kuala lumpur: Deputy Minister of Investment, Trade and Industry Liew Ching Tong said the government is considering developing a clear scorecard that focuses on quality investments and incentives in line with the New Industry Master Plan 2030 (NIMP2030). said.
He also said this is being implemented in collaboration with Bank Negara Malaysia, the Securities Commission, the Ministry of Investment, Trade and Industry (Miti) and the Ministry of Finance (MoF).
“The government is currently seriously considering, through the efforts of the SC, Bank Negara, Miti and the Ministry of Finance, to create a clear scorecard, particularly on investment and incentives, and move towards an NIA (National Investment Aspirations) scorecard. . About the New Industry Master Plan,” Mr. Liew said in his keynote address at the 2024 Securities Commission-World Bank Conference and today’s launch of ESG disclosure assessment for Malaysian listed companies.
He explained that the aim of the initiative is to ensure that companies receiving incentives do not have to constantly justify their contribution to Malaysia’s innovation, technology development and research and development.
“We must focus on building Malaysia’s research and development capacity, advancing technological expertise and funding the country’s innovation potential,” he said.
Mr Liew pointed out that over the years, different sectors of the Malaysian economy have operated in largely different areas. “The Malaysian Investment Development Authority (Mida) focuses on manufacturing growth, often through foreign direct investment.”
However, most government-affiliated investment corporations and government-affiliated companies are avoiding manufacturing, he said.
“The capital market is also not at the forefront of the manufacturing industry. The New Industry Master Plan 2030 is a remarkable endeavor in collaboration between Miti and the Securities Commission,” he said.
He added that the third challenge is to grow Malaysian technology and, more importantly, Malaysian technology companies that are globally relevant. He said, “We have to admit that Taiwan, Shenzhen, Penang and Malaysia, despite having a head start in the semiconductor industry, have not built TSMC, Samsung, Huawei or BYD.”
Mr Liew said that in order for Malaysia to undergo a second take-off and become like South Korea, Malaysian technology companies, especially small and medium-sized enterprises (SMEs), especially those who own technology or adapt technology innovatively, must He said that medium-sized companies must grow.
“For Malaysia to reach the next level and achieve high and sustainable growth, capital markets and all others must work together to create a second takeoff to make Malaysia a regional economic powerhouse. “We need to seize this once-in-a-generation opportunity,” he said.
This conference will explore the synergies within capital markets and Islamic capital markets to bridge the financing gap for small and medium-sized entrepreneurs and enterprises.
At the event, the SC and the World Bank released a joint report entitled ‘ESG Disclosure Assessment of Malaysian Listed Companies and Recommendations for Policy Development’ which provides a baseline on environmental, social and governance reporting practices in Malaysia. , provided important insights to businesses and businesses. Investors must strengthen their sustainability reporting to align with international best practices to remain competitive.
Given that ESG and sustainability investing are attracting worldwide attention, the purpose of this study is to analyze the current status of ESG disclosure by listed companies and institutional investors. It also provides insights and recommendations for Malaysian capital market policymakers to drive improvements in ESG reporting and ensure global relevance and consistency.