Invest in Malaysia

Liberalisation of the Services Sector

On April 22, 2009 the Government had further liberalised the services sector to attract more foreign investments and bring more professionals and technology as well as strengthen competitiveness of the sector.

Recognising the growth potential in the services sector, the Government has decided to immediately liberalise 27 services subsectors, with no equity condition imposed. These sub-sectors are in the areas of health and social services, tourism services, transport services, business services and computer and related services.

To facilitate investments into the services sector, a National Committee for Approval of Investments in the Services Sector has been established under MIDA. This Committee will act as a focal point to receive and process applications of investments in the services sector, excluding investments in financial services, air travel, utilities, Economic Development Corridors, Multimedia Super Corridor (MSC) and Bionexus status companies and distributive trade.

As part of the measures to develop Malaysia as an international Islamic financial hub, the legal profession will be liberalised to allow up to five top international law firms with expertise in international Islamic finance to practice in Malaysia. These firms will only be allowed to offer legal services in international Islamic finance. Successful law firms will be determined based on credentials and the business plans in respect of the office to be established in Malaysia.

Complementing the growth and development in the manufacturing sector, the Government is intensifying its efforts to promote and develop the services sector. The Government will be progressively undertaking liberalisation of the other services sub-sector on an on-going basis.

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(Liberalisation of the Services Sector, Wednesday, 22 April 2009)