Govt to issue strategic investor pass to make Malaysia global investment destination

Prime Minister Datuk Seri Anwar Ibrahim said today the government will actively issue the Strategic Investor Pass (SIP) for investors to enter Malaysia on a multiple-entry basis.

Through this facilitation, he said, strategic investors identified by the Malaysian Investment Development Authority (Mida) will be able to stay in the country for a minimum of five years with a view to being extended for another five years.

"This initiative is to establish Malaysia as a leader in the Asian economy and a globally competitive investment destination,” said Anwar, who is also Finance Minister, at the Budget 2024 engagement session here.

Anwar said the government has given Bank Negara Malaysia the full authority in deciding on the professionals' entry to Malaysia two months ago.

"Previously, after getting Bank Negara’s approval, they needed to go to the Home Affairs Ministry, causing further delay.

"But starting from two months ago, our decision is to give full autonomy to Bank Negara. Once Bank Negara decides and approves, (it is) automatically approved by all the relevant agencies,” he said.

To streamline Malaysia’s investment promotion agencies (IPAs), he said that by the end of the 2023, the Ministry of Investment, Trade and Industry (Miti) would take the lead in reducing duplication among the IPAs.

"At the same time, (it would) strengthen the focus on handholding both the domestic and foreign investors, with a focus on translating approved investments into realised domestic direct investments and foreign direct investments,” he said.

Anwar also said the government would expand the scope of the Digital Nomad Professional Visit Pass to cover manufacturing-related skills.

"Through this pass, eligible professionals such as electrical and electronics (E&E) and integrated circuit (IC) designers can move to Malaysia and freelance up to two years,” he said.

On Tesla and SpaceX chief executive officer Elon Musk’s planned investments in Malaysia, Anwar said he has instructed Communications and Digital Minister Fahmi Fadzil and Miti Minister Tengku Datuk Seri Zafrul Abdul Aziz to ensure that the three Malaysian companies involved with SpaceX be given the appropriate space and attention to meet Musk’s requirements.

"SpaceX is very interesting. When it was first launched, Malaysia was one of its early supporters (in 2009) while many other countries did not have the confidence (in the project), so he (Musk) mentioned to me how touched he was by our confidence.

"I said that while I personally could not take credit as it took place under the previous administration’s leadership, Malaysia is nonetheless proud of the decision, especially as three main companies in Malaysia are participating in the programme,” he said.

Anwar said Musk’s decision to work with the government reflects foreign investors’ confidence and that Malaysia has advantages that should be harnessed.

"Malaysia can regain ground if we can attract investors. Therefore, I feel that despite the problems we have inherited such as the debt and deficit, as well as the challenging economic scenario, there are also new signs of hope that we should harness,” he said.

Anwar today held a virtual meeting with Musk on investments involving electric car maker Tesla and SpaceX’s satellite Internet service.

The Prime Minister also said that the government is committed to driving economic growth and institutional reforms in an effort to make Malaysia a major investment destination.

"We will announce a policy to strengthen the MADANI economy at the end of this month or in early August. The important thing is that Malaysia becomes an Asian economic leader and is an investment destination at the global level,” he said.