Departamento de Estado dos EUA O Governo da Malásia em geral incentiva fortemente o investimento estrangeiro direto (IED), embora mantenha restrições ou limites de investimento em alguns setores. Activa-se para fora às indústrias alvejadas e negocia pacotes do incentivo para atrair IDE. A Malásia oferece uma série de incentivos, particularmente nas indústrias de alta tecnologia orientadas para a exportação e nas operações de serviços de escritório. Uma vasta gama de empresas dos EUA têm operações extensas na Malásia. O primeiro-ministro Najib Razak (Najib) fez da geração de novos investimentos nacionais e estrangeiros uma peça central de seu programa de reformas econômicas, introduzido em março de 2010 como o Novo Modelo Econômico (NEM). Embora o fluxo de IED continue se recuperando dos efeitos das crises financeiras globais de 2008-2009, o desempenho da Malaysiarsquos na atração de IDE em relação às duas primeiras décadas eo restante da Associação das Nações do Sudeste Asiático (ASEAN) diminuiu. De acordo com uma recente Revisão da Política de Investimento da Malásia, a Organização para a Cooperação e Desenvolvimento Econômico (OCDE) começou a declinar em 1992, e o investimento privado começou a diminuir em 1997, após as crises financeiras asiáticas. Hoje, os níveis de IDE estão em níveis recordes em termos absolutos, mas em um ponto baixo de todos os tempos como uma porcentagem do PIB. Além disso, a percentagem de Malaysiarsquos de investimento global nos Estados membros da ASEAN é agora menor do que a sua quota do PIB grouprsquos. Em 2010, o Conselho Nacional de Assessoramento Econômico (NEAC), um painel de especialistas em economia da Maliarsquos, publicou dois relatórios identificando as deficiências no clima de investimento no Maliarsquos e propondo políticas necessárias para melhorar a competitividade da Malásia como um destino de investimento estrangeiro e cumprir a meta do país de se tornar Uma economia de alto rendimento até 2020. Desde então, a administração Najib introduz progressivamente uma série de iniciativas para implementar o NEM. Uma iniciativa, o Programa de Transformação Económica (ETP), centra-se no investimento em 12 áreas económicas chave para acelerar o crescimento económico e um conjunto de medidas políticas para melhorar a competitividade. Outra iniciativa, o Programa de Transformação do Governo (GTP) aborda as questões de governança e qualidade de vida, e visa reduzir a corrupção e a criminalidade, melhorar a educação, os transportes públicos urbanos ea infra-estrutura básica rural e reduzir o número de famílias de baixa renda. O Décimo Plano da Malásia (10MP) sustenta esses programas e orienta os gastos de capital do setor público. Os fluxos de IED real para a Malásia em 2011 aumentaram para US10,9 bilhões, 12,3 a mais, de 9,7 bilhões em 2010, segundo a Conferência das Nações Unidas sobre Comércio e Desenvolvimento (UNCTAD). Segundo a Malásia Investment Development Authority (MIDA), o valor total de projetos de fabricação estrangeiros aprovados em 2011 foi US10,77 bilhões. As aprovações de FDI de fabricação de 2011 foram 13,36 superior a US9,5 bilhões em 2010. Os EUA Japão e Hong Kong são os três principais países que investem na Malásia. Até setembro de 2012, o MIDA havia aprovado projetos de manufatura estrangeiros no valor de US $ 5,25 bilhões, com a Arábia Saudita a maior fonte de novos investimentos aprovados. (Nota: As estatísticas de aprovação não são diretamente comparáveis às estatísticas de IDE atuais e podem ser encontradas em mida. gov. my. Além disso, as estatísticas de investimento no setor de manufatura não capturam investimentos em serviços não relacionados ao setor de manufatura ou produção de petróleo e gás. Na Malásia é liderada pelos setores de manufatura, petróleo e gás, serviços financeiros e produtos de consumo. O estoque total de IEDs industriais norte-americanos na Malásia foi de aproximadamente 20 bilhões em 2011, contra 15 bilhões em 2010, de acordo com o MIDA. Incluindo o IDE nos setores financeiro e de petróleo e gás, o IDE total dos EUA aumentaria significativamente (talvez mais de 30 bilhões). De 2009 a 2011, o setor eletrônico recebeu a maior parcela do IDE global. O setor de petróleo e gás se tornou a maior fonte de novos IED nos Estados Unidos em 2011 e espera-se que continue a ser um foco. Nos últimos três anos, os compromissos de IED no fabrico têm-se centrado em projectos nos estados malaios de Sarawak, Selangor, Johor e Penang ndash, com o investimento em Johor a aumentar o mais rápido devido à Região de Desenvolvimento de Iskandar, perto de Cingapura. Como destino para o IDE, a atratividade de Malaysiarsquos para a fabricação de salários mais baixos diminuiu à medida que anos de crescimento econômico estável aumentaram os níveis salariais médios, tornando a Malásia um país de renda média alta. O NEM procura levar a economia ainda mais longe para que a cadeia de valor atinja uma situação de elevado rendimento, promovendo o investimento em sectores de produção e serviços de maior valor acrescentado. O ETP identificou 12 setores específicos em que o governo malaio está incentivando o investimento estrangeiro e doméstico, including: eletrônica elétrica do amp dos dispositivos elétricos energia verde, equipamento do equipamento da ampère da maquinaria e equipamento do transporte. Também visam o crescimento uma série de indústrias baseadas em recursos e alguns subsectores de serviços, incluindo a logística, embora os setores estejam sujeitos a condições ou restrições de investimento estrangeiro. Ao longo de 2011, o Primeiro Ministro Najib anunciou, como parte do ETP, 113 novos compromissos totais para investir na Malásia de investidores estrangeiros e nacionais com um valor total de 57 bilhões. Estes investimentos abrangeram todos os 12 sectores-alvo da ETP. Em 2012, o número de novos projetos e investimentos para a ETP foi menor, com um total de 48 projetos e US $ 17,4 bilhões registrados. Este ritmo lento deverá continuar em 2013 e, em parte, reflete o fato de que grande parte dos investimentos em 2011-2012 foram projetos que estavam pendentes de mudanças fiscais ou políticas do governo por algum tempo. Abertura ao Investimento Estrangeiro A Malásia tem uma das economias mais dependentes do comércio do mundo, com o comércio chegando a 200 do PIB anual. O governo da Malásia valoriza o investimento estrangeiro como uma força poderosa para o desenvolvimento econômico continuado do país, mas é dificultado por restrições em alguns setores e por um regime regulador às vezes pesado. No entanto, o governo continua a liberalizar e, em alguns casos, remover restrições de investimento. Em 2009, a Malásia retirou suas antigas diretrizes de investimentos do Comitê de Investimento Estrangeiro (FIC), permitindo transações para aquisições de interesses, fusões e aquisições de empresas locais por parte de empresas nacionais ou estrangeiras sem aprovação do FIC. Enquanto o próprio FIC ainda existe, agora apenas revisa a compra por estrangeiros de propriedades comerciais valorizadas a mais de RM20 milhões (aproximadamente US6.5 milhões) de Bumiputras (etnia malásia e outras etnias indígenas na Malásia). A Lei de Funções Ministeriais concede aos ministérios relevantes amplos poderes discricionários sobre a aprovação de projectos de investimento específicos. Os investidores em setores visados pelo governo da Malásia muitas vezes podem negociar termos favoráveis com os ministérios que regulam a indústria específica ou outros órgãos reguladores. Isso pode incluir assistência na navegação de uma complexa rede de regulamentos e políticas, algumas das quais podem ser dispensadas caso a caso. Os investidores estrangeiros em setores não-direcionados tendem a receber menos apoio do governo para obter as aprovações necessárias dos diversos órgãos reguladores e, portanto, podem enfrentar maiores obstáculos burocráticos. Em 2009, o governo anunciou um conjunto limitado de medidas de liberalização abrangendo 27 subsectores de serviços. Em 2011, o governo anunciou planos para liberalizar mais 17 subsetores de serviços durante 2012. Até o momento, o governo liberalizou 15 desses subsetores, permitindo 100 participação de capital estrangeiro em serviços hospitalares privados, clínicas médicas especializadas, lojas de departamentos e especialidades, (ASP), serviços de incineração, serviços de contabilidade e tributação, serviços de correio, universidades privadas, escolas vocacionais, serviços especializados dentários, centros de formação profissional, escolas internacionais e escolas vocacionais para necessidades especiais. O governo da Malásia adicionou um 18º sub-setor de serviços de levantamento de dados. Dos restantes subsectores, a liberalização dos serviços de arquitectura, dos serviços de levantamento de quantidades e dos serviços de engenharia exige uma nova legislação. A legislação que permite a abertura de serviços jurídicos foi aprovada em 2012, mas aguarda a conclusão dos regulamentos de implementação. No relatório Global Doing Business 2013 do Banco Mundial, a Malásia subiu de 18º para 14º lugar entre as 183 economias abrangidas pela pesquisa. Os rankings mais aprimorados foram os indicadores padronizados de contratação de contratos, resolução de insolvência e início de um businessrdquo. Malásia estava acima de 111 st para 50 º lugar para ldquostarting um business. rdquo Malaysiarsquos piores classificações estão em ldquodealing com permissão de construção em 113 º. Ldquopaying taxrdquo em 41 st. Para baixo dois lugares de 2011, e ldquotrading através de bordersrdquo em 29 th lugar, para baixo um ponto. A Malásia facilitou a conformidade fiscal melhorando os sistemas eletrônicos ea disponibilidade de software, embora também reintroduzesse um imposto sobre ganhos de capital no setor imobiliário. Começando um negócio foi facilitada pela fusão da empresa, imposto e previdência social e registro de fundo de emprego na balcão único e fornecimento de registo no mesmo dia. Para melhorar o clima de negócios na Malásia, o governo da Malásia estabeleceu a força-tarefa PEMUDAH, composta por 23 funcionários de alto nível do governo e representantes do setor privado com o mandato de identificar e avaliar impedimentos burocráticos para conduzir negócios na Malásia e fazer recomendações ao Primeiro - Sobre como abordá-los. PEMUDAHrsquos foco é especificamente sobre as reformas administrativas destinadas a aumentar a eficiência da burocracia governamental a interação do governo com o setor privado, e não em questões mais profundas de reforma necessárias para abordar ineficiências estruturais de nível político na economia Malaysiarsquos. Mais informações sobre a força-tarefa estão disponíveis em pemudah. gov. my. De acordo com muitos analistas, a rede complexa de preferências de Malaysiarsquos para promover a aquisição de ativos econômicos pela maioria étnica malaio e outros grupos indígenas (coletivamente conhecidos como ldquoBumiputrardquo) representa um impedimento fundamental para a capacidade do país de alcançar seu objetivo de alcançar status de alta renda Até 2020. Muitas das políticas de preferência são opacas, com detalhes de implementação largamente deixados aos vários ministérios e funcionários públicos dentro desses ministérios. Políticas e práticas variam muito. Algumas práticas são explícitas e contidas em lei ou regulamentação, enquanto outras são informais, deixando muita ambigüidade para potenciais investidores. O próprio serviço público é esmagadoramente étnico-malaio em composição. O NEM propõe reformar as preferências étnicas nos programas de propriedade empresarial e de segurança social, passando a uma abordagem baseada na renda e não baseada na etnicidade. Alguns grupos conservadores de Bumiputra expressaram forte oposição a quaisquer mudanças significativas nas extensas preferências. No início dos anos 70, o governo da Malásia estabeleceu uma meta de 30 das riquezas do país que será mantida pelo Bumiputra étnico-malaio. Vários estudos concluíram que o objetivo de 30 ações foi atingido ou superado, no entanto, o tema tem provado ser extremamente sensível politicamente e figuras governamentais oficiais lugar Bumiputra equidade em 23. A metodologia governmentrsquo foi criticado como não totalmente transparente e tem havido Debate sobre como contabilizar o valor das empresas estatais e outras empresas ligadas ao governo ou como medir o capital próprio (valor nominal versus valor de mercado). O governo afirma que o NEM está voltando o foco das políticas de preferência para metas de redução da pobreza, como originalmente se pretendia quando as preferências foram estabelecidas no início dos anos 1970. Antes de 2009, todas as empresas que desejassem uma cotação pública na Bursa Malaysia (anteriormente Kuala Lumpur Stock Exchange) foram obrigadas a reservar pelo menos 30 de sua oferta pública inicial (IPO) para compra pela Bumiputra. Em 2009, o governo eliminou os requisitos de propriedade da Bumiputra para novas listagens de empresas nacionais ou estrangeiras cujas operações são principalmente estrangeiras. Ao mesmo tempo, o governo também reduziu Bumiputra requisitos de propriedade para novas listas de empresas nacionais ou estrangeiras cujas operações são principalmente na Malásia de 30 a 12,5. No entanto, o patrimônio da Bumiputra continua sendo uma consideração quando as empresas solicitam uma série de licenças e licenças exigidas, muitas das quais devem ser renovadas anualmente ou bienalmente. Os contratos governamentais (e que a maioria das empresas estatais) continuam a estar sujeitos às preferências do Bumiputra. MIDA exibe todas as propostas de fabricação e projetos relacionados na Malásia, tanto estrangeiros e nacionais, para determinar a medida em que contribuem para o governo metas e objetivos. Estas metas estão esboçadas no Terceiro Plano Diretor Industrial (2006-2020), nas várias iniciativas regionais (Região de Desenvolvimento de Iskandar e nas Regiões Económicas do Norte, Leste, Sabah e Sarawak), bem como no ETP e no Décimo Plano da Malásia. A aprovação do projeto depende de muitos outros fatores também. O MIDA pode considerar o tamanho de um investimento, a proporção da produção exportada, o tipo de financiamento necessário (local e offshore), a relação capital / trabalho, o potencial de transferência de tecnologia para a economia local, a capacidade da infra-estrutura existente e planejada Para apoiar o esforço, ea existência de um mercado local ou estrangeiro para a produção. Se as empresas locais e estrangeiras propuserem projetos semelhantes, a empresa local será dada preferência. No entanto, todas as solicitações são tratadas caso a caso. A MIDA tem agora a autoridade para emitir ou renovar licenças para todas as empresas de manufatura, eliminando uma segunda camada de aprovação de seu ministério, o Ministério do Comércio Internacional e Indústria (MITI). MIDA estabeleceu uma unidade de imigração no local em 2007, que tem ajudado a acelerar o processamento de vistos de trabalho expatriados, tal como TalentCorp, uma agência separada recentemente criado. Os pedidos de investimento em sectores diferentes da produção são tratados pelos ministérios competentes e, por vezes, exigem múltiplas aprovações. Os regulamentos de investimento são especificados na Lei de Promoção de Investimentos de 1986 (PIA) e na Lei de Coordenação Industrial de 1975. A PIA não trata do investimento em serviços. As entidades privadas, nacionais ou estrangeiras, podem adquirir, fundir e assumir as empresas. A Comissão de Concorrência da Malásia (MyCC) implementa e aplica as disposições da Lei da Concorrência de 2010 e emite diretrizes para a implementação e aplicação das leis de concorrência. Serviços de distribuição, incluindo venda direta e comércio varejista A Malásia começou a permitir 100 estrangeiros departamentos e lojas especializadas em 2012. No entanto, os maiores varejistas estrangeiros (ldquohypermarketsrdquo) e as empresas de venda direta incorporadas localmente devem ainda ter 30 Bumiputra equity. As diretrizes do governo da Malásia definem um ldquohypermarketrdquo como uma loja autônoma autônoma com uma área de vendas de 5.000 metros quadrados ou mais e vendendo uma grande variedade de alimentos e produtos de consumo não-alimentares. As diretrizes também incluem requisitos que lojas de departamento, supermercados e hipermercados devem reservar pelo menos 30 de prateleira espaço em suas instalações para bens e produtos fabricados pela Bumiputra de propriedade de pequenas e médias indústrias. Estas orientações estão actualmente a ser analisadas pelo governo da Malásia. O governo da Malásia também emite recomendações para as metas de conteúdo local, que são de fato obrigatórias. As empresas nacionais que procuram licenças de venda direta exigem um capital integralizado de RM1.5 milhões (aproximadamente US397.000), enquanto as empresas com acionistas estrangeiros devem ter capital de R $ 5 milhões (aproximadamente US1.3 milhões). A Malásia alterou a sua Lei de Profissões Jurídicas em Julho de 2012. As emendas, em princípio, permitirão que escritórios de advogados estrangeiros exerçam na Malásia através de uma parceria ou licença de empresa de direito estrangeiro qualificado e autorizem firmas locais a contratar advogados estrangeiros sujeitos a certas condições. No entanto, uma disposição segundo o modelo da lei de Singaporersquos proíbe a prática de litígios, exceto em uma base ad hoc, e restringe o trabalho no direito imobiliário. Enquanto advogados estrangeiros serão autorizados a estruturar transações, apenas advogados malaios serão capazes de fazer depósitos reais. O Procurador Geral Chambers está trabalhando com o Conselho de Advogados da Malásia no desenvolvimento de regras para a lei alterada, mas não indicou quando a nova lei entrará em vigor. Até que a nova lei seja implementada, os advogados estrangeiros não podem praticar a lei da Malásia, nem podem se filiar com empresas locais ou usar o nome de uma empresa internacional. Os escritórios de advogados estrangeiros não podem operar na Malásia, exceto como sócios minoritários com escritórios de advocacia locais e sua participação em qualquer parceria é limitada a 30. O Procurador-Geral da Malásia tem autoridade para conceder exceções limitadas, caso a caso, de acordo com a lei que restringe a prática do direito malaio a cidadãos malaios ou residentes permanentes que tenham aprendido com um advogado malaio, são competentes no Bahasa Malaysia Língua), e têm um diploma de direito local ou são advogados britânicos acreditados em lei, desde que o candidato tem sete anos de experiência jurídica. A lei malaia não permite atualmente a consultoria jurídica estrangeira, exceto em uma base limitada no Centro Comercial e Financeiro Internacional Labuan. No entanto, advogados estrangeiros podem comparecer em um processo arbitral perante o Centro Regional de Arbitragem de Kuala Lumpur. Os Serviços de Arquitetura estão entre os 17 sub-setores de serviços que o governo da Malásia prometeu liberalizar em 2012. A legislação necessária para permitir 100 ações estrangeiras em empresas de arquitetura ainda não foi apresentada no Parlamento, mas agora está prevista para ser concluída em 2013. Atualmente , Uma empresa de arquitetura estrangeira pode operar na Malásia apenas como uma joint venture participante em um projeto específico com a aprovação do Conselho de Arquitectos. As empresas de arquitetura da Malásia podem não ter empresas de arquitetura estrangeiras como parceiras registradas. Arquitetos estrangeiros não podem ser licenciados na Malásia, mas podem ser gerentes, acionistas ou funcionários de empresas da Malásia. Mesmo depois que o setor é aberto, empresas de arquitetura estrangeiras terão que se registrar localmente como arquitetos profissionais similares às empresas da Malásia. O sector da engenharia estava programado para ser liberalizado em 2012, mas as alterações pendentes às Acções relevantes ainda não foram concluídas. Até então, os engenheiros estrangeiros podem ser licenciados pelo Conselho de Engenheiros apenas para projetos específicos e devem ser patrocinados pela empresa malaio que realiza o projeto. Em geral, um engenheiro estrangeiro deve estar registado como engenheiro profissional no seu país de origem, ter um mínimo de 10 anos de experiência e ter uma presença física na Malásia de pelo menos 180 dias num ano civil. Para obter o licenciamento temporário de um engenheiro estrangeiro, uma empresa malásia muitas vezes deve demonstrar ao Conselho que eles não podem encontrar um engenheiro da Malásia para o trabalho. Os engenheiros estrangeiros não têm permissão para operar independentemente dos parceiros da Malásia ou servem como diretores ou acionistas de uma empresa de consultoria de engenharia. Uma empresa de engenharia estrangeira pode estabelecer uma presença comercial não temporária se todos os diretores e acionistas forem malaios. Empresas de engenharia estrangeiras podem colaborar com uma empresa malásia, mas apenas a empresa da Malásia pode apresentar os planos para aprovação doméstica. Serviços Contábeis e Tributários A partir de janeiro de 2012, contabilistas e auditores estrangeiros foram autorizados a possuir totalmente uma prática na Malásia. Todos os contadores que procuram prestar serviços de auditoria e tributação na Malásia devem se inscrever no Instituto Malaio de Contadores (MIA) antes de poderem solicitar uma licença do Ministério das Finanças. Sob os termos da Lei de Desenvolvimento Petrolífero de 1974, a indústria de petróleo e gás a montante é controlada pela Petroleum Nasional Berhad (PETRONAS), uma empresa totalmente estatal e única entidade com título legal para depósitos de petróleo e gás natural da Malásia. O investimento estrangeiro assume a forma de contratos de partilha de produção (PSC). Os operadores estrangeiros incluem ExxonMobil, ConocoPhillips, Hess, Newfield e Murphy Oil dos Estados Unidos, bem como a Royal Dutch Shell e outras empresas estrangeiras. PETRONAS exige que seus parceiros do PSC contratem firmas malaias para muitas propostas. As empresas não-malaias podem participar em serviços petrolíferos em parceria com empresas locais e estão restritas a uma participação de 49% se a parte estrangeira for o principal accionista. Os termos dos projetos upstream com participação estrangeira são determinados caso a caso pela PETRONAS. Geração e distribuição de energia elétrica Os investidores estrangeiros têm permissão para possuir até 49 de um Produtor Independente de Energia (IPP) ou usina na Malásia. Tenaga Nasional Berhad (TNB) é uma empresa estatal de energia elétrica que tem um monopólio na distribuição de eletricidade na Malásia. A TNB gera sua própria eletricidade e compra eletricidade a partir de IPPs com usinas de geração de energia localizadas na Malásia. Peninsular Malásia é conectado a uma rede elétrica com Cingapura e Tailândia. A Malásia começou a permitir 100 participações de capital estrangeiro em Fornecedores de Serviços de Aplicativos (ASP) em abril de 2012. No entanto, para as licenças de Provedores de Instalações de Rede (NFP) e Provedor de Serviços de Rede (NSP), atualmente só 70% da participação estrangeira é permitida. Em certos casos, a Malásia tem permitido uma maior participação no capital, mas a forma como essas exceções são administradas não é transparente. A participação máxima agregada estrangeira permitida na Telekom Malaysia é de 30 ou 5 para investidores individuais. A Malásia assumiu compromissos limitados no âmbito do GATS na maioria dos serviços básicos de telecomunicações e adoptou parcialmente o documento de referência da OMC sobre compromissos regulamentares. Radiodifusão e audiovisual O governo da Malásia mantém cotas de conteúdo de radiodifusão tanto em programas de rádio como de televisão. Pelo menos 80 da programação televisiva são exigidos para originar das companhias de produção locais possuídas por Bumiputras e 60 da programação de rádio devem ser de origem local. O investimento estrangeiro em redes de radiodifusão terrestres é proibido e limita-se a uma participação de 20% nas operações de cabo e satélite. Como condição para a obtenção de uma licença de exploração, os estabelecimentos de aluguer de vídeos devem ter 30 conteúdos locais nos seus inventários. A publicidade é da competência de vários ministérios e agências, complicando a adoção de um único conjunto de regulamentações publicitárias e procedimentos de fiscalização para todas as partes interessadas neste processo. As empresas internacionais têm preocupações sobre a falta de diretrizes de conteúdo publicitário claro e consistente e como alguns anunciantes deturpar seus produtos e serviços através da publicidade. O governo da Malásia tem uma diretriz informal e vaga de que os comerciais não podem lidar com um estilo de vida estrangeiro. O conteúdo estrangeiro em comerciais na Malásia é limitado a 20. O governo da Malásia relaxou aplicação de regulamentos que regem a aparência de atores estrangeiros em comerciais mostrados na Malásia em 2007 O Parlamento da Malásia aprovou legislação em 2012 para actualizar o quadro regulamentar para o sector dos serviços financeiros. A legislação implementa um novo Plano Financeiro do Sector Financeiro de 10 anos que prevê a abertura do sector financeiro a bancos estrangeiros, mas não contém compromissos ou prazos específicos de abertura do mercado. O novo Blueprint, que segue o anterior Plano de Serviços Financeiros de 10 anos, não rompe significativamente com a abordagem caso a caso do banco central, o Bank Negara Malaysia (BNM), para conceder acesso a bancos estrangeiros à Malásia. De acordo com a nova Lei de Serviços Financeiros, a emissão de novas licenças será orientada por critérios prudenciais e os interesses mais comuns da Malásia. Os critérios prudenciais incluem a consideração da força financeira, do histórico comercial, da experiência, do caráter e da integridade do investidor estrangeiro, da solidez e viabilidade do plano de negócios para a instituição na Malásia, da transparência e complexidade da estrutura do grupo e do grau de supervisão do Estrangeiro no seu país de origem. Na determinação dos interesses mais comuns do Malaysiardquo, o BNM considerará a contribuição do investimento na promoção de novas atividades econômicas de alto valor agregado, atendendo à demanda por serviços financeiros onde há lacunas, melhorando os vínculos comerciais e de investimento e proporcionando oportunidades de emprego altamente qualificado. O BNM também afirmou que quer garantir que os bancos locais tenham pelo menos 50 dos ativos bancários totais na Malásia (a parcela atualmente é significativamente além disso). Em 2009, o governo da Malásia anunciou um pacote de liberalização para os setores financeiro convencional e islâmico, mas os limites de equidade continuam a ser amplamente aplicáveis em muitas áreas. O BNM estabelece controles sobre produtos financeiros estrangeiros e locais. As taxas de juros das contas de poupança e depósitos fixos são obrigatórias e significativamente mais elevadas do que em outros países asiáticos. As taxas sobre transações são determinadas pela Associação de Bancos, mas os bancos não têm permissão para alterar essas taxas sem a aprovação do BNM. Taxas de juros de cartão de crédito são limitadas em 18 por ano. Atualmente, os bancos estrangeiros também não estão autorizados a abrir Ringgit Correspondent Bank Contas com bancos locais, como este é considerado como bancos locais sendo usados como condutas para ldquobranchingrdquo por bancos estrangeiros. Actualmente, o BNM permite que os bancos estrangeiros criem quatro sucursais adicionais em toda a Malásia, sujeitas a restrições, que incluem designar onde as filiais podem ser criadas (isto é, em centros de mercado, áreas semi-urbanas e áreas não urbanas). As políticas não permitem que os bancos estrangeiros criem novas agências a menos de 1,5 km de um banco local existente. O BNM considerou os ATMs equivalentes a agências separadas. O BNM também condicionou a capacidade dos bancos estrangeiros de oferecer certos serviços sobre compromissos para realizar certas atividades de back office na Malásia. Para atrair empresas multinacionais (MNCs) para estabelecer seus serviços de gestão de tesouraria na Malásia, o governo da Malásia anunciou em seu orçamento de 2012 uma isenção de imposto de renda de 70 por 5 anos, uma isenção de imposto de retenção de juros sobre empréstimos e isenção de imposto de selo em empréstimo E acordos de serviço. O governo estendeu uma taxa de imposto de concessão de 10 em dividendos de não corporativo investidores institucionais e individuais em Fideicomissos de Investimento Imobiliário até dezembro de 2016. O governo prevê uma isenção de imposto de renda de 100 por 10 anos e isenção de imposto de selo em contratos de empréstimo e serviço Para empresas que localizam no Tun Razak Exchange, um novo centro de negócios em Kuala Lumpur. Além da isenção de imposto de renda de 100 por 10 anos e isenção de imposto de selo em contratos de empréstimo e serviço para Tun Razak Exchange (anteriormente conhecida como Kuala Lumpur International Financial District) empresas estatuto, o governo também no seu Orçamento de 2013 anunciou que estas empresas iria Beneficiam de subsídio de construção industrial e de subsídio de capital acelerado. A indústria de seguros de vida continua a ser dominada por prestadores estrangeiros, incluindo algumas empresas dos EUA, enquanto as empresas nacionais controlam a indústria de seguros geral. Em 2009, os limites de propriedade estrangeira foram aumentados de 49 para 70 para filiais de companhias de seguros estrangeiras. No entanto, capital estrangeiro acima de 70 é considerado caso a caso para as companhias de seguros se o investimento é determinado para facilitar a consolidação e racionalização do setor de seguros. As empresas de resseguros são obrigadas a fazer mais de 50 de resseguro na Malásia e têm 5 cessão e retenção local. Como parte da resposta da Malaysiarsquos à crise financeira asiática de 1997-1998, todos os ramos de companhias de seguros estrangeiras foram obrigados a incorporar localmente. Os estrangeiros são autorizados a comprar um número limitado de licenças de corretagem e são autorizados a assumir uma participação maioritária em empresas de gestão de unidades de confiança. A Malásia permitiu que cinco corretoras de ações estrangeiras e uma companhia de gestão de fundos estrangeira criassem operações na Malásia. A participação estrangeira máxima em corretoras de ações e fundos de investimento na Malásia é de 70. Não há restrições de capital estrangeiro para as empresas de gestão de fundos que fornecem serviços de atacado e 70 empresas de gestão de fundos de ações estrangeiras que prestam serviços de varejo e para corretoras. As corretoras de futuros podem ser 100 de propriedade estrangeira. Os gestores de fundos internacionais têm de passar por um fornecedor de fundos local, que então estabelece um acordo lsquofeederrsquo. Em 2011, a Lei de Valores Mobiliários de 1993 e a Lei de Mercado de Capitais e Serviços de 2007 foram alteradas para promover o desenvolvimento do mercado de capitais, de acordo com as normas globais e de acordo com as estratégias delineadas no Plano de Mercado de Capitais 2. Sujeito à aprovação da Comissão de Valores Mobiliários , As empresas de gestão de fundos podem oferecer uma gama de fundos a partir da qual os indivíduos podem optar por investir, com base em suas necessidades financeiras, metas e apetite pelo risco. O Plano Diretor de Mercado de Capitais 2 foi lançado em abril de 2011. Relatório completo: sc. my/por/html/cmp2/cmp2final. pdf Centro de Serviços Financeiros Offshore O Território Federal de Labuan foi declarado Centro Financeiro Offshore Internacional em outubro de 1990. As empresas recebem Tratamento tributário preferencial para atividades bancárias offshore, gestão de fundos fiduciários e de fundos, seguros offshore e negócios relacionados a seguros offshore e empresas de investimentos offshore conduzidas em Labuan. Os bancos islâmicos e os operadores takaful (seguros islâmicos), regulados pela Autoridade de Serviços Financeiros Labuan, recebem maior flexibilidade para abrir os escritórios de operação em qualquer lugar da Malásia e recebem uma isenção de impostos para os negócios financeiros islâmicos internacionais. Os bancos islâmicos e os operadores takaful mantêm o tratamento fiscal favorecido estendido às empresas offshore em Labuan, 3 ou RM 20.000 (aproximadamente US5.650), mantendo ou não uma presença física em Labuan. Esta opção não está disponível para os bancos convencionais, que são obrigados a manter uma presença física em Labuan, a fim de manter o tratamento fiscal favorável. Serviços Financeiros Islâmicos O Parlamento da Malásia aprovou legislação no final de 2012 para atualizar o quadro regulatório dos Serviços Financeiros Islâmicos. O governo da Malásia oferece incentivos fiscais e outras medidas para incentivar os bancos comerciais que operam na Malásia a criarem subsidiárias islâmicas completas. BNM uses its Malaysia International Islamic Financial Center Initiative to provide special tax and regulatory treatment, scholarships, and efforts to work toward mutual recognition of Islamic banking and takaful (Islamic insurance) practices. This offers a ten-year tax exemption on Islamic financial products in foreign currencies and tax relief for Islamic Finance studies. Expatriate Islamic finance experts are exempted from paying Malaysian income tax in an effort to better enable Malaysia to attract foreign talent. Foreign institutions can hold 70 equity ownership in domestic Islamic banks. The Government continues to promote takaful as part of its strategy to make Malaysia a global hub for Islamic financial services, including through tax breaks and incentives. Companies wishing to offer takaful need a separate license. Foreign investors are permitted to own 49 of takaful joint ventures. International takaful operators, both domestic and foreign, may apply for licenses to conduct business in international currencies, either as incorporated entities or as branches. Currently, AIA Takaful International Berhad is the sole foreign-owned international takaful operator in Malaysia. Bank Negara is working with qualified local and foreign insurers to provide quotre-takafulquot (reinsurance under Islamic principles) services in Malaysia and to make Malaysia their center for re-takaful activities. New re-takaful operators will be given flexibility to conduct business in the country as a subsidiary or branch. Malaysia has 10 international Islamic fund management firms. The government provides tax incentives for existing stock brokerage firms to set up Islamic brokerage subsidiaries and recently issued three new licenses to high profile brokerage firms, including U. S. firms Goldman Sachs and Citibank Securities, which the government hopes will attract Middle Eastern capital to invest in Malaysia. There are no restrictions on the ability of wholly foreign-owned Islamic fund management companies to invest assets abroad. Fees received from the management of Islamic funds are tax-exempt for ten years. Maritime and Logistics Foreigners are subject to a 70 equity limit in shipping and logistics companies and 49 in forwarding agencies. According to Malaysian officials, requirements would vary for single purpose and multipurpose port facilities. Land and Agriculture Only Malaysian citizens may own agricultural land. Malaysia also restricts foreign participation in agriculture (unless it is an agro-tourism linked project), and construction. Land acquisitions by foreign interests that require approval from the Malaysian government are Acquisition of agricultural land valued at US163,000 and above Land of at least five acres in area for following purposes of: commercial scale agricultural activities, agro-tourism projects or agro based industrial activities for production of export goods. Acquisition of industrial land valued at US163,000 and above. The Federal Department of Land and Mines controls the incorporation of mining companies. However, mining, land ownership and licensing requirements to mine are under the jurisdiction of each individual Malaysian Statersquos mining departments. There are no restrictions for investing in the fisheries industry, except for owning an aquaculture or deep sea fishing project as they are subject to the 30 local equity requirement for establishing the company. For an aquaculture project, the size of the pond must be at least two hectares in area. For tax purposes, local and foreign enterprises are treated essentially the same. Resident petroleum companies pay 38 income tax all other resident companies currently pay an income tax of 25. Dividends are taxed at the corporate rate. A company is resident in Malaysia for tax purposes if its management and control is exercised in Malaysia, that is, if directorsrsquo meetings are held in Malaysia. Payments made to non-residents for technical or management services and rental of movable properties are subject to withholding tax at the rate of 10. Multinational corporations that establish their treasury management services in Malaysia are given 70 exemption of income taxes for 5 years, withholding taxes on interest payment on borrowings, and stamp duties on loan and services agreements. The income tax rate for non-resident individuals is 26. The U. S. and Malaysia do not have a bilateral tax agreement and no negotiations are anticipated at this time. The government has postponed since 2010 a plan to implement a Goods and Services Tax (GST, similar to a value-added tax). Beyond the investment restrictions resulting from the Bumiputra policies and often opaque regulatory process, Malaysiarsquos shortage of skilled labor is its most oft-cited impediment to economic growth. (See sections on labor and performance requirements). Conversion and Transfer Policies The Malaysian central bank states that Malaysia maintains liberal foreign exchange administration policies. Selective capital controls imposed in 1998 during the Asian Financial Crisis to insulate the Malaysian economy from risks posed by volatile short-term capital flows and to eliminate offshore trading of the Malaysian Ringgit have been largely removed. A series of sequenced and progressive liberalization initiatives gradually relaxed controls on foreign direct investment flows, wages, dividends, interest, and rental income earned in Malaysia, to the point that capital now moves freely in and out of Malaysia. The government continues to control the use of Malaysian Ringgit outside of Malaysia for settlement. However, there are no longer restrictions on resident companies with export earnings from paying in foreign currencies to another resident company for the purchase of goods and services. Foreign investors are allowed to buy or sell Malaysian Ringgit on a forward or spot basis with licensed onshore banks to facilitate the settlement of investments in Ringgit. In June 2011, Bank Negara removed limits on outbound investment, non-bank inter-company loans, and trade financing. BNM manages a floating exchange rate against a trade-weighted basket of currencies. The exchange rate against the USD stood at 3.05 on December 31, 2012. All payments to other countries must be made through authorized foreign exchange dealers. Banks must record the amount and purpose of each cross-border transfer over RM 200,000 (approximately US58,000). More information on Malaysiarsquos foreign exchange administration can be found at bnm. gov. my/index. phpchfeaadmamppgfeaadmamplangen Expropriation and Compensation The Embassy is not aware of any cases of uncompensated expropriation of U. S.-held assets by the Malaysian government. The government39s stated policy is that all investors, both foreign and domestic, are entitled to fair compensation in the event that their private property is required for public purposes. Should the investor and the government disagree on the amount of compensation, the issue is then referred to the Malaysian judicial system. Malaysia has signed and ratified the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. Malaysia became a Contracting State on October 14, 1966 when the Convention entered into force, granting jurisdiction over investment disputes between the Government of Malaysia and non-Malaysian citizens to the International Center for Settlement of Investment Disputes (ICSID). www-wds. worldbank. org/external/default/WDSContentServer/WDSP/IB/2001/05/08/00009494601042407280024/Rendered/PDF/multi0page. pdf Malaysia also is a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The domestic legal system is accessible but generally requires any non-Malaysian citizen to make a large deposit before pursuing a case in the Malaysian courts (i. e. 100,000), and can be slow, bureaucratic, and is regarded by some observers as politically influenced. Many firms choose to include mandatory arbitration clauses in their contracts. The government actively promotes use of the Kuala Lumpur Regional Center for Arbitration (rcakl. org. my ), established under the auspices of the Asian-African Legal Consultative Committee to offer international arbitration, mediation, and conciliation for trade disputes. The KLRCA is the only recognized center for arbitration in Malaysia. Arbitration held in a foreign jurisdiction under the rules of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States 1965 or under the United Nations Commission on International trade Law Arbitration Rules 1976 and the Rules of the Regional Centre for Arbitration at Kuala Lumpur can be enforceable in Malaysia. Performance Requirements and Incentives Fiscal incentives granted to both foreign and domestic investors historically have been subject to performance requirements, usually in the form of export targets, local content requirements and technology transfer requirements. Performance requirements are usually written into the individual manufacturing licenses of local and foreign investors. The Malaysian government extends a full tax exemption incentive of fifteen years for firms with quotPioneer Statusquot (companies promoting products or activities in industries or parts of Malaysia to which the government places a high priority), and ten years for companies with quotInvestment Tax Allowancequot status (those on which the government places a priority, but not as high as Pioneer Status). However, the government appears to have some flexibility with respect to the expiry of these periods, and some firms reportedly have had their pioneer status renewed. Government priorities generally include the levels of value-added, technology used, and industrial linkages. If a firm (foreign or domestic) fails to meet the terms of its license, it risks losing any tax benefits it may have been awarded. Potentially, a firm could lose its manufacturing license. The New Economic Model stated that in the long term, the government intends gradually to eliminate most of the fiscal incentives now offered to foreign and domestic manufacturing investors. More information on specific incentives for various sectors can be found at mida. gov. my . Malaysia also seeks to attract foreign investment in the information technology industry, particularly in the Multimedia Super Corridor (MSC), a government scheme to foster the growth of research, development, and other high technology activities in Malaysia. Foreign investors who obtain MSC status receive tax and regulatory exemptions as well as public service commitments in exchange for a commitment of substantial technology transfer. For further details on incentives, see mdec. my. The Multimedia Development Corporation (MDeC) approves all applications for MSC status. In the services sector, the governmentrsquos stated goal is to attract foreign investment in regional distribution centers, international procurement centers, operational headquarter research and development, university and graduate education, integrated market and logistics support services, cold chain facilities, central utility facilities, industrial training, and environmental management. To date, Malaysia has had some success in attracting regional distribution centers and local campuses of foreign universities. For example, during 2011 the government facilitated partnerships between local partners and MIT to develop a graduate program in logistics management and with Johns Hopkins University to develop its first graduate medical school located outside the United States. Malaysia seeks to attract foreign investment in biotechnology, but sends a mixed message on agricultural and food biotechnology. On July 8, 2010, the Malaysian Ministry of Health posted amendments to the Food Regulations 1985 P. U. (A) 437/1985 that require strict mandatory labeling of food and food ingredients obtained through modern biotechnology. The amendments also included a requirement that no person shall import, prepare or advertise for sale, or sell any food or food ingredients obtained through modern biotechnology without the prior written approval of the Director. There is no lsquothresholdrsquo level on the labeling requirement. Labeling of ldquoGMO Freerdquo or ldquoNon-GMOrdquo is not permitted. The labeling requirements only apply to foods and food ingredients obtained through modern biotechnology but not to food produced with GMO feed. The labeling regulation was originally scheduled to be enforced beginning in July 2012. However, a Ministry of Health circular published on August 27, 2012 announced that enforcement would be deferred until July 8, 2014. A copy of the law and regulations respectively can be found at: biosafety. nre. gov. my/BiosafetyAct2007.shtml. and biosafety. nre. gov. my/BIOSAFETY20REGULATIONS202010.pdf . Right to Private Ownership and Establishment Foreigners may purchase property worth over RM500, 000 (approximately US163,000) without restriction. Although the Federal government no longer requires foreigners to get approval from the FICs (Foreign Investment Committee) for the purchase of residential property, the State governments at times can be more restrictive than Federal regulation and can delay the purchase. Owning a business in Malaysia requires two local directors, though 100 of the shares can be held by foreign owners, except in sectors where foreign investment is restricted. Protection of Property Rights Real Property Rights Land administration is shared among federal, state, and local government. State governments have their own rules about land ownership, including foreign ownership. Malaysian law affords strong protections to real property owners. Real property titles are recorded in public records and attorneys review transfer documentation to ensure efficacy of a title transfer. There is no title insurance available in Malaysia. Malaysian courts protect property ownership rights. Foreign investors are allowed to borrow using real property as collateral. Foreign and domestic lenders are able to record mortgages with competent authorities and execute foreclosure in the event of loan default. Intellectual Property Rights Malaysia was removed from the U. S. Special 301 Watch List in 2012 following improvements in recent years in protecting IPR. In December 2011, the Malaysian Parliament passed amendments to the copyright law designed to, inter alia, bring the country into compliance with the WIPO Copyright Treaty and the WIPO Performance and Phonogram Treaty, define Internet Service Provider (ISP) liabilities, and prohibit unauthorized camcording of motion pictures in theaters. Malaysia subsequently acceded to the WIPO Copyright Treaty and the WIPO Performance and Phonogram Treaty in September 2012. In addition, the Ministry of Domestic Trade, Cooperatives, and Consumerism (MDTCC) took steps to enhance Malaysiarsquos enforcement regime, including active cooperation with rights holders on matters pertaining to IPR enforcement, ongoing training of prosecutors for specialized IPR courts, and the reestablishment of a Special Anti-Piracy Taskforce. In recent years, the MDTCC has also instructed its enforcement division to begin to take ex officio action, resulting in significant seizures of pirated products. In June 2011, the Malaysian government took action to block access to several international pirate sites and continues to be open to take down local sites featuring pirated content. The Ministry of Health implemented regulations in 2011 to provide a five year term for data protection of pharmaceutical products. Despite Malaysiarsquos success in improving its effective protection of IPR, key issues remain, including relatively widespread availability of pirated and counterfeit products in Malaysia, high rates of piracy over the Internet, and continued problems with book piracy. The United States continues to encourage Malaysia to accede to the WIPO Budapest Treaty on the International Recognition of the Deposit of Microorganisms for the Purposes of Patent Procedure. In addition, the United States continues to urge Malaysia to provide effective protection against unfair commercial use, as well as unauthorized disclosure, of undisclosed test or other data generated to obtain marketing approval for pharmaceutical products, and to provide an effective system to address patent issues expeditiously in connection with applications to market pharmaceutical products. Copyright Protection and Optical Media Piracy Copyright protection lasts for 50 years after the authorrsquos death and extends to computer software. The Copyright Act includes enforcement provisions allowing government officials to enter and search premises suspected of infringement and to seize infringing copies and reproduction equipment. The amendments to the Act passed by the Malaysian Parliament in 2011 include new authority to combat camcording activities in cinemas. Malaysia continues to face challenges in ensuring the effective protection of copyrighted materials. Pirated optical discs remain widely available, although less conspicuously than in the past. Unauthorized photocopying of textbooks remains a particular concern. On-line piracy and illegal downloading of cinematographic and musical works has grown. The Optical Disc Act of 2000 established a licensing and regulatory framework to control the manufacture of optical discs and to fight piracy. Under the Act, manufacturers are required to obtain licenses from MITI and MDTCC, to place source identification (SID) codes on each disc, and to allow regular inspections of their operations. The Ministry of Health in 2011 issued revised regulations to provide data exclusivity protection for pharmaceuticals for five years for new chemical entities, and three years for new indications. The time periods would be based on a drug39s approval date in its country of origin. Applications for data exclusivity for new chemical entities must be made within 18 months from the date the product is first registered and granted marketing authorization and for second indications within 12 months from the date the second indication is approved. The Malaysian law allows for the regulatory approval of generic versions of pharmaceuticals that are still patented, but prohibits marketing and commercial manufacturing during the patent validity period. Sales of counterfeit pharmaceuticals remain a problem in Malaysia. Counterfeit medicines that have been identified include quotdrugsquot with the wrong ingredients, insufficient active ingredients, and those with fake packaging. Unregistered generic copies of patented products are also available in Malaysia. The Ministry of Health and the MDTCC are improving their enforcement efforts, and share information and collaborate with industry on those efforts. The Ministry of Health in late 2012 circulated for comment draft legislation that would, if passed by Parliament, significantly increase penalties against those selling counterfeit medicines. Trademarked Consumer Products A number of U. S. consumer product companies also have suffered losses due to the presence in the market of counterfeit trademarked products. Counterfeiters have improved the quality of packaging and marketing so that consumers are misled into purchasing the products. Most of these counterfeit products are brought into the country from China, Thailand, and India. In 2011, MDTCC launched a ldquoBasket of Brandsrdquo initiative, a voluntary program where participating trademark holders receive more proactive protection efforts in exchange for a commitment to testify in any resulting prosecutions. Complicating enforcement of trademark-related violations is a Malaysian Court of Appeals interpretation of the trademark law that requires enforcement officials to have a ldquoTrade Description Orderrdquo to conduct criminal raids when the counterfeit product seized is not identical to the trademarked original. Patents registered in Malaysia generally have 20-year duration from date of filing, which can be extended under certain circumstances. The length of time required for patent registration averages five years and trademark registration averages two years. Registrations are handled by the MDTCCrsquos Patents and Trademarks Department. Transparency of Regulatory System The lack of transparency in government rule-making and procedures in Malaysia has impeded U. S. firmsrsquo access to the Malaysian market. Stakeholders have found it very difficult to access draft laws and regulations for the purpose of reviewing and offering comments, in large part due to Malaysiarsquos broad Official Secrets Act. Following an announcement by Prime Minister Najib in February 2012, the Chief Secretary to the Cabinet in April 2012 issued a circular instructing all Ministries to publicly post all draft laws and regulations on the internet for a 14 day public comment period. However, implementation of this new requirement appears to be uneven and many Ministries continue to consult selected stake holders in an opaque invitation-only manner. Malaysia is an observer but not a signatory of the WTO Government Procurement Agreement (GPA). Malaysiarsquos procurement policies are explicitly used to encourage greater participation of Bumiputra in the economy, transfer technology to local industries, create opportunities for local companies in the services sector, and enhance Malaysiarsquos export capabilities. U. S. companies have voiced concerns about the non-transparent nature of the procurement process in Malaysia. Traditionally, international tenders have been invited only where domestic goods and services are not available. In domestic tenders, preferences are provided for Bumiputra suppliers and other domestic suppliers. As a result, foreign companies do not have the same opportunities as local companies to compete for contracts. In most government tenders, especially for major infrastructure, foreign companies are required to take on a Bumiputra partner before their bids will be considered. Government officials maintain that procurement reform is an important goal of the Najib administration, and that progress is being made. The Prime Minister established the Performance Management and Delivery Unit (PEMANDU), to address concerns about transparency and competitive bidding in government procurement. In April 2010, the government launched a website to improve transparency in public procurement. Known as the MyProcurement portal, which can be accessed at myprocurement. treasury. gov. my. the website aims to be a government procurement information centre. To date, more than 5,000 contracts are listed on the website citing information on both advertised and awarded tenders (including dates), values of the contracts, and winners of the tenders. Malaysia is also increasing use of the Swiss Challenge method and integrity pacts in its government procurement procedures. However, some of the largest infrastructure and other projects are still sole-sourced through closed negotiations, not open tenders. Malaysia ranked in 54th place in Transparency Internationalrsquos Corruption Perception Index in 2012 (the lower the ranking, the less perceived corruption). The Malaysian government has taken steps to address corruption, including through the establishment of the Malaysian Anti-Corruption Commission (MACC) in 2008, passage of legislation to make judicial appointments more transparent (the Judicial Appointments Commission Act) also in 2008, passage of a Whistleblower Protection Act in 2010, the introduction of procurement reforms and the launch of government initiatives to target corrupt practices. The Malaysian government considers bribery a criminal act and does not permit bribes to be deducted from taxes. Malaysiarsquos anti-corruption law includes the criminal offense of bribery of foreign public officials, permits the prosecution of Malaysians for offense committed overseas, and also provides for the seizure of properties. Critics have questioned the MACCrsquos ability to effectively address high-level corruption, although a number of cases are in court. The MACC conducts investigations but prosecutorial discretion remains with the Attorney General. A lack of capacity and technical skills in some areas hampers MACCrsquos overall effectiveness. The MACC introduced a public database of those convicted of corruption offenses. There is no systematic public disclosure of assets by senior officials. Critics also note that the Whistleblower Act does not protect those who disclose allegations to the media. Government officials cite a four point approach to reducing corruption in government procurement, a key area of focus: increasing the number and decreasing the size of government procurement contract subject to open tenders, introducing the Transparency International ldquoIntegrity Pactrdquo concept to be signed by all vendors that they understand bidding rules and anti-corruption laws prior to engaging in contract negotiations, issuing rules against Ministerial ldquoreferral lettersrdquo recommending specific contractors for government contracts, and fully implementing the new Whistleblower Act. Efficient Capital Markets and Portfolio Investments Foreign investors and foreign companies have access to credit on the local capital market. Foreign-controlled companies may seek any amount of Malaysian Ringgit credit facilities without Bank Negararsquos approval. There are no restrictions on foreign stock brokerage companies obtaining ringgit facilities to facilitate the settlement of transaction on the Malaysian stock and bond markets. There is no limit on the number of residential and commercial property loans allowed to foreigners. In 2008, the government liberalized the foreign exchange administration rules allowing borrowing in foreign currency by residents as well as borrowing and lending in ringgit between residents and non-residents. The Malaysian Deposit Insurance Company insures deposit accounts of up to RM 250,000 (US80,645) with separate funds for conventional and Islamic banking institutions. Capital Markets and Securities Trading Foreigners may trade in securities and derivatives. Malaysia houses Asiarsquos third largest corporate bond market, behind only Japan and Korea in market capitalization. Both domestic and foreign companies regularly access capital in Malaysiarsquos bond market. Malaysia provides tax incentives for foreign companies issuing Islamic bonds and financial instruments in Malaysia. During 2011, foreign capital continued flowing back into Malaysian bonds after a US35 billion outflow during the 2008-9 global financial crises. Malaysiarsquos stock market (Bursa Malaysia) is open to foreign investment and foreign corporation issuing shares. However, foreign issuers remain subject to Bumiputra ownership requirements of 12.5 if the majority of their operations are in Malaysia. Listing requirements for foreign companies are similar to that of local companies. There additional criteria for foreign companies wanting to list in Malaysia including, among others: approval of regulatory authorities of foreign jurisdiction where the company was incorporated, valuation of assets that are standards applied in Malaysia or International Valuation Standards and the company must have been registered with the Registrar of Companies under the Companies Act 1965. Malaysia has taken steps to promote good corporate governance by listed companies. Publicly listed companies must submit quarterly reports that include a balance sheet and income statement within two months of each financial quarterrsquos end and audited annual accounts for public scrutiny within four months of each yearrsquos end. An individual may hold up to 25 corporate directorships. All public and private company directors are required to attend classes on corporate rules and regulations. Legislation also regulates equity buybacks, mandates book entry of all securities transfers, and requires that all owners of securities accounts be identified. A Central Depository System (CDS) for stocks and bonds established in 1991 makes physical possession of certificates unnecessary. All shares traded on the Bursa Malaysia must be deposited in the CDS. Short selling of stocks is prohibited. Competition and State-Owned Enterprises On April 21, 2010, the Parliament of Malaysia approved two bills, the Competition Commission Act 2010 and the Competition Act 2010. The Acts took effect January 1, 2012. The Competition Act prohibits cartels and abuses of a dominant market position, but does not create any pre-transaction review of mergers or acquisitions. Violations are punishable by fines, as well as imprisonment for individual violations. The Acts established a Competition Commission with broad investigative and enforcement powers, as well as a Competition Appeals Tribunal (CAT) to hear all appeals of Commission decisions. State-owned enterprises play a very significant role in the Malaysian economy. Such enterprises have been used to spearhead infrastructure and industrial projects. The government owns approximately 36 of the value of firms listed on the Bursa Malaysia through its seven Government-Linked Investment Corporations (GLICs), including a majority stake in a number of companies. Only a minority portion of stock is available for trading for some of the largest publicly listed local companies. The government has indicated increasing interest in restarting its privatization efforts through the New Economic Model reforms. Khazanah, often considered the governmentrsquos sovereign wealth fund, owns stakes in companies competing many of the countryrsquos major industries. The Prime Minister chairs Khazanahrsquos Board of Directors. PETRONAS, the state-owned oil and gas company, is Malaysiarsquos only Fortune Global 500 firm. In July 2011, the Government identified 33 government-linked companies as ready for divestment, but did not identify them by name. Under the plan to rationalize the portfolio of government-linked companies (GLCs) in Malaysia, the Government will reduce its stakes in some of these companies, list a few others and sell the rest. In first quarter of 2012 Khazanah offloaded its stake in the national car company Proton to DRB-Hicom Bhd. In December 2012 Khazanah announced its intention to divest its IT company Time Engineering Bhd to a Bumiputra-owned company. However, the majority of GLCs are not affected by the divestment plan, and GLCs will retain a major role in Malaysiarsquos economy. Corporate Social Responsibility (CSR) The development of corporate social responsibility in Malaysia is moving to higher levels and many larger companies have CSR programs and activities. In 2006, Malaysian stock market regulator, the Securities Commission, published a CSR Framework for all publicly listed companies, which are required to disclose their CSR programs in their annual financial reports. In 2007 the Women, Family and Community Ministry launched the Prime Ministerrsquos CSRrsquos Awards to recognize companies that have made a difference to the communities in which they are active through their CSR programs. Malaysia has experienced political stability since its independence in 1957, with the exception of ethnic riots that followed the 1969 national elections. Najib Razak peacefully took office as Malaysiarsquos 6th Prime Minister on April 2, 2009. The government historically denied assembly permits for anti-government street demonstrations. In April 2012, the Peaceful Assembly Act took effect, which eliminates the need for permits for public assemblies but outlaws street protests and places other significant restrictions on public assemblies. On April 28 2012, the police disrupted a large protest march that took place despite restrictions the government attempted to impose. Subsequent demonstrations and protest marches took place in 2012 without disruption. Bilateral Investment and Taxation Agreements Malaysia has bilateral investment guarantee agreements with over 70 economies, including the United States, has bilateral investment treaties with 36 countries, and has double taxation treaties with over 70 countries. Malaysiarsquos double taxation agreement with the U. S. currently is limited to air and sea transportation. There is currently no bilateral investment treaty between the US and Malaysia. OPIC and Other Investment Insurance Programs Malaysia has a limited investment guarantee agreement with the U. S. under the U. S. Overseas Private Investment Corporation (OPIC) program, for which it has qualified since 1959. However, few investors have sought OPIC insurance in Malaysia. Malaysiarsquos shortage of skilled labor is the most often cited impediment to economic growth cited in numerous studies. Malaysia has an acute shortage of highly qualified professionals, scientists, and academics. The Malaysian labor market operates at essentially full employment, with unemployment for Malaysians averaging 3.2 in 2012. The number of unemployed university graduates remains high, however, at about 40,000 in 2012. In an effort to improve the employability of local graduates, the GOM offers additional training modules at public universities in English language skills, presentation techniques, and entrepreneurship. Malaysia is a member of the International Labor Organization (ILO). Labor relations in Malaysia are generally non-confrontational. A system of government controls strongly discourages strikes. Some labor disputes are settled through negotiation or arbitration by an industrial court, though cases can be backlogged for years. Once a case is referred to the industrial court, the union and management are barred from further industrial action. While national unions are proscribed due to sovereignty issues within Malaysia, there are a number of territorial federations of unions (the three territories being Peninsular Malaysia, Sabah, and Sarawak). The government has prevented some trade unions, such as those in the electronics and textile sectors, from forming territorial federations. Instead of allowing a federation for all of Peninsular Malaysia, the electronics sector is limited to forming four regional federations of unions, while the textile sector is limited to state-based federations of unions, for those states which have a textile industry. Employers and employees share the costs of the Social Security Organization (SOSCO), which covers an estimated 12.9 million workers. No systematic welfare programs or government unemployment benefits exist however the Employee Provident Fund (EPF), which employers and employees are required to contribute to, provides retirement benefits for workers in the private sector. Civil servants receive pensions upon retirement. The regulation of employment in Malaysia, specifically as it affects the hiring and redundancy of workers remains a notable impediment to employing workers in Malaysia. The high cost of terminating their employees, even in cases of wrongdoing, is a source of complaint for domestic and foreign employers. The World Bank estimates that the financial cost of firing an employee averages 75 weeks of salary for that worker. The Embassy hears reports from some U. S. companies that the government monitors the ethnic balance among employees and enforces an ethnic quota system for hiring in certain areas. Race-based preferences in hiring and promotion are widespread in government, government-owned universities, and government-linked corporations. The Minimum Wage Order 2012 came into force on January 1, 2013 and fixed the rate at 300 per month in Peninsular Malaysia and 266 for those in East Malaysia. However there have been calls for the government to defer the implementation of the new policy. Foreign workers are categorized as follows: ldquoexpatriatesrdquo (anyone earning at least RM 5,000 or 1,429, per month) ldquoforeign skilled workers, rdquo and ldquoforeign unskilled and semi-skilled workers. rdquo The Malaysian Government has embarked on a number of immigration liberalization initiatives aimed at expatriates and foreign skilled workers. Employing expatriates involves two phases. First, the company must be granted approval for the expatriate post then the individual must be approved by receiving a ldquoreference visardquo from the Malaysian embassy in the expatriatersquos home country and approval from the Immigration Department. More details can be found at pemudah. gov. my/guidebook. pdf . Companies in different sectors must apply for approval for expatriate posts through the respective government authority: manufacturing and manufacturing-related companies apply through MIDA companies with ldquoMultimedia Super Corridorrdquo (MSC) status through the Multimedia Development Corporation banking and insurance companies through Bank Negara Malaysia securities brokers through the Securities Commission biotechnology companies through Biotech Corp and companies in other sectors through the Expatriate Committee. Each authority has its own set of requirements and decisions are made on a case-by-case basis. Manufacturing companies that are 100 foreign-owned must have a minimum paid-in capital of RM 500,000 (as of January 1, 2010) to employ expatriates. Companies with joint foreign and Malaysian ownership must have a minimum paid-up capital of RM 350,000 while Malaysian-owned companies must have a minimum of RM 250,000. It appears that the larger a companyrsquos paid-in capital, the more expatriates the company can employ. Manufacturing-related companies in sub-sectors targeted by the government for development are given priority. These include regional establishments (operational headquarters, international procurement centers, regional distribution centers) support services (integrated logistics services, integrated market support services, central utility facilities, cold chain facilities) research and development software development hotel and tourism projects technical and vocational training some environment-related services and film or video production. Except for manufacturing companies with automatic allowances, a firm wishing to employ expatriate personnel generally must demonstrate that there is a shortage of qualified Malaysian candidates and that a Malaysian citizen is being trained. In practice this is difficult for firms to document. In 2010, the government eliminated the six-month waiting period for determining a shortage of Malaysian candidates. Expatriate visas are issued for a period of up to ten years. Unskilled foreign workers receive a three-year work permit, renewable annually up to five years, and foreign skilled workers can qualify for up to 12 months. If an unskilled worker acquires ldquoskills certificates, rdquo he/she may apply for a permit as a skilled worker after exhausting the five-year maximum as an unskilled worker. Foreign domestic helpers are permitted to remain in Malaysia on a work permit beyond ten years. Malaysiarsquos freeze on permanent resident visas was removed in 2010 with a point system introduced for residents living in Malaysia over five years. Malaysia also has the ldquoMalaysia, My Second Homerdquo program and the Residence Pass that provides long-term resident visas for expatriates. Launched in April 2011, the Residence Pass ndash Talent (RP-T) is offered to highly qualified expatriates who can contribute towards Malaysiarsquos economic transformation. The ten-year Pass accords eligible holders many benefits, including the ability to change employers without having to renew the pass. Details are at talentcorp. my . Government officials say they have taken steps to simplify and expedite permit approvals for some categories of foreign personnel. The PEMUDAH task force developed a guidebook clarifying the various procedures and requirements. In 2010, the government implemented new regulations reducing application approval times, removing expatriate age limits, and allowing automatic approval for expatriate employees earning over US2,580 per month. The spouse of an expatriate holding a Dependent Pass is allowed to take up paid employment without converting the Dependent Pass to an ldquoEmployment Passrdquo or to a ldquoVisit Pass for Temporary Employmentrdquo on the condition that permission to take up the paid employment is endorsed on his/her passport by an authorized Immigration officer. In November 2012, the government announced the setting up of the Expatriate Services Division to facilitate and retain foreign talents. Expected to be fully operational by March 2013, this division will be an integrated service facility offering services to expatriates and their dependants in matters relating to immigration process. Foreign Trade Zones/Free Ports The Free Zone Act of 1990 authorized the Minister of Finance to designate any suitable area as either a Free Industrial Zone (FIZ), where manufacturing and assembly takes place, or a Free Commercial Zone (FCZ), generally for warehousing commercial stock. Currently there are 13 FIZs and 12 FCZs in Malaysia. In June 2006, the Port Klang Free Zone opened as the nation39s first fully integrated FIZ and FCZ, although the project been dogged by corruption allegations related to the land acquisition for the site. The Minister of Finance may appoint any federal, state, or local government agency or entity as an authority to administer, maintain and operate any free trade zone. Raw materials, products and equipment may be imported duty-free into these zones with minimum customs formalities. Companies that export not less than 80 of their output and depend on imported goods, raw materials, and components may be located in these FZs. Ports, shipping and maritime-related services play an important role in Malaysia since 90 of its international trade by volume is seaborne. Malaysia is also a major transshipment center. Goods sold into the Malaysian economy by companies within the FZs must pay import duties. If a company wants to enjoy Common External Preferential Tariff (CEPT) rates within the ASEAN Free Trade Area, 40 of a product39s content must be ASEAN-sourced. In addition to the FZs, Malaysia permits the establishment of licensed manufacturing warehouses outside of free zones, which give companies greater freedom of location while allowing them to enjoy privileges similar to firms operating in an FZ. Companies operating in these zones require approval/license for each activity. The time needed to obtain licenses depends on the type of approval and ranges from 2-8 weeks. Foreign Direct Investment Statistics The U. S. has been consistently a leading foreign investor in Malaysia, with significant presence in the oil and gas sector, manufacturing, and financial services. A 2005 survey by the American Malaysian Chamber of Commerce put cumulative U. S. interest in Malaysia at more than US 30.0 billion, significantly more than some official U. S. and Malaysian statistics, which may not capture or may undercount U. S. investment. U. S. firms with significant investment in Malaysiarsquos petroleum and petrochemical sector include: ExxonMobil, Caltex, ConocoPhillips, Murphy Oil, Hess Oil, Halliburton, Dow Chemical and Eastman Chemicals. Major semiconductor manufacturers, including Freescale, Texas Instruments, Intel, and others have substantial operations in Malaysia, as do electronics manufacturers Western Digital, Komag, Agilent, and Motorola. In recent years Malaysia has attracted significant investment in the production of solar panels, including from U. S. firms. Virtually all major Japanese consumer electronics firms (Sony, Fuji, Panasonic, Matsushita, Hitachi, etc.) have facilities in Malaysia. Tables 1-3 report approved manufacturing investment in Malaysia, as opposed to actual investments, and do not include significant U. S. investment in the petroleum and financial sectors. Table One: Sources of Approved Manufacturing Investment in Malaysia (Value in Millions of U. S. Dollars) - Source: Bank Negara Malaysia and Department of Statistics, Malaysia - Exchange Rates: U. S. 1.0RM 3.42 (2009 rate), RM3.04 (2010 rate), RM3.17 (2011 rate) RM3.05 (2012 rate) - Note: Includes investments by holding companies . U. S. exporters seeking general export information/assistance or country-specific commercial information should consult with their nearest Export Assistance Center or the U. S. Department of Commercersquos Trade Information Center at (800) USA-TRADE, or go to the following website: export. gov. To the best of our knowledge, the information contained in this report is accurate as of the date published. However, The Department of State does not take responsibility for actions readers may take based on the information contained herein. Readers should always conduct their own due diligence before entering into business ventures or other commercial arrangements. The Department of Commerce can assist companies in these endeavors. In This Section:Malaysia Economic Forecast Malaysia was the 33 rd fastest growing economy in the world for 2010 . with a real GDP growth rate (constant prices, national currency) of 7.156 percent. Malaysia recovered fairly strongly from the 2008 global financial crisis where the economy declined for a brief period of time in 2009 - GDP growth (constant prices, national currency) fell to negative 1.71 percent in 2009 compared to a positive average of 5.824 percent from 2003 to 2008. The Malaysian economy was boosted by the growth in services and manufacturing in 2010, which grew by 6.8 and 11.4 percent respectively. With the country recovering fairly well from the financial crisis, household spending grew by 5.3 percent in the same year. Furthermore, according to Bank Negara, ldquoldquoPrivate sector capital spending was led by the expansion in the production of domestic-oriented industries amid high levels of capacity utilisation. Public sector capital investment rose as a result of higher development expenditure mainly in the education and transportation sectors. rdquo As a result, Malaysia is expected to move towards a sustainable growth path from 2011 onwards . Although structural impediments in net exports could threaten overall GDP growth for 2011, the Malaysian Institute of Economic Research firmly believes that this will be offset by domestic demand that will remain strong thanks to supportive government policy measures. Malaysiarsquos GDP Forecast Malaysia is the 37 th largest economy in the world according to GDP (current prices, US dollars) and the 30 th largest economy according to GDP (PPP) in 2010. Although Malaysiarsquos GDP (PPP) declined slightly from US386.234 billion in 2008 to US383.095 billion in 2009, 2010 saw a 8.18 percent increase to US414.428 billion. By 2011, Malaysiarsquos GDP (PPP) is expected to increase even further by 6.66 percent to US442.01 billion. Backed by solid government policies plus the continued recovery from the financial crisis, 2012 is likely to see the strongest performance in the economy where GDP (PPP) will rise by 11.7 percent to US471.399 billion. From 2013 to 2016, Malaysiarsquos GDP (PPP) growth rate will increase annually from 6.4 percent in 2013 to 6.89 percent in 2016. By the end of 2016, Malaysiarsquos GDP (PPP) will hit US610.814 billion ndash making it the 29 th largest economy in the world. Likewise, Malaysiarsquos GDP (PPP) per capita will see consistent growth in the next few years. In 2010, Malaysia had the 57 th highest GDP (PPP) per capita in the world at US14,669.77. From 2011 to 2015, Malaysiarsquos GDP (PPP) per capita will see an annual growth between 4.67 to 4.98 percent. Malaysiarsquos GDP (PPP) per capita growth is expected to peak in 2016 by 5.1 percent. The GDP (PPP) per capita for the end of 2016 will be US19,541.46. Malaysiarsquos Unemployment Forecast Unemployment in Malaysia was barely affected by the 2008 global financial crisis. From 1998 to 2007, unemployment in Malaysia ranged from 3.002 percent to 3.611 percent. In 2008, the unemployment rate in Malaysia was 3.3 percent ndash a 0.1 percent point increase from 2007. 2009 saw unemployment peak at 3.6 percent though this number has since fallen back to 3.3 percent in 2010. The unemployment rate in Malaysia is expected to remain fairly consistent throughout the next few years. From 2011 to 2013, the unemployment rate is expected to see a marginal improvement from year to year. Eventually, unemployment rates will remain at 3 percent from 2013 to 2016. Malaysiarsquos Inflation Rate amp Current Account Balance Forecast Low and stable inflation rates have been one of the main features of the Malaysian economy in the last two decades. Malaysiarsquos inflation is the least volatile in South East Asia and the second lowest behind Singapore. Between 1999 to 2007, Malaysiarsquos average annual inflation rate (average consumer price change) was 2.076 percent. Although the financial crisis created a volatile inflation ndash inflation (average consumer price change) was 5.4 percent in 2008 and 0.6 percent in 2009 ndash inflation rates are recovering to pre-financial crisis levels. In 2010, Malaysiarsquos inflation (average consumer price change) was 1.7 percent. Between 2011 to 2016, the inflation rate in Malaysia is expected to hover between 2.3 percent and 2.8 percent. Malaysia had the 14 th largest current account balance in the world for 2010. Malaysiarsquos current account was at its peak in 2008 where the current account balance was the 9 th largest in the world at US38.854 billion. However, it fell sharply by 18.7 percent in 2009. In 2010, Malaysiarsquos current account balance dropped again by 11.67 percent to US28.119 billion. From 2011 to 2016, Malaysiarsquos current account balance is expected to increase annually by 0.4 to 2.68 percent. By the end of 2016, Malaysiarsquos current account balance will reach US31.2 billion. Bank Negara discouraging forex traders from transactions that would weaken the ringgit PETALING JAYA (THE STAR ONLINE/ASIA NEW NETWORK): As the downward pressure on the ringgit mounts, Bank Negara has adopted gentle suasion methods to stem the decline. Senior executives of the central bank have had briefings with foreign exchange dealers from local and foreign financial institutions this week discouraging them from entering into transactions that result in selling the ringgit. This comes as dealers get offers to enter into a put option for the ringgit at four to the US dollar over a period of between three and six months. What this effectively means is that the counter party has taken the view that the ringgit will go to RM4 against the US dollar in three months and is prepared to take delivery from the dealer at that price when the time comes. If the ringgit hits RM4 against the US dollar, a lot of dealers stand to make a lot of money, said a currency strategist. The appeal by Bank Negara is part of a measure to defend the ringgit, which slid to a fresh 17-year low on Thursday as a political storm intensified over the finances of debt-ridden 1Malaysia Development Bhd. and Prime Minister Najib Razak. The currency hit an intraday low of 3.828 against the US dollar on Thursday, before settling at 3.8190. It was little changed on Friday morning. Dealers told The Star that the central bank had in a recent briefing with them reiterated its stand that the ringgit would not be pegged against the US dollar, and that its value would be determined largely by market forces. Bank Negara had, however, expressed its concern that the ringgit had weakened far beyond Malaysias economic fundamentals. Given the prevailing global economic conditions, the central bank argued that the fair value of the ringgit should be around 3.65 against the US dollar, according to dealers who had attended the briefing with Bank Negara. Year-to-date, the ringgit has lost about 8.4 per cent against the US dollar, making it the worst-performing currency in Asia. With Malaysias forex reserves on a declining trend, currency strategists said it was not surprising that Bank Negara would resort to other measures such as appealing to dealers to support the ringgit. Malaysias currency reserves fell US5 billion in the two weeks to July 5 as the central bank defended the ringgit and analysts estimate a lot more could have been spent since as the political storm around Mr Najib intensified. The significant decline in foreign reserves has put a constraint on Bank Negaras initiative to defend the ringgit, hence the central bank will have to adopt other means to double up the effort, Saktiandi Supaat, head of forex research at Malayan Banking Bhd in Singapore, said over the phone. The pressure on the ringgit is compounded by ann impending US interest rate hike, which has been causing massive capital outflows from emerging economies like Malaysia, and the countrys exposure to weak commodity prices such as that for crude oil, liquefied natural gas and crude palm oil. Reuters recently quoted Chua Hak Bin, Singapore-based head of emerging Asia economics at Bank of America Merrill Lynch, as saying that the ringgit could weaken to 3.86 by end-2015 and 4.05 by end-2016 against the US dollar. You can try to stabilise the ringgit, but ultimately, I dont think it can stand the correction. They will have to adjust to whatever new equilibrium, Mr Chua had told the newswire.
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