Projects worth Rm2bil involving Chinese firms approved since 2008

KOTA KINABALU: Seventy-four projects worth US$642mil (about RM2bil) and involving the participation of companies from China have been approved in Malaysia since 2008, said Deputy Minister in the Prime Minister’s Department Datuk Liew Vui Keong.

He also said the projects provided 7,528 jobs.

“Malaysia’s investment policies, particularly on manufacturing under the Industrial Coordination Act 1975 requires companies with a shareholders’ fund of RM2.5mil and above or engaging 75 or more fulltime employees, to apply for a licence. However, automatic approval is given for non-sensitive industries where a 100% foreign equity ownership is allowed. There is no restriction imposed on foreign companies investing in Malaysia on the repatriation of profits,” he added.

He said this in his talk on “Malaysia Economic Outlook” at the economic forum in conjunction with the 3rd World Youth Congress of Jiangmen, China, here yesterday.

Liew said incentives were given in the form of pioneer status with an income tax exemption ranging from 70% to 100% and between five-10 years.