In an effort to enhance the ease of doing business and attract more investments, Malaysia has announced plans to simplify its investment bodies. Trade Minister Zafrul Abdul Aziz revealed that the country is working towards streamlining the roles of its investment promotion agencies, thereby expediting business approvals and providing investors with a smoother process.
Photo: Kuala Lumpur, Malaysia
During a joint venture announcement between Malaysian carmaker Proton and Aapico Hitech on July 3, Minister Zafrul expressed the government's intention to create a simplified journey for investors by clearly defining the roles and responsibilities of each approving authority. The aim is to eliminate ambiguity and confusion in the investment process, ultimately making it more efficient and transparent.
Malaysia, known for its strength in the electrical and electronics sector, is looking to capitalize on its advantages in order to attract more investments. The country has been facing stiff competition from its Southeast Asian counterparts. However, recent data from the government reveals that Malaysia has been successful in drawing investments, with approved investments totaling $15bn in the first quarter of 2023. This represents an impressive increase of over 60% compared to the same period last year, with Foreign Direct Investment accounting for more than half of the total inflows.
Minister Zafrul emphasized the importance of feedback and collaboration, inviting both existing and prospective investors to share their experiences and suggestions for further improving the investor journey in Malaysia. By actively seeking input from stakeholders, the government aims to identify pain points and implement targeted measures to enhance the overall investment climate.
This move by Malaysia to simplify its investment bodies demonstrates a commitment to fostering a business-friendly environment and boosting economic growth. By reducing bureaucracy and ensuring a more streamlined investment process, the country aims to attract even more investments and further solidify its position as a preferred destination for businesses in the region.
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