Strategic investors investing at least RM5 billion enjoy immigration facilitation - MITI
BERNAMA
Julai 25, 2023
This is mainly for investments in the targeted manufacturing sector that the government is encouraging through the upcoming New Investment Policy (NIP) and New Industrial Master Plan (NIMP) 2030.
Strategic investors investing at least RM5 billion enjoy immigration facilitation - MITI
This is mainly for investments in the targeted manufacturing sector that the government is encouraging through the upcoming New Investment Policy (NIP) and New Industrial Master Plan (NIMP) 2030.
KUALA LUMPUR: Malaysia will provide immigration facilitation to strategic investors who make quality investments with a value of at least RM5 billion in Malaysia, as announced by the Ministry of Investment, Trade and Industry (MITI).
This is mainly for investments in the targeted manufacturing sector that the government is promoting through the New Investment Policy (NIP) and the upcoming New Industrial Master Plan (NIMP) 2030, he said in a statement on Monday.
A strategic investor is defined as any strategic individual for investment, including company owners, top management and key decision makers.
Strategic investors can be granted a specially tailored Talent Residence Pass (RP-T) without the need to obtain an existing employment pass or have a previous working presence in Malaysia.
According to MITI, this pass, processed by Talent Corporation Malaysia Bhd (TalentCorp), will facilitate the entry and stay of eligible investors, as well as their spouses and dependents for up to 10 years in Malaysia.
He said RP-T fast track candidates are identified and proposed by certain agencies based on their investment value and/or potential for consideration by the RP-T Fast Track Committee.
MITI also announced details of immigration facilitation for nomadic workers, defined as digital freelancers, independent contractors and remote workers in the manufacturing sector targeted under NIP and NIMP 2030.
"The Digital Nomad Pass for the manufacturing sector will enable digitally or technically skilled foreign workers to stay in Malaysia with their spouses and dependents for up to two years, taking advantage of the DE Region Digital Nomad Pass introduced in October 2022 by the Malaysian Digital Economy Corporation (MDEC)," he said.
The presentation of passes by Prime Minister Datuk Seri Anwar Ibrahim to several investors and nomadic workers was held at the Prime Minister's Department yesterday.
Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the RP-T and DE Rantau Digital Nomad Pass are part of the government's comprehensive efforts to improve and strengthen the country's investment landscape and ecosystem.
"This immediate step is important for Malaysia to take advantage of the multinationals' current restructuring of their global supply chains as they shift from cost efficiency to supply chain security as part of their global risk diversification strategy," he said.
Tengku Zafrul said the facilitation of immigration for the manufacturing sector would help attract high-value investment of quality and highly skilled professionals as well as increase the competitiveness of the local workforce and drive digital entrepreneurship.
The immigration facilitation is jointly coordinated by MITI with the Ministry of Home Affairs, the Ministry of Human Resources, the Ministry of Communications and Digital, the Malaysian Immigration Department, the Malaysian Investment Development Board, TalentCorp and MDEC.
Immigration facilitation for strategic investors and nomadic workers in the manufacturing sector was announced by the Prime Minister on 14 July 2023, to improve the ease of doing business and facilitate foreign direct investment and domestic direct investment in Malaysia.
For the record, Malaysia attracted RM71.4 billion in approved investment in the first quarter of 2023 with the service sector leading the other sectors with a value of RM53.6 billion, accounting for 75.1 percent of the total approved investment.
The information and communication subsector ranked second with approved investments worth RM24.9 billion, representing 46.5 percent. Malaysia's manufacturing sector attracted RM15.6 billion or 21.8 percent of the total approved investment.
