KUALA LUMPUR – The Malaysian Investment Development Authority (MIDA) and Bank Islam Berhad (Bank Islam) inked a Memorandum of Understanding (MOU) here recently.
Both parties agree to form a partnership that provides a financial platform and seamless end-to-end banking services by Bank Islam to new and existing domestic and foreign investors in Malaysia.
The MOU was signed by MIDA’s Director of Domestic Investment Division Sukri Abu Bakar and BIMB Group Chief Business Officer (Retail) Mizan Masram.
Also at the event were MIDA CEO Datuk Arham Abdul Rahman, BIMB Group CEO Mohd Muazzam Mohamed, MIDA Deputy CEO (Investment Promotion & Facilitation) Sivasuriyamoorthy Sundara Raja, and BIMB Head of SME Banking Division Rizal Mohd Yusof.
SMEs to gain from this partnership
Arham expressed appreciation for the collaboration which will stimulate local businesses and aid Malaysia’s economic recovery effort.
“In response to the changing global business landscape, MIDA strives to promote the development of industrial ecosystems. We also seek to partner with relevant parties to maintain our robust ecosystem. We believe this allows companies, including small and medium-sized enterprises (SMEs), to thrive.
“Malaysia’s SMEs are key to the economy as they contribute more than a third of the gross domestic product (GDP). SMEs also provide job opportunities to more than four million workers in Malaysia. MIDA hopes to leverage the opportunity to promote various fundraising facilities. We want to empower and finance commercial growth, profitable ideas and businesses, allowing entrepreneurs and business owners to raise capital from the public and private markets,” he said.
Meanwhile, Mohd Muazzam Mohamed said this collaboration will allow foreign SME investors to venture and strengthen market presence in Malaysia.
“This partnership between MIDA and BIMB would provide a platform to over 3,000 SMEs within our portfolio the access and opportunity to expand offerings to markets beyond our shores.
“It also explores opportunities to be part of the Domestic Investment Strategic Fund (DISF) and other grants provided by MIDA. We will be able to provide customised financing packages to SME investors which will include financial guidance and accessibility through our mobile app. Clients can use this digital marketing platform to advertise events, other resources, products and services on the SMEXpert app,” he added.
MIDA also expressed that this MOU demonstrates their ongoing commitment in pursuing high technology, value-added and innovative investment projects both from domestic and foreign companies.
The partnership is seen as being timely to provide adequate and financial support to industry players, particularly domestic investors, in expanding the Government’s efforts to facilitate investments in Malaysia, which is consistent with the National Investment Aspirations (NIA) framework in driving economic growth.
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