Liberalising Certain Services to Attract More Investment
The Malaysian government liberalised certain service sectors in April 2009. This was done with the aim of attracting more foreign investment into the country. The government recognised that there was potential for growth in these sectors, and targeted to strengthen competitiveness and bring in more technology. In 2009, the government instantly liberalised 27 service subsectors. The liberalised areas included business, computer related services, health, social services, tourism and transport. These sectors had no equity conditions imposed on them.
In 2011, the government liberalised another 7 broad service sectors. These sectors consisted of 18 subsectors, all of which would allow 100% foreign equity participation by the foreign investor in phases. These subsectors included professional services (accounting, taxation legal, engineering, quantity surveying), telecommunications, healthcare, courier services, environmental services, education services and distributive trade services.
Foreigners have the option of starting a small business too. Ultimately, no matter what business sector you choose, you need to ask yourself one question – is it viable? Is this business something you’re passionate enough about to make it a success? You also should associate yourself with Malaysia’s culture beforehand too. Malaysia is going to be unlike anything you’re used to, and taking the time to get to know the locals, explore and travel the country could open new possibilities. It may even help you decide which business sector would be the best fit for you.