KUCHING, April 14: A total of 33,123 employment opportunities were created locally between 2020 and 2021 by foreign companies involved in the distributive trade sector in Malaysia.
Ministry of Domestic Trade and Consumer Affairs (KPDNHEP) Minister Dato Sri Alexander Nanta Linggi said foreign companies also brought RM11.383 billion of the cumulative amount of paid-up capital during the timeframe.
“Between 2020 and 2021, KPDNHEP received a total of 1,280 applications from 573 foreign companies to conduct business in the distributive trade sector in Malaysia.
“Their business includes retail, distribution as well as food and beverage,” he said in a statement today.
As for the unregulated services sector such as consulting companies, logistics agents, real estate agents and machinery and equipment repair services, Nanta said the ministry has approved a total of 87 applications out of 149 applications from foreign companies in 2020 and 2021.
According to him, the total paid-up capital brought in by foreign companies under the unregulated services sector during the year amounted to RM828.8 million.
He said the distributive trade sector and the unregulated services sector are among the largest contributors to the country’s Gross Domestic Product (GDP) and play an important role in the country’s economic recovery.
Nanta also pointed out that during the same period, KPDHNEP has approved the applications of foreign companies from 31 countries to conduct business in the unregulated services sector.
He said, Japan’s companies are the most approved companies to conduct business in this sector with 132 companies followed Singapore (70 companies), United Kingdom (46 companies), South Korea (38 companies) and Australia (19 companies).
He also said although the country has also received the impact of the economic downturn from the effects of the Covid-19 pandemic, Malaysia still attracts various foreign companies, especially industrial equipment wholesalers, to continue investing in the country.
In line with the Government’s intentions, KPDNHEP will continue to be committed to help facilitate the application process in order to attract more quality foreign investment under this sector to open a business in Malaysia, he added. — DayakDaily
