Mida welcomes Tengku Zafrul’s role as chairman

PETALING JAYA: The Malaysian Investment Development Authority (Mida) views the appointment of Tengku Datuk Seri Zafrul Abdul Aziz as its new chairman a strategic and prudent measure, especially in today’s economic and trading climate.

In welcoming the move, Mida, which is an agency under the Investment, Trade and Industry Ministry (Miti), said this would strengthen Malaysia’s investment promotion and development capabilities during a period of heightened global economic competition.

Tengku Zafrul’s appointment as Mida’s chair was effective immediately from yesterday.

“Tengku Zafrul brings exceptional credentials to Mida, combining deep expertise and experience in both financial services and government policy.

“Most recently, he served as the Miti Minister for three years (from Dec 3, 2022 to Dec 2, 2025), where he successfully navigated Malaysia through complex trade negotiations, geopolitical tensions and positioned the nation as a preferred investment destination amidst global economic uncertainties and supply chain realignment,” Mida said in a statement.

Mida also noted that Tengku Zafrul delivered a historic investment performance for Malaysia during his tenure as the Miti Minister.

It noted the country secured RM329.5bil in approved investments in 2023, followed by a record-breaking RM378.5bil in 2024 –the highest in the nation’s history.

This momentum continued into 2025, with Malaysia attracting RM285.2bil in approved investments in the first nine months alone, marking a 13.2% year-on-year (y-o-y) increase despite global economic headwinds, it said.

“Under Tengku Zafrul’s stewardship at Miti, Malaysia achieved record investment approvals and significantly improved our project implementation rates.

“His appointment as Mida chairman ensures continuity in our strategic direction while bringing fresh impetus to our operational priorities.

“We are confident that his leadership will further enhance Malaysia’s standing as a premier investment hub,” Mida’s chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid said in the statement.

It pointed out that Tengku Zafrul had also prior to this served as a board member of Mida from July 2012 to 2018, in which he had gained insights into Malaysia’s investment promotion landscape and industrial development.

It was during this time that he was still serving as the group chief executive officer of CIMB Group Holdings Bhd from 2014 to 2020.

“He spearheaded the New Industrial Master Plan 2030, championed the National Semiconductor Strategy, the Green Investment Strategy, the Chemical Industry Roadmap, the ESG Industry Framework and the Circular Economy Policy Framework which positioned Malaysia strategically within Asean economic integration frameworks, and successfully concluded the Malaysia-US Reciprocal Trade Agreement that protects Malaysian market access,” Mida said.

During Malaysia’s 2025 Asean chairmanship, Miti under Tengku Zafrul had pushed through 18 Priority Economic Deliverables aimed at deepening regional integration in emerging sectors such as electric vehicles and artificial intelligence.

The frameworks lay essential groundwork for capturing durable competitive advantages as Asean economies integrate further in high-growth sectors, it said.

Under Tengku Zafrul’s chairmanship, Mida said it expects to continue its mandate to position Malaysia as a competitive, sustainable, and strategically located investment destination for global investors.