PUTRAJAYA, 22 April 2009: The government has liberalised with immediate effect 27 service sub-sectors with no 30% bumiputera equity condition imposed on health and social services, tourism, transport, business, computer and related services.
Prime Minister Datuk Seri Najib Razak said today the government would be progressively liberalising the other service sub-sectors on an on-going basis.
“The liberalisation of the services sector is pursued with the view of creating a conducive business environment to attract investments, technologies and higher value employment opportunities,” he told a media briefing on the liberalisation of the services sector.
Najib said the initiative would not adversely affect the domestic services industry as the government would continue to support the industry in capacity-building and in the opening up of export markets.
“The services sector is an important component of the national economy, contributing 55% to the gross domestic product in 2008, of which 47.6% was from non-government services,” he said.
He said the sector accounted for 57% of the country’s total employment.
Malaysia’s approved investments in the services sector totalled RM50.1 billion in 2008, exceeding the RM45.8 billion investment target a year as envisaged in the Third Industrial Master Plan, said Najib. — Bernama