Latest news with #RM11.62
New Straits Times
6 days ago
- Business
- New Straits Times
Malaysia approves RM11.6bil in furniture investments
KUALA LUMPUR: Malaysia has approved a total of 1,533 furniture-related projects with a combined investment value of RM11.62 billion as of March this year, according to the Malaysian Investment Development Authority (MIDA) Deputy Investment, Trade and Industry Minister Liew Chin Tong. He noted that 62 per cent of these investments were domestic, while the remaining 38 per cent came from foreign sources. To support the industry's international reach, Liew said the Ministry of Investment, Trade and Industry (MITI), via the Malaysia External Trade Development Corporation (Matrade), continues to offer the Market Development Grant (MDG) to eligible Malaysian companies engaging in international trade promotion. "For overseas trade promotion activities, MATRADE provides up to RM25,000, while for locally held international trade events, RM5,000 is available," he said during a special chamber session in the Dewan Rakyat today. He was responding to a question from Tan Hong Pin (PH–Bakri) on the development of long-term, realistic and flexible policies for the furniture industry. Liew also revealed that 314 furniture companies have benefitted from the MDG so far, with a total of 4,148 applications approved — the highest among all sectors. These grants have disbursed RM12.25 million to companies in the furniture industry, contributing to RM1.46 billion in export sales between January 2021 and 30 July 2025. Addressing industry concerns over market disruption by foreign firms, Liew said the government acknowledges the issue. "While there are currently no restrictions on foreign investments in Malaysia's furniture sector, the government, through MIDA, is shifting its approach and will no longer promote labour-intensive foreign investments in this space," he said. He added that all MIDA offices abroad would be notified that the sector has reached a mature and globally competitive stage, and thus no longer requires foreign investment.
The Sun
6 days ago
- Business
- The Sun
Malaysia approves RM11.62 bln in furniture projects as of March 2025
KUALA LUMPUR: A total of 1,533 furniture projects worth RM11.62 billion have been approved as of March this year, according to Deputy Minister of Investment, Trade and Industry Liew Chin Tong. He revealed that 62% of these investments were domestic, while 38% came from foreign sources. The government continues to support the industry through the Market Development Grant (MDG), administered by MATRADE. Eligible companies receive RM25,000 for overseas trade promotions and RM5,000 for local events. Liew noted that 314 furniture firms have benefited from the MDG, with 4,148 applications approved—the highest among all sectors. 'From January 2021 to July 2025, MDG-assisted furniture companies generated RM1.46 billion in export sales,' he said during a Dewan Rakyat session. The grants disbursed to the sector total RM12.25 million. Addressing concerns about foreign competition, Liew stated that while Malaysia imposes no restrictions on furniture sector investments, MIDA will no longer actively encourage foreign participation, particularly in labour-intensive projects. 'Malaysia's furniture industry is already globally competitive, and we aim to prioritise local growth,' he added. - Bernama
