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Ensure speedy, by-the-book approval process for foreign investments, says PM

Ensure speedy, by-the-book approval process for foreign investments, says PM

05 Apr 2023

States and local councils must ensure the approval process for foreign investments is expedited without compromising on set regulations, says Datuk Seri Anwar Ibrahim.

The Prime Minister said authorities must not take too long to approve or look into investment applications at a time when the country’s economy needs to be spurred.

“I hope state governments and local authorities – especially those receiving significant foreign investments – will give their cooperation.

“But regulations must still be followed and studies completed for the applications to be approved,” he said after chairing the weekly Cabinet meeting on Wednesday (April 5).

Anwar said he would chair a special meeting to ensure all follow-up actions for the latest investments, especially from China, would be given due attention.

He said that top officials of two Chinese companies – Zhejiang Geely Holding Group Co and Rongsheng Petrochemical Co – would visit Malaysia latest by next month to “get the ball rolling”.

“This is to make sure that their projects take off earlier than scheduled. This will be an impetus to investments in Malaysia,” he added.

Anwar said Geely is eyeing investing in Pahang and Perak while Rongsheng will be setting up investments in Johor and Terengganu.

The Prime Minister’s official trip to China from March 29 to April 1 saw him meeting with Chinese President Xi Jinping and witnessing the signing of 19 MOUs with his counterpart Li Qiang.

The MOUs were investment commitments covering several fields such as green technology, digital economy, automotive, transport, and electronics and electrical manufacturing.

Source: The Star