KUALA LUMPUR, Nov 1 — With various incentives for automation, research and development (R&D), and upskilling, the proposed Budget 2022 will establish a vibrant ecosystem for multinational corporations (MNCs) and fast-growing companies to thrive by creating globally competitive Malaysian small and medium enterprises (SMEs).
A flourishing local ecosystem is crucial for MNCs in making Malaysia or Greater Kuala Lumpur (GKL) as a regional base, thus InvestKL will support the GKL Live Lab, an initiative that aims at attracting global companies to collaborate with local players to elevate GKL’s competitive advantages for quality, innovation-led and knowledge-intensive activities.
The initiatives set forth in Budget 2022 are well suited to InvestKL’s role in ensuring that MNCs in GKL continue to grow and expand their activities while also attracting more high-quality investments.
InvestKL said Budget 2022 has a significant focus on rebuilding and restoring the SMEs in the post-pandemic recovery phase next year and propelling them toward developing the capacity to fulfil industry’s future needs, which is supported by the allocations to retrain the workforce.
Chief executive officer Muhammad Azmi Zulkifli said the spending plan seeks to jumpstart the economy and kickstart investments by providing incentives to new economic sectors, while retraining the labour force accordingly to support the industry’s needs to move up the value chain.
“Most importantly, the budget emphasis on digitalisation, Industry4WRD and environmental, social and governance (ESG) stays true to the Shared Prosperity Vision 2030 principles to build Malaysia as a nation that achieves sustainable growth,” he said in a statement today.
InvestKL is well on track to secure RM20 billion in new foreign investments over the next 10 years, he added.