KUALA LUMPUR, Oct. 9 (Xinhua) -- The Malaysian Investment Development Authority (MIDA) on Monday announced the launch of new funding facilitation initiatives aimed at catalyzing Malaysia's industrial growth and fostering economic development.

MIDA said in a statement that these initiatives include the Domestic Investment Accelerator Fund (DIAF), the MADANI Smart Automation Grant (SAG MADANI) and the Foreign Investment Accelerator Fund (FIAF), which are set to play a pivotal role in advancing Malaysia's economic landscape.

According to the statement, the DIAF and SAG MADANI have been strategically designed to offer a variety of tailored solutions that assist in the development of high-value economic activities for local manufacturers and service providers.

They also encourage local businesses to upgrade their capabilities and expand their scope of operations, aligning with Malaysia's commitment to fostering innovation, automation, digitalization, and the adoption of sustainable environmental, social and governance (ESG) practices.

Meanwhile, FIAF is tailored for multinational companies operating in Malaysia to facilitate the seamless transfer of cutting-edge know-how within the high-technology sector through research and development initiatives and comprehensive training activities.

This strategic approach is poised to nurture a highly skilled and high-income local workforce while preserving Malaysia's competitiveness in an evolving global industrial landscape. Enditem

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