He said the NIIF is an improvement by focusing on high-value activities and economic spillover effects for investment proposals submitted, compared with existing practices or mechanisms that offer investment incentives based on specific products or activities.

“In an effort to increase the influx of foreign investments, the government is focusing on creating a paradigm shift that is no longer focused on the concept of ‘made in Malaysia’, but is more concerned with the new paradigm of ‘made by Malaysia’.

“From the ministry’s perspective, this effort is also focused on the aspiration to develop a ‘local champion’,” he said during a question and answer session in the Dewan Rakyat today.

He was responding to a question by Zulkafperi Hanapi (Independent-Tanjong Karang) who asked about the additional measures that will be taken to ensure that foreign investments continue to increase in 2025.

According to Liew, the government will also take advantage of Malaysia’s role as Asean chair in 2025 to strengthen regional economic cooperation by ensuring Asean continues to be a high-impact platform.

The ministry will also promote Malaysia’s investment ecosystem as a selected investment destination in the region, which at the same time encourages foreign investments, including strengthening the supply chain ecosystem from Asean member countries, he added.