THE government is to announce soon, probably at the same time as it sets out its mini-budget on March 10, an easing of restrictions on foreign investment, International Trade and Industry Minister Tan Sri Muhyiddin Yassin said yesterday.
"There are some areas that we could liberalise, for example the FIC (Foreign Investment Committee); it has been agreed upon by the Cabinet and will be announced soon," he told foreign journalists in Kuala LumpurMuhyiddin did not specify which areas could be liberalised, but there has been pressure for the country to free up its services and government procurement."In the FIC one of the important components is the Bumiputera equity and that is also being looked at and there will be a slight change the Cabinet discussed this last week," he said.
Muhyiddin said, however, that the main policies would remain."It is one of the best policies ... It is a national programme; it is not a Malay agenda."
Muhyiddin said his ministry would push for cuts in corporate taxes in a new round of spending, due to be announced on March 10, and said that he had asked for RM5 billion to be allocated to his ministry.He declined to comment on the overall size of the spending package, aimed at helping the country avoid the global economic slowdown. - Reuters
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