysian businesses in these challenging economic times.
"Malaysia has one of the most resilient and sound economic fundamentals in the region," he said.
Mustapa said the Working Capital Guarantee Scheme of RM2 billion for small and medium enterprises (SMEs), which was in addition to the RM5 billion Services Sector Guarantee Scheme announced on April 1, would assist viable SMEs to gain access to finance and maintain their operations under current economic constraints.
"I have been having many engagements with the SMEs and one of the issues that they are facing is financing.
"This incentive will help sustain the momentum in business," he said.
The minister said through the 5-30 per cent import duty exemption given to 90 items in the manufacturing sector, manufacturers would be able to reduce the cost of production.
Meanwhile, on the additional Domestic Investment Strategic Fund (DISF) fund allocation of RM1 billion under the 11th Malaysia Plan, he said it was expected to assist the Malaysian Investment Development Authority (MIDA) to drive domestic investment in the country.
It was also expected to accelerate the transition of domestic companies into industries which are high value-added, high technology, knowledge-intensive and innovation-based.
As at Aug 31, 2015, MITI said 181 investment projects have been approved for DISF with grants totalling RM747.5 million.
The beneficiaries of this scheme were from various industries and sectors including electrical and electronics, machinery, transport, services, chemical, oil and gas and food industries, according to Mustapa.
As for the additional RM9 million promotional fund, he said it would assist MIDA to intensify its investment promotion initiatives to Singapore, Europe, Japan, Korea, West Asia, China and the United States.
-- BERNAMA
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