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APIB urges Chinese businesses to capitalise on Malaysia’s tax incentives

APIB urges Chinese businesses to capitalise on Malaysia’s tax incentives

27 Nov 2020

Asia Pacific Investment Bank (APIB) has urged Chinese enterprises to capitalise on Malaysia’s trade policies and tax incentives and invest in the country to expand their international business ventures.

In a statement today, APIB chief executive officer Chris Wang noted that China has always been the main source of foreign direct investment for Malaysia.

“Despite facing an unprecedented pandemic crisis this year, the trade volume between the two countries has recorded US$103.93 billion from January to October 2020.

“The trade figure reflects the strong bilateral relationship between Malaysia and China, both in trade and diplomatic ties,” he said.

APIB said the new tax incentive introduced in Budget 2021, with a preferential tax rate of 10 per cent for five years and renewable for another five years will attract foreign investments especially Chinese enterprises, and at the same time promote global trade activities.

“As a Chinese-funded offshore investment bank, we strongly encourage China enterprises to invest in Malaysia for a win-win outcome.

“For 11 consecutive years, China has been Malaysia’s largest trade partner and there is further potential in terms of economic and trade collaborations,” said Wang.

Based on Ministry of International Trade and Industry, Malaysia statistics, the Malaysian government from January to September approved 58 investment projects for manufacturing companies.

“These projects will generate a large number of new job opportunities which is essential in the current sluggish labour market.

“The Economic Stimulus Package introduced by the Malaysian government during the pandemic has provided assistances for businesses,” he added.

To motivate Chinese enterprises to invest in Malaysia, APIB recently launched the ‘APIB-Labuan International Business Financial Centre’, a comprehensive financial services programme.

It also introduced financial service schemes specifically targeted for enterprises venturing into cross-border trades, which include a multi-currency settlement tool and supply chain financing scheme.

Source: Bernama Posted on : 27 November 2020

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