In the midst of heightened global economic uncertainty, the significance of entrepreneurs in society becomes more apparent than ever. Acknowledging their indispensable contributions to economic growth and job creation, the 20th Asia Pacific Entrepreneur Nobel Records 2023 in conjunction with the Asia Pacific Book of The Top Recognition serves as a commendable effort to recognize outstanding entrepreneurs and enterprises in the Asia Pacific region. This international business platform has been encouraging entrepreneurs to strive for excellence for twenty-two consecutive years since its inception in 2000.
The Deputy Minister of Agriculture and Food Security, Chan Foong Hin giving remarks during the event.
The Deputy Minister of Agriculture and Food Security, Chan Foong Hin said “Our ministry has taken concrete steps to support economic recovery and ensure business sustainability in Malaysia, especially in the agro-food sector”. Various financing schemes and incentives have been introduced to attract the participation and investment of both domestic and international private companies in this crucial sector.
One of the notable incentives is the Accelerated Capital Allowance (ACA), which encompasses the agro-food sector and incorporates Industry 4.0 elements. This initiative offers eligible companies a 100% income tax exemption on qualified capital expenditure incurred for automation equipment, up to a maximum of RM10 million. By providing such tax incentives, the government aims to spur innovation, modernization and efficiency in the agro-food industry while fostering economic growth.
Furthermore, the government’s matching grants programs, such as the High Impact Product Matching Grant Program (HIP) and the Change Upgrade Product (CUP) program, aim to promote the development of agricultural and food industry entrepreneurs. Under these programs, eligible entrepreneurs can receive financial support to enhance their product offerings and expand market reach.
The HIP Matching Grant Program provides a 50% matching grant with a maximum assistance rate of RM200,000.00, while the CUP Matching Grant Program offers a 70% matching grant with a maximum aid rate of RM60,000.00. These grants offer invaluable support for entrepreneurs seeking to invest in research and development, create safer and healthier food options, and meet the growing consumer demands for quality and safety.
The government’s initiatives and incentives are open to all entrepreneurs, fostering an inclusive and collaborative environment where they can contribute towards achieving important national agendas related to economic recovery and sustainability.
The 20th Asia Pacific Entrepreneur NOBEL RECORDS 2023 and tThe Asia Pacific BOOK OF THE TOP Recognition underscore the vital role of entrepreneurs in driving economic growth and fostering innovation. By offering tax incentives and matching grants, coupled with a focus on product quality and safety, the government of Malaysia is paving the way for entrepreneurs to thrive in the agro-food sector.