Malaysian Investment Development Authority to hold major talks on green technology

Malaysian Investment Development Authority will create incentives for businesses implementing green technology

Christina Mercer Jul 06th 2018 A-A+
kuala-lumpur-malaysia-100758979-orig.jpg

In a bid to increase investment in ‘green’ technology, the Malaysian Investment Development Authority (MIDA) will hold briefings on investment opportunities and green incentives within the sector.

The briefings - to be held in Kota Bharu and Kuala Terengganu on 9 and 10 July - will discuss challenges for green technology and the incentives provided by the government such as tax breaks and investment tax allowances.

In a statement today, the MIDA said: “MIDA hopes the programme this time can attract more entrepreneurs in the East Coast states to enable them to understand what green technology is all about and the opportunities available for them in this industry.

“These include the installation of energy-efficient devices and reducing waste through recycling initiatives. Such approaches are sustainable efforts towards energy conservation which will help reduce environmental degradation and greenhouse gas emissions, hence improving health levels and the environment."

This programme is intended to be an extension of the MIDA’s previous work in the green tech sector.

In 2017, 52 green technology initiatives were approved by the MIDA resulting in 13 billion Malaysia Ringgit (c.£243 million).

Malaysia has a rich history of investing in green technology. The Malaysian Green Technology Corporation (GreenTech Malaysia) works with the Ministry of Energy, Green Technology and Water to create green technology that improves socio-economic growth within the region.

In 2009, under then prime minister Datuk Seri Najib Tun Razak, the Malaysian government launched the National Green Technology Policy to support the growth of green industries surrounding energy, the environment and the economy, all underpinned by a social perspective.

The initiative aimed to bring about the right structures and frameworks to make organisations able to easily implement green technology.

"We are planning for greater promotion of foreign direct investments on green technology, to foster domestic direct investments and local industry participation," said Datuk Seri Najib Tun Razak in 2009.