KUALA LUMPUR: The Energy, Green Technology and Water ministry is hoping to see some "increment" in the allocation for the green technology sector in the 2014 Budget, to be announced by Prime Minister Datuk Seri Najib Razak on October 25.
Minister Datuk Seri Panglima Maximus Ongkili said this includes increased initiatives and incentives to further inculcate green technology lifestyle at all levels of the society in the country.
"We have highlighted several key areas to focus on in the ministry's budget proposal. One of it is to inculcate the culture of green technology lifestyle at all levels, including schools, academia, workplaces and so on," he said, adding that this is in line with Malaysia's aim to be a global green tech hub.
Maximus was speaking at the 4th International Greentech & Eco Products Exhibition & Conference Malaysia 2013 (IGEM 2013), here, yesterday.
There are four incentives provided by the government for the green tech sector, namely, Pioneer Status, Investment Tax Allowance, Sales Tax and Import Duty Exemption, as well as Green Technology Finance Scheme (GTFS).
The GTFS, is the latest incentive for the green tech sector announced by the prime minister in the 2010 Budget, with a total fund amounting to RM3.5 billion to date, of which RM1.5 billion has been utilised, benefiting some 108 firms.
The fund enables companies that are producers and users of green technology to obtain soft loans, with the government subsidising two per cent of the interest rate and providing a guarantee of 60 per cent on financing.
The ministry recently unveiled a five-year plan to develop Malaysia into a green tech hub through seven key focus areas, namely energy, manufacturing, buildings, information and communications technology, water, waste and transport.
Maximus said IGEM 2013 is expected to generate some RM1.2 billion in business deals throughout the four-day event, which kicked off yesterday.
IGEM 2013 is expected to attract 60,000 visitors and showcase 469 booths set up by both local and foreign exhibitors.
Najib is expected to officiate at the event at the Kuala Lumpur Convention Centre today.