The Malaysian Investment Development Authority (MIDA) and Enterprise Singapore (EnterpriseSG) had enhanced the jointly managed Malaysia-Singapore Business Development Fund (MSBDF) for Third Countries. Businesses are highly encouraged to tap into the fund, which was first established in 2004 to strengthen cooperation between the private sectors of both countries.
A significant enhancement to the provisions of the MSBDF agreement was agreed upon on 30th October 2023 between Senator Tengku Datuk Seri Utama Zafrul Aziz, Malaysia’s Minister of Investment, Trade, and Industry (MITI) and Gan Kim Yong, Singapore’s Minister of Trade and Industry. The fund facilitates both countries to jointly pursue opportunities in third countries and conduct joint pilots in each other’s country, especially in emerging areas such as green economy and digital economy.
Tengku Zafrul said, “Malaysia and Singapore’s unique relationship is underscored by our geographical, as well as long-standing economic and shared cultural ties. The joint business objectives MSBDF reflect the depth and breadth of those ties, making it easier to leverage on existing synergies for both nations’ private sectors to explore business and investment opportunities in third countries. The enhancements to MSBDF make it more conducive for future collaborative efforts. We strongly encourage businesses to tap into the MSBDF, another important platform through which we can create and deliver more tangible benefits for our people and businesses.”
Reinforcing this viewpoint, Datuk Wira Arham Abdul Rahman, the Chief Executive Officer of the Malaysian Investment Development Authority (MIDA), expressed his contentment with the ongoing collaboration. “Our partnership with Enterprise Singapore highlights Malaysia’s prominent role in fostering regional economic growth. We are committed to significantly expanding our economic cooperation, encouraging the private sectors of both countries to delve into the digital and green economies. Through initiatives like Joint Trade Missions, Joint Feasibility Studies, and Joint Pilots, we are dedicated to promoting economic expansion. Moreover, MIDA is poised to facilitate companies that are keen to explore these new avenues, ensuring a streamlined process for those looking to capitalise on the opportunities presented by the MSBDF.”
The MSBDF, administered by MIDA and Enterprise Singapore (EnterpriseSG), welcomes applications from Malaysian and Singaporean businesses and associations.
Malaysian SMEs can visit MIDA’s official website https://www.mida.gov.my/invest-in- malaysia/business-facilitation/ for further details on guidelines, eligibility criteria, application procedures and funding mechanisms.
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