Malaysia’s ex-trade minister Tengku Zafrul appointed as Investment Development Authority chairman

The new role follows the end of his two terms as a senator. He is also expected to be given other responsibilities

Tan Ai Leng

Published Wed, Dec 3, 2025 · 06:02 PM

Tengku Zafrul first entered government service when he was appointed a senator under former prime minister Muhyiddin Yassin in 2020. PHOTO: BT FILE

[KUALA LUMPUR] Malaysia’s former minister of investment, trade and industry Tengku Zafrul Aziz has been appointed chairman of the Malaysia Investment Development Authority (Mida), effective Wednesday (Dec 3), following the end of his tenure as a senator.

In a statement, the Prime Minister’s Office said Tengku Zafrul’s appointment will be for a two-year term.

His six-year senatorship concluded on Dec 2, marking the close of the maximum two consecutive terms allowed under Malaysian law.

In addition to leading Mida, the 52-year-old will be given several additional responsibilities, which are now being finalised; they will be announced later by the Prime Minister Anwar Ibrahim, the statement said.

Mida is an implementing agency under the Ministry of Investment, Trade and Industry (Miti), and plays a central role in promoting and coordinating industrial development in Malaysia.

It is also the government’s main investment promotion and development agency, with a focus on the manufacturing and services sectors. Among its key functions are the handling of applications for manufacturing licences and facilitating both domestic and foreign investments.

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Tengku Zafrul said given Asean and RCEP members all supported multilateralism, he was not worried about the meeting being “hijacked” by China.

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Several other countries are also expected to sign trade agreements with Washington at the upcoming Asean meeting, Tengku Zafrul says, without elaborating.

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Tengku Zafrul said that there had been no agreement with the US or other countries on the exclusive supply of rare earths.

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Tengku Zafrul first entered government service when he was appointed a senator under former prime minister Muhyiddin Yassin in 2020. He has since held key economic portfolios, first as finance minister and later as minister of investment, trade and industry.

When he was finance minister, he led Malaysia’s fiscal response during a challenging period marked by economic disruptions. He was next reassigned to lead Miti, where he oversaw trade and investment policy, as well as played a crucial role in the US-Malaysia trade tariff negotiations.

Before joining the government, Tengku Zafrul was the chief executive officer of CIMB Group, the second-largest bank in Malaysia by assets.

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