KL's new investment policy

KL's new investment policy

KUALA LUMPUR (AFP): Malaysia has extended a concession allowing full foreign ownership of most new manufacturing ventures, it was announced on Monday.

Curbs on foreign investment in manufacturing were first relaxed in July 1998 when the country was gripped by recession.

International Trade and Industry Minister Rafidah Aziz said the concession had been extended for three years from Jan. 1 and included investment to expand and diversify existing operations.

"We hope that this extension of flexibility will provide further impetus for investors to continue investing in the manufacturing industry," Bernama news agency quoted her as saying.

Some low-tech sectors have been excluded from the 100 percent foreign ownership concession. These are paper packaging, plastic packaging, plastic injection molded components, metal stamping, metal fabrication and electroplating, wire harness, printing and steel service centers.