KUALA LUMPUR, July 10 (NNN-Bernama) — Companies from the United States (US) have shown significant interest in exploring greenfield entries into Malaysia, said Deputy Finance Minister II Steven Sim Chee Keong.
In sharing the outcome of a recent meeting with the American Malaysian Chamber of Commerce (AmCham), Sim said US business communities who have established a base here were also keen to expand their operations locally.
The meeting discussed Malaysia’s position as a destination of choice for high-technology and high-quality investment among US investors.
Sim said the Finance Ministry (MoF) and AmCham agreed it was important to continue fostering a conducive business environment in Malaysia for both local and foreign entities as well as review current regulatory procedures and taxation to ease business operations.
He said AmCham also emphasised the significance of regulatory coherence to aid ease of doing business.
“The association commended the Unity Government’s steadfast efforts to facilitate business operations and shared feedback from the business community on areas of improvement, such as reducing bureaucracy for companies who want to establish and operate their businesses.
“AmCham also highlighted Malaysia’s commitment to encourage the business community to prioritise environmental sustainability,” he said in a statement.
Sim said AmCham also urged Malaysia to capitalise on its strong infrastructure to deliver world-class healthcare as Malaysia is currently ranked among the top medical tourism destinations in Asia.
“Malaysia is the hub for medical device exports in Southeast Asia, with exports reaching RM31.2 billion (US$6.68 billion) (US$1=RM4.67) in 2022.
“AmCham members also encouraged Malaysia to continue its free market policy for more innovative drugs to enter Malaysia, supporting medical tourism with advanced medical treatment for Malaysians and patients throughout the region,” he said.
The deputy minister also reiterated the MoF’s commitment to creating a conducive business environment that enables companies to retain and grow their investments.
He said that the ministry would continue to focus on measures to catalyse and attract high-quality investments that will generate linkages with local businesses and high-income job opportunities.
“The ministry will also look at reducing bureaucratic hurdles and encourage technology diffusion and transfer through foreign direct investment (FDI) to local Small and Medium Enterprises (SMEs) and henceforth domestic direct investment (DDI) as a key strategy to stimulate domestic economic growth.
“As the ministry gears towards the development of Budget 2024, which will kick off this week through a budget consultation chaired by Prime Minister and Minister of Finance Anwar Ibrahim on July 14, I invited the association and others in the business community to continue sharing their feedback with the government,” he said.
Sim added that the feedback would help the government formulate the annual budget that met the rakyat’s needs and was also aligned with the country’s socio-economic development policies.
— NNN-BERNAMA