KL to ease rules on foreign investment<\/p>\n
KUALA LUMPUR: Malaysia will ease procedures for foreigners to
\nbuy property and major stakes in local companies as part of
\nefforts to boost the country's competitiveness, reports said on
\nSaturday.<\/p>\n
The move follows a series of reform initiatives by Prime
\nMinister Abdullah Ahmad Badawi to cut red tape and increase
\ngovernment transparency since taking over as premier from
\nMahathir Mohamad last year, the New Straits Times said.<\/p>\n
From August, rules for property transactions as well as
\nacquisitions of interests, mergers and takeovers of local
\ncompanies for foreign investors under the Foreign Investment
\nCommittee (FIC) will be simplified to cut down the current two
\nmonths' processing time, the newspaper said.<\/p>\n
Investors will be required only to make a declaration in a
\nprescribed format that they have or will fulfill the conditions
\nstipulated, it said.<\/p>\n
Although Malaysia has sufficient domestic liquidity, foreign
\ninvestment is key to ensuring technology transfer in its quest to
\nbecome a knowledge-based economy by 2020 and reduce a serious
\nbudget deficit, analysts said. -- AFP<\/p>",
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