Malaysian Investment Development Authority facts for kids

Quick facts for kids
Malaysian Investment Development Authority

Logo of the MIDA
Agency overview
Formed	January 1, 1967 (1967-01-01)
Headquarters	Malaysia

The Malaysian Industry Development Authority (MIDA) is the main government agency for improving the manufacturing and services sector in Malaysia and is listed under the Malaysia Industrial Development Authority Act. The authority assists companies that intend to invest in the industrial and services sector and facilitate the implementation of its projects. It includes the wide range of services that MIDA provides, in addition to providing information on investment opportunities, as well as facilitating companies looking for joint venture partners.

Tasks of the Authority

• Encouraging foreign and domestic investments in the manufacturing and services sectors
• Doing industrial development planning in Malaysia
• Recommend the policies and strategies for industrial promotion and development of the Minister of International Trade and Industry
• Evaluating applications for manufacturing licenses and expatriate jobs. Tax incentives for manufacturing, tourism, research and development activities, training and software development institutions; And exemption from duties on raw materials, components and machines
• Issuing a confirmation letter for the application of import tax and / or exemption from sales tax on machinery, equipment, spare parts and consumables.
• Assisting companies in implementing and operating their projects, and providing assistance through direct consultation, consultation and cooperation with the relevant authorities at the federal and state levels
• Facilitating information exchange and coordination between institutions working in or related to industrial development
• International agreements