MITI: Strategic investors making at least RM5bil investment to enjoy immigration facilitation

KUALA LUMPUR: Malaysia will provide immigration facilitation to strategic investors making quality investments worth at least RM5 billion in Malaysia, the Ministry of Investment, Trade, and Industry (Miti) announced today.

This is particularly for investments in target manufacturing sectors promoted by the government through the New Investment Policy (NIP) and the upcoming New Industrial Master Plan (NIMP) 2030, the ministry said in a statement.

A strategic investor is recognized as any strategic individual for investments, covering company owners, top level management, and key decision makers.

Strategic investors can be granted a specially tailored Residence Pass Talent (RP-T) without the need to obtain a current employment pass or having a previous employment presence in Malaysia.

Miti said this pass, processed by Talent Corporation Malaysia Bhd (TalentCorp), will facilitate the entry and stay of eligible investors, as well as their spouses and dependents for up to 10 years in Malaysia.

RP-T fast-track candidates are identified and recommended by their respective agencies based on their investment value and/or potential for consideration by the RP-T Fast Track Committee, it said.

Miti also announced the details of facilitating immigration for nomad workers, defined as digital freelancers, independent contractors and remote workers in targeted manufacturing sectors under the NIP and NIMP 2030.

“The Digital Nomad Pass for the manufacturing sector will allow digitally or technically skilled foreign talents to stay in Malaysia with their spouses and dependents for up to two years, on board the DE Rantau Digital Nomad Pass newly introduced in October 2022 by the Malaysian Digital Economy Corporation (MDEC),” it said.

A presentation of passes by Prime Minister Datuk Seri Anwar Ibrahim to some investors and migrant workers was held at the Prime Minister’s Department today.

Investment, Trade and Industry Minister Tengku Datuk Seri Zafrul Abdul Aziz said the RP-T and DE Rantau Digital Nomad Pass are part of the government’s holistic efforts to improve and strengthen the country’s investment landscape and ecosystem.

“This immediate step is crucial for Malaysia to capitalize on multinationals’ current redesign of their global supply chains, as they move away from cost-efficiency towards supply chain security as part of their global risk diversification strategy,” he added.

Tengku Zafrul said that facilitating immigration for the manufacturing sector would help attract high-quality, high-value investments and highly skilled professionals, as well as improve the competitiveness of the local workforce and stimulate digital entrepreneurship.

The immigration facilitation is coordinated by Miti together with the Home Affairs Ministry, Human Resources Ministry, Communications and Digital Ministry, Immigration Department of Malaysia, Malaysia Investment Development Authority, TalentCorp, and MDEC.

Immigration facilitation for strategic investors and nomad workers in the manufacturing sector was announced by the Prime Minister on July 14, 2023, to improve the ease of doing business and facilitate both foreign direct investment and domestic direct investment in Malaysia.

For the record, Malaysia secured RM71.4 billion in approved investments in the first quarter of 2023 with the service sector leading the rest with RM53.6 billion, accounting for 75.1 percent of total approved investments.

The information and communication sub-sector came second with approved investments worth RM24.9 billion, representing a whopping 46.5 per cent share. Malaysia’s manufacturing sector attracted RM15.6 billion, or 21.8 per cent, of the total approved investment. – Bernama

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