Highlights of the Prime Minister’s Key Note Address at the Invest Malaysia Conference 2019

The Prime Minister of Malaysia, Tun Dr. Mahathir bin Mohamad, delivered the keynote address at the Invest Malaysia Conference 2019 earlier today.
In his keynote address, the Prime Minister highlighted the structural reforms that are being implemented by the Government subsequent to the 14th Malaysian General Elections in May 2018.
The Prime Minister also announced the following areas of focus for investments –
  1. the Government will encourage and provide incentives to investments and collaborations to turn Malaysia into a hub for digital services and communications;
  1. the Government will continue to seek high value-added, high technology and knowledge-intensive investments in the manufacturing sector. Specific areas of focus will be the aerospace, chemicals and chemical products, machinery and equipment, medical devices and electrical and electronics sub-sectors; and
  1. the services sector will focus on tourism, private healthcare and professional services, as well as retail and food and beverages.
Dr Mahathir also reiterated several measures that were announced at the 2019 Malaysian Budget, namely –
  1. the proposal to rationalise and simplify the investment incentives being offered by the Government. Presently there ae over 130 types of incentives being administered by 32 agencies; and
  1. the reduction of the corporate tax rate from 18% to 17% for 2019 for Small and Medium Sized Enterprises (SMEs) with paid capital of less than RM2.5 million and businesses with annual taxable income of less than RM500,000.