Invest Selangor to Collaborate with MIDA on Boosting Logistics Supply Chain
Malaysia’s logistic industry is expanding, and expanding fast, and the MIDA and Invest Selangor are set to work together to meet this need by working together to cater to the ASEAN and APAC region.
In a jointly organized Investment Forum on Logistics Industry themed Deepening Logistics Supply Chain in Selangor, the Malaysian Investment Development Authority (MIDA) and Invest Selangor, YB Dato’ Teng Chang Khim, Senior Executive Councillor of Selangor State Government highlighted that he believed this initiative will continue to position the industry in Selangor and make the state a regional hub for logistics. This was the first time these two organizations have collaborated on such a forum.
Digital Economy’s Robust Growth
Malaysia’s rapidly expanding logistics industry is in tandem with the digital economy’s robust growth and with industry 4.0. Because of Selangor’s potential to become a logistics gateway to South East Asia, YB Dato’ Teng said in his speech that they want to see more collaborations and cooperation’s between Invest Selangor, MIDA and other related agencies and organizations with the hope of boosting the logistics supply chain in Selangor.
Malaysia’s logistics industry is an integral key player, being one of the world’s 24th largest trading nations. As such, the country is an important enabler of growth in the supply chain industry.
In Malaysia, Invest Selangor is the first point of contact for all corporations which are planning to invest in Selangor. Invest Selangor is a one-stop agency for information and advisory services for potential and existing investors.
MIDA serves under the Ministry of International Trade and Industry (MITI) as the government’s principal promotion which helps oversee and drive investments into the manufacturing and services sectors in Malaysia.
MIDA has approved 89 ILS projects totalling RM5.9 billion in investment as of April 2018. A total of 123 companies have also been approved with ILS status, which will enable them to obtain Freight Forwarding License from Customs. Invest Selangor is committed to ensuring that all the business-friendly features which are needed are made available.
The Malaysian Institute of Transport (MITRANS) collaborated with MTRANS Logistics and Transportation Solutions (MTLT) to launch the Malaysia Logistics Performance Index (MLPI) at the same forum. The purpose of the MLPI is to help establish performance indicators for the freight logistics industry in Malaysia. The performance indicators will be based on the views of industry professionals, manufacturers and local logistics service providers. Comparisons and findings will be conducted by the World Bank, which will be from the Logistics Performance Index (LPI), which will then be used to help develop a more comprehensive and strategic plan for the logistics industry in Malaysia.
The aim of the investment forum was to give insight into how ready the logistics industry was when it came to technology, infrastructure and talent development.