Domestic Trade Ministry cutting red tape to woo foreign investors

18 Jan 2023

The Domestic Trade and Cost of Living Ministry will cut red tape in the application process of local and international companies to conduct business activities in the country.

Its minister Datuk Seri Salahuddin Ayub (pic) said the government was focused on revitalising the investment environment in the country by shortening the bureaucratic protocol in the process of application approval for the business community.

“We will reduce bureaucracy issues so that those seeking approval (to open a business) are comfortable and this will lead to better economic growth,” he said after launching a bakery at the Pavilion shopping centre here Wednesday (Jan 18).

He said the administration of the Unity Government as well as political stability that is felt now can also be a catalyst for foreign companies to open businesses in this country.

Salahuddin said a total of 360 applications from foreign companies to open businesses in Malaysia were approved in 2021, with the highest number of applications in the food and beverage (F&B) sector.

According to him, the cumulative amount of paid-up capital brought into Malaysia by foreign companies in 2021 was RM8.952bil.

He said efforts to make Malaysia one of the main investment destinations in the region would continue to be the focus and, thus, he welcomed more international companies to do business here.

Meanwhile, regarding the ceiling price of chicken and (chicken) eggs, Salahuddin said it will not continue once supply recovers in the market.

“The supply of chicken in the country has fully recovered while supply of eggs is expected to recover within three months.

“So it’s just a matter of time before the government retracts this ceiling price, considering that it has been imposed for far too long of more than a year, (now it’s) just waiting for a Cabinet decision,” he said.

Source: Bernama