KUALA LUMPUR (Dec 3): Former minister of investment, trade and industry (Miti), Tengku Datuk Seri Zafrul Abdul Aziz, has been appointed as the new chairman of the Malaysian Investment Development Authority (Mida), effective Wednesday, the Prime Minister’s Office (PMO) announced.
Zafrul, whose tenure as Miti minister ended on Dec 2 following the completion of his six-year senatorship, will lead Mida for a two-year term. “Apart from leading Mida, Tengku Zafrul will also be given additional responsibilities, which are being finalised and will be announced later,” the PMO said.
The chair position at Malaysia’s principal investment-promotion agency had been vacant for over a year following the end of Tan Sri Dr Sulaiman Mahbob’s term in September 2024.
Zafrul, a former banker turned government minister, first joined the administration in March 2020 as finance minister under the Perikatan Nasional government and continued in the role under the subsequent Barisan Nasional-led government until November 2022. Following the 15th general election, he was appointed a senator and Miti minister under Prime Minister Datuk Seri Anwar Ibrahim’s unity government, serving until Dec 2, 2025.
Mida, in a separate statement, described Zafrul’s appointment as a strategic move to “strengthen Malaysia’s investment promotion and development capabilities” amid heightened global economic competition. The agency highlighted his expertise in financial services, government policy, trade negotiations, and investment facilitation.
During his tenure as Miti minister, Zafrul oversaw record-breaking investment inflows, with RM329.5 billion approved in 2023 and RM378.5 billion in 2024. In the first nine months of 2025, approved investments totalled RM285.2 billion, marking a 13.2% increase compared with the same period last year despite global economic headwinds.
“His [Zafrul's] appointment as Mida chairman ensures continuity in our strategic direction while bringing fresh impetus to our operational priorities,” said Mida chief executive officer Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid. “We are confident that his leadership will further enhance Malaysia’s standing as a premier investment hub.”