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Entrepreneurs Must Be Ready For An Open Market, Says Mukhriz

BUTTERWORTH, April 24 (Bernama) -- Malaysian entrepreneurs must be ready to compete in a more open market with the decision of the government to liberalise the markets of 27 sub sectors in the service industry.

Making this call, Deputy Minister of International Trade and Industry, Datuk Mukhriz Tun Mahathir said the decision to liberalise will bring about positive effects to the country's market and entrepreneurs.

"With the existence of such an open market, foreign direct investments (FDIs) will increase and this indirectly will provide more jobs to skilled workers and help raise the income of our people," he told reporters during his visit of the Star CNC Teknologi's factory here today.

He said the government on its part will strengthen the help it has been giving through training and financial assistance to entrepreneurs in order to face the rising challenges.

On Tuesday, Prime Minister Datuk Seri Najib Tun Razak announced the liberalisation of the 27 services sub sectors with the abolishment of the condition of local equity shareholdings in the sectors as a move to attract more foreign investments, technologies and the creation of high level jobs.

With this, the 30 percent local equity condition for the involved subsectors will no longer apply. Mukhriz said the question of a 30 percent Bumiputera equity should not arise as the equity allocation also covers non-Bumiputera equity.

"Local companies should be ready to face an open market and be prepared to export their products or services out of the country," he said. He also reiterated that the decision was not made in haste but followed a long study, and in line with Malaysia's commitment to the ASEAN agreement.

"The decision was made after discussions with the parties involved including the Ministry of International Trade and Industry and the representatives of Bumiputera entrepreneurs themselves," he said. -- BERNAMA

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