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Friday January 11, 2013

RM300m for domestic investment strategic fund


SERI KEMBANGAN: The Government has allocated RM300mil under the Domestic Investment Strategic Fund this year to be disbursed to selected local companies to attract foreign investment.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed said the fund would be managed by the Malaysian Investment Development Authority (Mida).

“Mida has identified 18 local companies from various sectors, including services, electrical and electronic, and engineering sectors to be awarded the fund this year.

“Each company will be given a different amount of fund, on a case-by-case basis,” he told reporters after a working visit to Infovalley Group of Companies.

In July 2012, Prime Minister Datuk Seri Najib Tun Razak announced the establishment of a RM1bil Domestic Investment Strategic Fund.

The fund is intended to accelerate the participation of Malaysian-owned companies in the global supply chain of high-value added, high-technology, knowledge-intensive and innovation-based industries.

The fund would be granted on a negotiable basis, based on the request of the companies and the merits of each case with the objective to enhance technological capabilities of domestic investors.

For the period from July to December last year, a total of RM89mil was disbursed under the fund to eight local companies.

The International Trade and Industry Ministry said the objective of the visit was to promote better understanding of the operations and services provided by Infovalley, in particular the application of next-generation technologies.

“The visit included a demonstration on the digital autopsy facility which has allowed autopsies to be conducted in a non-invasive manner,” it said in a separate statement.

The technology could also be applied in education, healthcare services and logistics. — Bernama

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