KUALA LUMPUR, March 31 – The Malaysian Investment Development Authority (MIDA) and Enterprise Singapore (EnterpriseSG) are urging businesses to leverage the enhanced Malaysia-Singapore Business Development Fund (MSBDF) for Third Countries. Initially established in 2004 to bolster cooperation between the private sectors of both nations, the fund has received significant upgrades to facilitate joint pursuits in third countries and conduct pilots in emerging sectors like the green and digital economies.
The agreement’s enhancements, ratified on 30 October 2023 by YB Senator Tengku Datuk Seri Utama Zafrul Aziz and H.E. Gan Kim Yong, Ministers of Investment, Trade, and Industry of Malaysia and Singapore respectively, underscore the commitment to fostering economic growth through cross-border collaboration. Tengku Zafrul emphasized the unique bond shared by Malaysia and Singapore, citing the enhanced MSBDF as a platform to capitalize on existing synergies and explore new business and investment horizons.
Datuk Wira Arham Abdul Rahman, CEO of MIDA, echoed this sentiment, highlighting Malaysia’s pivotal role in regional economic expansion. He affirmed MIDA’s dedication to facilitating companies keen on capitalizing on MSBDF opportunities, encouraging Malaysian SMEs and businesses to explore further details on application procedures and funding mechanisms through MIDA’s official website.
