The ministry of international trade and industry (MITI) has established a trade and advisory council (TIAC), which will play a crucial role in shaping the ministry’s policies, strategies and potential reforms in international trade as well as investment promotion and industry development.

The council will consist of 12 representatives from different organisations such as the finance ministry, Bank Negara Malaysia and Khazanah Nasional. This will allow it to offer diverse perspectives and expertise in shaping policies.

According to international trade and industry minister Datuk Darell Leiking, the council will discuss issues on subjects ranging from foreign direct investment (FDI) and domestic direct investment (DDI) to the National Automotive Policy (NAP) in its upcoming meetings, with a minimum of four meetings to be held annually, Bernama reports.

He said that the next meeting – which is scheduled for August – will focus on aspects of trade and investment as well as the NAP. “In the next meeting, we will discuss NAP as well as the white paper on the steel industry and the shipping sector,” he said.

He did not however reveal the topics related to the NAP that would be discussed. “Ask further questions in August,” he said when asked about MITI’s commitment to facilitating potential investment in hybrid and plug-in hybrid vehicles.

The NAP revision, which was reported to be under review in June last year, was expected to be announced in Q1 this year. In April, it was announced that the revised policy announcement would be shifted to the second quarter.