Miti said the decision to rebrand the ministry was made by Prime Minister Anwar Ibrahim at a Cabinet meeting last week.

It said the rebranding was in line with the ministry’s function of encouraging foreign investment, boosting domestic investment, strengthening international trade, and empowering sustainable industrial development.

“This is also in line with the government’s aspirations to further boost investment promotion activities as outlined under the National Investment Aspiration for continued development to rebuild the national economy,” it said in a statement today.

The ministry is led by Tengku Zafrul Aziz, who is assisted by Liew Chin Tong.

It has been known as the international trade and industry ministry since 1990, having previously been named the trade and industry ministry.