Red tape driving investors away from Malaysia
KOTA KINABALU: Red tape in Malaysia is driving investors away to other countries such as Cambodia and Vietnam.
The Prime Minister's Special Envoy to China, Datuk Seri Tiong King Sing, said approval that took years could deter investors from investing in our country.
In Kuala Lumpur, he said many approvals were only given halfway, meaning some ministries have given green light to investors while others have not.
As a result, he said investors opted to bring their investments to other countries such as Cambodia and Vietnam where approvals could be granted in two months.
"For investors and businessmen, time is money.
"Sometimes approvals could take years, and this definitely causes investors to pull away," Tiong said at the welcoming dinner on Wednesday for him and his delegation who will be in Sabah for a seven-day working visit.
He said various ministries and departments must look into this issue for Sabah to be more investor-friendly.
Tiong added that he has approached the Home Ministry pertaining to issues faced by Chinese tourists, including not being allowed to enter the country at the airport despite holding valid visas.
"The tourism ministry and immigration should resolve this issue or else the tourists will choose to visit other countries instead."
Tiong's working visit to Sabah includes separate meetings with the Chief Minister, the three deputy chief ministers, other ministers and the Consul General of the Republic of China in Kota Kinabalu, briefings by Invest Sabah Berhad and the Sabah Economic Council and POIC Sabah.
The delegation is also expected to visit island resorts off Kota Kinabalu.