50% lo­cal own­er­ship pol­icy for for­eign traders: City Hall

The Sun (Malaysia) - - NEWS WITHOUT BORDERS -

KUALA LUMPUR: To curb for­eign­ers from dom­i­nat­ing busi­nesses in the cap­i­tal, Kuala Lumpur City Hall (DBKL) will in­tro­duce a 50% lo­cal own­er­ship pol­icy to be ad­hered to by ev­ery for­eign trader who wishes to con­tinue do­ing busi­ness here.

DBKL’s Li­cens­ing and Hawk­ers De­vel­op­ment Depart­ment di­rec­tor Datuk Ibrahim Yu­soff said the pol­icy re­quires at least 50% own­er­ship by a lo­cal to al­low a for­eigner to op­er­ate a busi­ness in the cap­i­tal, ef­fec­tive next year.

He said the new re­quire­ment also cov­ered em­ploy­ees, where busi­ness own­ers must hire at least 50% lo­cals in their wor­force.

“A one-month en­force­ment no­tice dated Nov 1 has been dis­trib­uted to busi­ness premises around Kuala Lumpur.

“If they fail to meet the set re­quire­ments, DBKL has the right to with­draw their busi­ness li­cence,” Ibrahim said.

He was speak­ing to reporters when asked to com­ment on the is­sue of for­eign traders in Kuala Lumpur dur­ing the tabling of the DBKL Bud­get 2017 by Kuala Lumpur Mayor Datuk Seri Mhd Amin Nordin Abd Aziz here yes­ter­day.

Ibrahim said he hoped the strict con­di­tions would curb the in­flux of for­eign traders as well as “Ali Baba” li­cences.

He said DBKL would also freeze is­su­ing of li­cences to for­eign traders in sev­eral lo­ca­tions.

Among the ar­eas af­fected by the freeze are Jalan Silang, Bukit Bin­tang and Pusat Ban­dar Utara.

Mon­i­tor­ing would also be car­ried out to curb for­eign traders with­out li­cences op­er­at­ing around Kuala Lumpur.

Ear­lier, Mhd Amin had an­nounced a RM2.871 bil­lion bud­get for DBKL to pro­vide mu­nic­i­pal ser­vices and gov­er­nance to about 1.76 mil­lion city dwellers in 2017. – Ber­nama

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