KUALA LUMPUR (12 April): The International Trade and Industry Ministry has been rebranded and will now be known as the Ministry of Investment, Trade and Industry (MITI).

In a statement today, the ministry said that the rebranding is in line with Prime Minister Datuk Seri Anwar Ibrahim's decision during the Cabinet meeting on Apr 5.

"This is in keeping with MITI's function as the leader in driving and encouraging inflows of foreign investments, enhancing local investments, strengthening international trade and empowering sustainable industrial development," the ministry said.

The decision was also in line with the government's aspiration to boost investment promotion activities as outlined by the National Investment Aspiration for the continuation of the national economic redevelopment in accordance with the Madani Government framework.

"MITI remains committed to attracting new quality and high-impact investments, expanding the international trade network and strengthening the existing industrial sector as the main contributor to the economic development for the well-being of the people and the business sector, especially the small and medium enterprises," it added. – Bernama