Prime Minister Dato’ Sri Najib Tun Razak, in announcing this in Putrajaya on April 22, said these sectors would now have no equity conditions and the move was aimed at creating a conducive business environment to attract more investments.
The services sub-sectors for liberalization include:
· Computer and related services · Health and social services · Tourism services · Transport services · Sporting and other recreational services · Business services · Rental/leasing services without operators · Supporting and auxiliary transport services
The liberalization initiatives are in line with the country’s compliance with its membership in the ASEAN Economic Community (EAC) and the World Trade Organization (WTO).
The Prime Minister said that the liberalization of the services sector would not adversely affect the services industry as the government would continue to help build capacity and open up markets. A services sector capacity development fund of RM100 million has been established under the first economic stimulus package and the fund is managed by the Malaysian Industrial Development Authority (MIDA).
A National Committee for Approval of Investments in the services Sector has also been established under MIDA and the committee will act as the focal point to receive and process applications of investments.
The Prime Minister will next announce liberalization measure in the financial service sector soon.
(Review of Local News Report - 23 April 2009)
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