Report: Malaysia may extend Foreign Investment Policy

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Investment / Malaysia	2000-03-07 23:06:00-05
Report: Malaysia may extend Foreign Investment Policy
Concession introduced in crisis to allow 100% foreign ownership of factories to be continued

Malaysian deputy minister for international trade, Kerk Choo Ting reported to local media that the ministry is considering an extension of the concession allowing foreign interest to set up 100%-owned factories. With a final decision to be reached by June, Kerk stated he thought the outcome would be positive for the outcome of the policy with no restrictions on export policy. Previously, wholly owned foreign firms were required to export at least 80% of their production. The 30% limit on foreign ownership of telecommunications and shipping was also raised. The 100% policy would not apply to low-tech industries like paper packaging and metal stamping. Malaysia is still struggling with attracting foreign investment. In 1999, the government approved foreign investments totaling US$ 3.23 billion, which represents a 6.1% decrease from1998. The Kuala Lumpur Stock Exchange closed slightly down yesterday finishing at 929.44, below the 1,000 point threshold. Investors hurried to liquidate positions previously taken with the anticipation that the market would maintain trading above the 1,000 point level.

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