VentureTECH lauds formation of National Committee on Investment

KUALA LUMPUR, Oct 17 -- VentureTECH Sdn Bhd (VentureTECH) lauds the establishment of the National Committee on Investment (NCI) under the 2020 Budget which will reduce turnaround time in approval of investments.

Managing director Dr Norida Abd Rahman said the move bodes well for local small and medium enterprises (SMEs) development, and will lead to a surge in approved investments in the future.

Additionally, she said the move to encourage automation and improve company productivity via grants, tax and wage incentives will propel the country in its race towards achieving high-income status.

“It is imperative that companies automate to remain relevant and engage in higher-value activities -- generating higher value-added jobs that will increase national productivity,” she said in a statement today.

Norida added that the initiatives under the budget will help to promote Malaysia as an attractive investment destination through special investment incentive packages worth up to RM1 billion to entice Fortune 500 companies and global unicorns in the high technology, manufacturing, creative and economic sectors.

She said at the same time, the investment incentive packages worth up to RM1 billion which targets promising Malaysian businesses capable of penetrating global export markets will further motivate local businesses to prove their ability to grow and establish global footings.

VentureTECH is an investment company which was incorporated as a wholly-owned subsidiary of the Malaysian Industry-Government Group for High Technology.

--BERNAMA