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Friday, April 24, 2009

Rehda: Lifting of 30% bumiputra equity will encourage competition

KUALA LUMPUR: The Real Estate and Housing Developers’ Association Malaysia yesterday welcomed the lifting of 30% bumiputra equity condition on 27 services sub-sectors.

Its president Datuk Ng Seing Liong said the liberalisation would have a positive impact and attract more foreign investments.

“The liberalisation will not only promote Malaysia as a hub for investors to carry out business but also encourage a healthy and competitive environment among local entrepreneurs, especially during this softening global economy,” he said in a statement.

Ng said the move would also help grow businesses and, in turn, boost demand for real estate.

He hoped that the housing and property development sector would also be liberalised in the future.

Meanwhile, the Malaysian Investors Association also welcomed the move.

President Datuk Dr P.H.S. Lim said many foreign multinational companies (MNCs) preferred to have 100% equity ownership in order to have a free hand in their corporate management.

He said MNCs also found it hard to attract good partners.

Lim said Malaysia needed further liberalisation of investments following the globalisation of the economy.

He said that in the mid-1980s, the country was in pole position when it came to foreign direct investments because at that time, China and other Asean countries had poor infrastructure and were not competitive.

“Today, these countries have advanced and are competitive,” he said.

By Bernama

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