28 July, 2010

MIDA goes through re-branding.

Lembaga Pembangunan Pelaburan Malaysia. Yep that is the new name. But what is even more interesting is a special board to approve foreign investments for anything more than 1 Billion Ringgit. What this board is suppose to do it to cut the red tape for fast approval without the need to go through the Finance Ministry and MTen.

So, they claim it can speed up approval and get the foreign funds in faster and fatter than ever before. Certainly it all sounds pretty dandy if you ask me. But how would it improve employment of the locals? Just like how the MSC does not place a limit on the hiring of foreign skilled workers to a certain degree kills the market for our locals. On top of that for the same position locals are paid marginally lower than their foreign co-workers.

For the amount of investment sure translates to higher GDP and most importantly GDI to certain extremities but would it translate to the little ones? And hopefully the new act specific for this would and should impose such rules to limit the intake of foreign skilled workers and give locals a far better chance. Not only business should have higher co-ownership with locals but also covers the entire workforce in key departments and positions.

News report Harian Metro

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