The licensing officer of the Ministry of International Trade and Industry (MITI) has agreed to grant a 12-month extension of the project implementation period for companies that have been given manufacturing licences under the Industrial Coordination Act 1975 to ensure that Malaysian economic sectors remain competitive despite the ongoing Covid-19 outbreak.
In a statement today, the Malaysian Investment Development Authority (MIDA) said usually, licensed companies are required to implement their approved projects within a period as stipulated in the approval letter for a manufacturing licence.
“With the implementation of this relaxation mechanism, an approved manufacturing company will be automatically given an extension of 12 months to implement its projects.
“The 12-month extension period will commence from the end date of the implementation period stated in the approval letter,” said the agency.
MIDA added that the automatic extension is only available and applicable to companies that have obtained interim approvals or manufacturing licences under the Industrial Coordination Act 1975 from MITI that have not implemented their projects yet.
“To enjoy this automatic extension, companies are required to apply with MIDA, a government agency under MITI, by scanning the QR code provided. Companies can submit their applications to MIDA from June 16, 2020 until May 31, 2021,” it said.
Source: The Edge Markets