KUALA LUMPUR: Eligible Bumiputera companies with no experience in automotive activities can apply for Open approved permits (AP) for the import and sale of vehicles in Malaysia, effective July 1, 2024.
This move aligns with the Investment, Trade, and Industry Ministry's (Miti) efforts to enhance inclusivity and transparency in the Open AP application process.
Eligible companies are those that are 100-per cent Bumiputera-owned; a private limited company; have a minimum paid-up capital of RM1 million; and have been in operations for at least two years.
"The implementation of this policy is expected to attract more Bumiputera companies to venture into the automotive industry. The increase in the number of companies will make this segment more competitive and dynamic," Miti said in a statement.
The ministry said the government's main objective is to continue empowering the Bumiputera socio-economic agenda by providing opportunities for more competitive Bumiputera entrepreneurs to be involved in the automotive sector.
Miti said in its statement the Open AP policy, implemented since 1970, has successfully fostered the growth of Bumiputera companies, not only in the segment of import and sale of vehicles but also in key activities along the supply chain, such as after-sales services, insurance, and logistics.
It said the policy is among Bumiputera-related policies maintained till today and is crucial for achieving the target of 30 per cent Bumiputera equity ownership in the national economy, as outlined under the New Economic Policy.