KUALA LUMPUR, Oct 11 --  Customised packaged investment incentives of up to RM1 billion would be made available annually over five years to attract targeted Fortune 500 companies and global unicorns in high technology, manufacturing, creative and new economic sectors.

Finance Minister Lim Guan Eng when tabling the 2020 Budget at Parliament today said to qualify, these companies must invest at least RM5 billion each in Malaysia.

He said this incentive would generate additional economic activities that would support Small Medium Enterprises (SMEs), create 150,000 high quality jobs over the next five years and strengthen the manufacturing and service ecosystems.

He said to transform Malaysia’s best and most promising businesses into the most competitive enterprises in the global export markets, the government will also make available up to RM1 billion in customised packaged investment incentives annually over five years.

“These incentives are strictly conditional upon these companies proving their ability to grow and export their products and services globally,” he added.

Lim said the government expects this measure to significantly strengthen the local supply chain ecosystem and create additional 100,000 high quality jobs for Malaysians over the next five years.

At the same time, he said the government would allocate RM10 million to expedite approval of investments and the Ministry of International Trade and Industry would give additional focus to post-approval investment monitoring and realisation.

“This year, the government embarked on a comprehensive review and revamp of the existing incentive framework, comprising the Promotion of Investments Act 1986, Special Incentive Package and incentives under the Income Tax Act 1967,” he added.

Lim said the new framework is expected to be ready by Jan 1, 2020.

--BERNAMA