Departamento de Estado de los Estados Unidos El Gobierno de Malasia en general alienta firmemente la inversión extranjera directa (IED), aunque mantiene restricciones o límites a la inversión en algunos sectores. Afecta activamente a las industrias seleccionadas y negocia paquetes de incentivos para atraer IED. Malasia ofrece una serie de incentivos, en particular en las industrias de alta tecnología orientadas a la exportación y en las operaciones de servicios de oficina. Una amplia gama de empresas estadounidenses tiene operaciones extensas en Malasia. El primer ministro Najib Razak (Najib) ha hecho de la generación de nuevas inversiones domésticas y extranjeras una pieza central de su programa de reformas económicas introducido en marzo de 2010 como el Nuevo Modelo Económico (NEM). Aunque las entradas de IED continúan recuperándose de los efectos de las crisis financieras mundiales de 2008-2009, el desempeño de Malaysiarsquos en atraer la IED en relación con las dos primeras décadas y el resto de la Asociación de Naciones del Sudeste Asiático (ASEAN) se ha desacelerado. Según una reciente revisión de la política de inversiones de Malasia por la Organización de Cooperación y Desarrollo Económicos (OCDE), la IED a Malasia comenzó a disminuir en 1992, y la inversión privada en general comenzó a disminuir en 1997 tras las crisis financieras asiáticas. Hoy en día, los niveles de IED están en niveles récord en términos absolutos, pero a un mínimo histórico como porcentaje del PIB. Por otra parte, el porcentaje de Malaysiarsquos de la inversión global en los Estados miembros de la ASEAN es ahora menor que su cuota del PIB del grouprsquos. En 2010, el Consejo Consultivo Económico Nacional (NEAC), un panel de expertos sobre la economía de Malaysiarsquos, publicó dos informes en los que se identificaban deficiencias en el clima de inversión de Malasia y se proponían políticas necesarias para mejorar la competitividad de Malasia como destino de inversión extranjera. Una economía de alto ingreso para 2020. Desde entonces, la administración Najib ha introducido progresivamente una serie de iniciativas para implementar el NEM. Una iniciativa, el Programa de Transformación Económica (ETP), se centra en la inversión en 12 áreas económicas clave para acelerar el crecimiento económico y un conjunto de medidas políticas para mejorar la competitividad. Otra iniciativa, el Programa de Transformación Gubernamental (GTP), se ocupa de cuestiones de gobernanza y calidad de vida y tiene como objetivo reducir la corrupción y la delincuencia, mejorar la educación, el transporte público urbano y la infraestructura básica rural y reducir el número de hogares de bajos ingresos. El décimo Plan de Malasia (10MP) respalda estos programas y orienta los gastos de capital del sector público. Los flujos de IED real a Malasia en 2011 aumentaron a 10.900 millones de dólares, un aumento de 12,3 frente a los 9.700 millones de 2010 según la Conferencia de las Naciones Unidas sobre Comercio y Desarrollo (UNCTAD). Según la Agencia de Desarrollo de Inversiones de Malasia (MIDA), el valor total de los proyectos de manufactura extranjeros aprobados en 2011 fue de US $ 10,77 mil millones. Las aprobaciones de fabricación de la IED en 2011 fueron 13,36 más altas que US9.500 millones en 2010. Los Estados Unidos, Japón y Hong Kong son los tres primeros países que invierten en Malasia. Hasta septiembre de 2012, el MIDA había aprobado proyectos de manufactura extranjera por valor de 5,25 millones de dólares, con Arabia Saudita la mayor fuente de nuevas inversiones aprobadas. (Nota: Las estadísticas de aprobación no son directamente comparables a las estadísticas reales de IED y pueden encontrarse en mida. gov. my. Además, las estadísticas de inversión en manufacturas no captan las inversiones en servicios no relacionados con la manufactura o la producción de petróleo y gas en el sentido ascendente). En Malasia está liderado por los sectores de fabricación, petróleo y gas, servicios financieros y productos de consumo. El stock total de la IED manufacturera estadounidense en Malasia fue de aproximadamente 20.000 millones en 2011, en comparación con los 15.000 millones en 2010 según el MIDA. Incluyendo la IED en los sectores financiero y de petróleo y gas, la IED total de los Estados Unidos sería significativamente mayor (quizá más de 30.000 millones). De 2009 a 2011, el sector de la electrónica recibió la mayor proporción de la IED total. El sector del petróleo y el gas se convirtió en la fuente más grande de nueva IED en 2011 y se espera que siga siendo un foco. Durante los últimos tres años, los compromisos de fabricación de IED se han centrado en proyectos en los estados de Sarawak, Selangor, Johor y Penang, en Malasia, con la inversión de fabricación en Johor aumentando el más rápido debido a la región de desarrollo de Iskandar, cerca de Singapur. Como destino de la IED, el atractivo de Malaysiarsquos para la fabricación de salarios más bajos ha disminuido a medida que los años de crecimiento económico constante han aumentado los niveles de salarios medios haciendo de Malasia un país de ingresos medios altos. El NEM intenta mover a la economía más allá de la cadena de valor a un estado de ingresos altos promoviendo la inversión en sectores manufactureros y de servicios de mayor valor agregado. El ETP identificó 12 sectores específicos en los cuales el gobierno de Malasia está fomentando la inversión extranjera y doméstica, incluyendo: electricidad electrónica electrónica de los aparatos eléctricos de la energía verde, equipo de la maquinaria del aceite y del gas y equipo de transporte. También se apunta para el crecimiento una serie de industrias basadas en los recursos y algunos subsectores de servicios, incluida la logística, aunque los sectores están sujetos a condiciones de inversión extranjera o restricciones. A lo largo de 2011, el Primer Ministro Najib anunció, como parte de la ETP, 113 nuevos compromisos totales para invertir en Malasia tanto de inversores nacionales como extranjeros, con un valor total de 57.000 millones de dólares. Estas inversiones abarcaron los 12 sectores objetivo de la ETP. En 2012, el número de nuevos proyectos e inversiones para ETP fue menor, con un total de 48 proyectos y US $ 17.400 millones registrados. Este ritmo lento se espera que continúe en 2013, y en parte refleja el hecho de que gran parte de las inversiones en 2011-2012 fueron proyectos que habían estado pendientes de cambios fiscales o de política gubernamental durante algún tiempo. Apertura a la Inversión Extranjera Malasia tiene uno de los worldrsquos la mayoría de las economías dependientes del comercio con el comercio que alcanza 200 del GDP anual. El gobierno de Malasia valora la inversión extranjera como una fuerza poderosa para el continuo desarrollo económico del país, pero se ve obstaculizada por las restricciones en algunos sectores y por un régimen regulador a veces pesado. Sin embargo, el gobierno continúa liberalizando y en algunos casos eliminando las restricciones de inversión. En 2009, Malasia retiró sus anteriores directrices de inversión del Comité de Inversión Extranjera (FIC), permitiendo transacciones para adquisiciones de intereses, fusiones y adquisiciones de empresas locales por parte de nacionales o extranjeros sin la aprobación de FIC. Si bien el FIC aún existe, ahora sólo revisa la compra por extranjeros de propiedades comerciales valoradas a más de RM20 millones (aproximadamente US6.5 millones) de Bumiputras (malayos étnicos y otras etnias indígenas en Malasia). La Ley de Funciones Ministeriales otorga a los ministerios pertinentes amplios poderes discrecionales sobre la aprobación de proyectos de inversión específicos. Los inversionistas en las industrias apuntadas por el gobierno de Malasia pueden negociar a menudo términos favorables con los ministerios que regulan la industria específica u otros cuerpos reguladores. Esto puede incluir asistencia en la navegación de una compleja red de reglamentos y políticas, algunas de las cuales pueden ser eliminadas caso por caso. Los inversionistas extranjeros en industrias no dirigidas tienden a recibir menos ayuda gubernamental para obtener las aprobaciones necesarias de los diversos organismos reguladores y por lo tanto pueden enfrentar mayores obstáculos burocráticos. En 2009, el Gobierno anunció un conjunto limitado de medidas de liberalización que abarcaban 27 subsectores de servicios. En 2011, el gobierno anunció planes para liberalizar otros 17 subsectores de servicios durante el año 2012. Hasta ahora, el gobierno ha liberalizado 15 de estos subsectores, permitiendo 100 participación de capital extranjero en servicios hospitalarios privados, clínicas médicas especializadas, tiendas de departamento y especialidades, (ASP), servicios de incineración, servicios de contabilidad e impuestos, servicios de mensajería, universidades privadas, escuelas profesionales, servicios de especialistas dentales, centros de formación profesional, escuelas internacionales y escuelas vocacionales para necesidades especiales. El gobierno de Malasia agregó un 18º sub-sector de servicios de topógrafos. De los subsectores restantes, la liberalización de servicios de arquitectura, servicios de levantamiento de cantidades y servicios de ingeniería requiere una nueva legislación. La legislación que permite la apertura de los servicios jurídicos se aprobó en 2012, pero espera la finalización de los reglamentos de aplicación. En el informe Global Doings Business 2013 del Banco Mundial, Malasia subió del 18º al 14º lugar entre las 183 economías cubiertas en la encuesta. Los rankings más mejorados de Malaysiarsquos se encontraban en los indicadores estandarizados para el fortalecimiento de los contratos, la resolución de la insolvencia y el inicio de un businessrdquo. Malasia fue de 111 a 50 lugar para ldquostarting un business. rdquo Malaysiarsquos peores clasificaciones están en ldquodealing con permiso de construcción en 113 º. Ldquopaying taxrdquo en 41 st. Abajo de dos lugares a partir de 2011, y ldquotrading a través de bordersrdquo en 29.o lugar, abajo un punto. Malasia facilitó el cumplimiento fiscal mejorando los sistemas electrónicos y la disponibilidad de software, aunque también reintrodujo un impuesto sobre las ganancias de capital en el sector inmobiliario. Comenzar un negocio se hizo más fácil mediante la fusión de la empresa, impuestos y la seguridad social y el registro de fondos de empleo en el ventanilla única y proporcionar el mismo día de registro. Para mejorar el clima de negocios en Malasia, el gobierno de Malasia estableció el grupo de trabajo PEMUDAH, compuesto por 23 funcionarios gubernamentales de alto nivel y representantes del sector privado con el mandato de identificar y evaluar los impedimentos burocráticos para conducir negocios en Malasia y hacer recomendaciones al Primer Ministro. Sobre cómo abordarlos. PEMUDAHrsquos se centra específicamente en las reformas administrativas diseñadas para mejorar la eficiencia de la burocracia gubernamental en la interacción con el sector privado y no en cuestiones de reforma más profundas necesarias para abordar las ineficiencias estructurales a nivel político en la economía de Malasia. Más información sobre el grupo de trabajo está disponible en pemudah. gov. my. Según muchos analistas, la red compleja de preferencias de Malaysiarsquos para promover la adquisición de activos económicos por la mayoría étnica de Malasia y otros grupos indígenas (colectivamente conocidos como ldquoBumiputrardquo) representa un impedimento clave para la capacidad del país de alcanzar su meta de lograr un alto nivel de ingresos Para el año 2020. Muchas de las políticas de preferencia son opacas, y los detalles de la aplicación se dejan en gran medida a los diversos ministerios y funcionarios de esos ministerios. Las políticas y prácticas varían mucho. Algunas prácticas son explícitas y contenidas en la ley o la regulación mientras que otras son informales, dejando mucha ambigüedad para los inversionistas potenciales. El servicio civil en sí es abrumadoramente étnico-malayo en la composición. El NEM propone reformar las preferencias étnicas en los programas de propiedad empresarial y de seguridad social, pasando a un enfoque basado en los ingresos en lugar de uno basado en la etnicidad. Algunos grupos conservadores de Bumiputra han expresado una fuerte oposición a cualquier cambio significativo en las extensas preferencias. A principios de los años setenta, el gobierno de Malasia estableció un objetivo de 30 de la riqueza de la nación que se llevará a cabo por Bumiputra étnico-malayo. Varios estudios han llegado a la conclusión de que la meta de equidad se ha alcanzado o superado, sin embargo, el tema ha demostrado ser extremadamente sensible políticamente y las cifras oficiales del gobierno sitúan a Bumiputra en 23. La metodología del gobierno ha sido criticada como no totalmente transparente y ha habido Un debate considerable sobre la forma de contabilizar el valor de las empresas estatales y otras empresas vinculadas al gobierno o sobre cómo medir el patrimonio (valor nominal versus valor de mercado). El gobierno declara que el NEM está devolviendo el enfoque de las políticas de preferencia a los objetivos de reducción de la pobreza, como originalmente se pretendía cuando las preferencias se establecieron a principios de los años setenta. Antes de 2009, todas las compañías que buscaban una cotización pública en Bursa Malaysia (antes Kuala Lumpur Stock Exchange) estaban obligadas a reservar al menos 30 de su oferta pública inicial (IPO) para su compra por Bumiputra. En 2009, el gobierno eliminó los requisitos de propiedad de Bumiputra para nuevos listados de empresas nacionales o extranjeras cuyas operaciones son principalmente de origen extranjero. Al mismo tiempo, el gobierno también redujo los requisitos de propiedad de Bumiputra para nuevos listados de empresas nacionales o extranjeras cuyas operaciones se realizan principalmente en Malasia de 30 a 12,5. Sin embargo, la equidad de Bumiputra sigue siendo una consideración cuando las compañías solicitan una variedad de permisos y licencias requeridos, muchos de los cuales deben ser renovados anualmente o bienalmente. La contratación pública (y que la mayoría de las empresas estatales) sigue estando sujeta a las preferencias de Bumiputra. MIDA examina todas las propuestas de fabricación y proyectos relacionados en Malasia, tanto nacionales como extranjeros, para determinar en qué medida contribuyen a las metas y objetivos del gobierno. Estos objetivos se describen en el Tercer Plan Maestro Industrial (2006-2020), las diversas iniciativas regionales (Región de Desarrollo de Iskandar y las Regiones Económicas del Norte, del Este, Sabah y Sarawak), así como el PTO y el Décimo Plan de Malasia. La aprobación del proyecto depende también de muchos otros factores. El MIDA puede considerar el tamaño de una inversión, la proporción de la producción exportada, el tipo de financiamiento requerido (local y offshore), la relación capital / trabajo, el potencial de transferencia de tecnología a la economía local, la capacidad de infraestructura existente y planificada Para apoyar el esfuerzo, y la existencia de un mercado local o extranjero para la producción. Si las empresas locales y extranjeras proponen proyectos similares, se dará preferencia a la empresa local. Sin embargo, todas las solicitudes se tratan caso por caso. MIDA tiene ahora la autoridad para emitir o renovar licencias para todas las empresas manufactureras, eliminando una segunda capa de aprobación de su ministerio principal, el Ministerio de Comercio Internacional e Industria (MITI). MIDA estableció una unidad de inmigración en el sitio en 2007 que ha ayudado a acelerar el procesamiento de visas de trabajo para expatriados, tal como TalentCorp, una agencia separada recientemente establecida. Las solicitudes de inversión en sectores distintos de la fabricación son gestionadas por los ministerios competentes y en ocasiones requieren múltiples aprobaciones. Las regulaciones de inversión se especifican en la Ley de Promoción de Inversiones de 1986 (PIA) y en la Ley de Coordinación Industrial de 1975. La PIA no aborda la inversión en servicios. Las entidades privadas, tanto nacionales como extranjeras, pueden adquirir, fusionarse y hacerse cargo de las empresas. La Comisión de Competencia de Malasia (MyCC) implementa y hace cumplir las disposiciones de la Ley de Competencia de 2010 y emite directrices en relación con la aplicación y aplicación de las leyes de competencia. Servicios de distribución, incluyendo la venta directa y el comercio minorista Malasia comenzó a permitir 100 propiedad extranjera de tiendas departamentales y especializadas en 2012. Sin embargo, los minoristas más grandes de propiedad extranjera (ldquohypermarketsrdquo) y las empresas de venta directa incorporadas localmente todavía debe tener 30 Bumiputra capital. Las pautas del gobierno de Malasia definen un ldquohypermarketrdquo como una tienda autónoma de autoservicio con una superficie de ventas de 5.000 metros cuadrados o más y vendiendo una variedad muy amplia de alimentos y productos de consumo no alimenticios. Las directrices también incluyen requisitos de que los grandes almacenes, supermercados e hipermercados deben reservar al menos 30 de espacio en sus locales para productos y productos fabricados por pequeñas y medianas industrias propiedad de Bumiputra. Estas directrices están siendo revisadas actualmente por el gobierno de Malasia. El gobierno de Malasia también emite recomendaciones limitadas para objetivos de contenido local, que son en efecto obligatorios. Las empresas nacionales que buscan licencias de venta directa requieren un capital pagado de RM1.5 millones (aproximadamente US397.000), mientras que las compañías con accionistas extranjeros deben tener un capital pagado de RM5 millones (aproximadamente US1.3 millones). Malasia enmendó su Ley de Profesiones Jurídicas en julio de 2012. Las enmiendas en principio permitirán a los bufetes de abogados extranjeros practicar en Malasia a través de una asociación o licencia de una firma de abogados extranjera y autorizar a firmas locales a contratar abogados extranjeros sujetos a ciertas condiciones. Sin embargo, una disposición según el modelo de acuerdo con la ley de Singaporersquos prohíbe la práctica de litigios, excepto sobre una base ad hoc, y restringe el trabajo en la ley de bienes raíces. Mientras que los abogados extranjeros podrán estructurar las transacciones, sólo los abogados de Malasia serán capaces de hacer presentaciones reales. El Fiscal General Chambers está trabajando con el Consejo de Abogados de Malasia en el desarrollo de normas para la ley enmendada, pero no ha indicado cuándo entrará en vigor la nueva ley. Hasta que se implemente la nueva ley, los abogados extranjeros no pueden ejercer la ley malaya, ni pueden afiliarse a firmas locales o usar el nombre de una firma internacional. Los bufetes de abogados extranjeros no pueden operar en Malasia excepto como socios minoritarios con bufetes de abogados locales y su participación en cualquier sociedad se limita a 30. El Fiscal General de Malasia tiene autoridad para conceder excepciones limitadas caso por caso en virtud de la ley que restringe la práctica de la legislación malaya a los ciudadanos malasios o residentes permanentes que han aprendido con un abogado malasio, son competentes en Bahasa Malasia Idioma), y tienen un título de abogado local o son abogados británicos acreditados en la ley, siempre y cuando el solicitante tiene siete años de experiencia legal. La legislación de Malasia actualmente no permite la consultoría jurídica extranjera excepto en forma limitada en el Centro Comercial y Financiero Internacional de Labuan. Sin embargo, los abogados extranjeros pueden comparecer ante un procedimiento arbitral ante el Centro Regional de Arbitraje de Kuala Lumpur. Los servicios arquitectónicos están entre los 17 subsectores de servicios que el gobierno de Malasia prometió liberalizar en 2012. La legislación necesaria para permitir 100 acciones extranjeras en firmas de arquitectura todavía no se ha presentado en el Parlamento, pero ahora se espera que se complete en 2013. En la actualidad , Una empresa de arquitectura extranjera puede operar en Malasia sólo como participante de una empresa conjunta en un proyecto específico con la aprobación de la Junta de Arquitectos. Las firmas de arquitectura malasias pueden no tener firmas de arquitectura extranjeras como socios registrados. Los arquitectos extranjeros no pueden tener licencia en Malasia, pero se les permite ser gerentes, accionistas o empleados de empresas de Malasia. Incluso después de que se abra el sector, las firmas de arquitectura extranjeras tendrán que registrarse localmente como arquitectos profesionales similares a las firmas malasias. El sector de la ingeniería estaba programado para ser liberalizado en 2012, pero no se han completado las enmiendas pendientes de las leyes pertinentes. Hasta entonces, los ingenieros extranjeros pueden ser licenciados por la Junta de Ingenieros sólo para proyectos específicos y deben ser patrocinados por la empresa malasia que lleva a cabo el proyecto. En general, un ingeniero extranjero debe estar registrado como ingeniero profesional en su país de origen, tener un mínimo de 10 años de experiencia y tener una presencia física en Malasia de al menos 180 días en un año calendario. Para obtener una licencia temporal para un ingeniero extranjero, una empresa malasia a menudo debe demostrar a la Junta que no pueden encontrar un ingeniero malasio para el trabajo. Los ingenieros extranjeros no están autorizados a operar independientemente de los socios de Malasia o servir como directores o accionistas de una empresa de consultoría de ingeniería. Una empresa de ingeniería extranjera puede establecer una presencia comercial no temporal si todos los directores y accionistas son malasios. Las empresas de ingeniería extranjeras pueden colaborar con una empresa de Malasia, pero sólo la empresa de Malasia puede presentar los planes de aprobación nacional. Servicios de Contabilidad y Tributación A partir de enero de 2012, los contadores y auditores extranjeros han sido autorizados a poseer totalmente una práctica en Malasia. Todos los contadores que deseen prestar servicios de auditoría e impuestos en Malasia deben inscribirse en el Instituto Malasio de Contadores (MIA) antes de que puedan solicitar una licencia del Ministerio de Hacienda. Bajo los términos de la Ley de Desarrollo Petrolífero de 1974, la industria petrolera y de gas aguas arriba es controlada por Petroleum Nasional Berhad (PETRONAS), una empresa totalmente estatal y la única entidad con título legal de depósitos de petróleo y gas de Malasia. La inversión extranjera toma la forma de contratos de reparto de producción (PSC). Los operadores extranjeros incluyen ExxonMobil, ConocoPhillips, Hess, Newfield y Murphy Oil de los Estados Unidos, así como Royal Dutch Shell y otras firmas extranjeras. PETRONAS requiere que sus socios del PSC contraten firmas malasias para muchas licitaciones. Las empresas no malasias están autorizadas a participar en los servicios petroleros en asociación con empresas locales y están restringidas a una participación de 49 acciones si la parte extranjera es el accionista principal. Los términos de los proyectos en fase anterior con participación extranjera se determinan caso por caso por PETRONAS. Generación y distribución de electricidad Los inversionistas extranjeros pueden poseer hasta 49 de un productor de energía independiente (IPP) o planta de energía en Malasia. Tenaga Nasional Berhad (TNB) es una compañía estatal de electricidad que tiene un monopolio sobre la distribución de electricidad en Malasia. TNB genera su propia electricidad y compra electricidad de IPPs con plantas de generación ubicadas en Malasia. Peninsular Malasia está conectado a una red eléctrica con Singapur y Tailandia. Malasia comenzó a permitir 100 participación de capital extranjero en Proveedores de Servicios de Aplicaciones (ASP) en abril de 2012. Sin embargo, para las licencias de Proveedores de Instalaciones de Red (NFP) y Proveedor de Servicios de Red (NSP), actualmente sólo se permite la participación de 70 extranjeros. En algunos casos, Malasia ha permitido una mayor participación en el capital, pero la forma en que se administran tales excepciones no es transparente. El máximo de participación extranjera permitida en Telekom Malaysia es de 30 o 5 para los inversores individuales. Malasia hizo compromisos limitados en el marco del AGCS sobre la mayoría de los servicios básicos de telecomunicaciones y adoptó parcialmente el documento de referencia de la OMC sobre compromisos reglamentarios. Radiodifusión y Audiovisual El gobierno de Malasia mantiene cuotas de contenido de radiodifusión tanto en programas de radio como de televisión. Por lo menos 80 de la programación de televisión se requiere para originar de las compañías de producción locales poseídas por Bumiputras y 60 de la programación de radio deben ser de origen local. La inversión extranjera en redes de radiodifusión terrestre está prohibida y se limita a una participación de 20 acciones en las operaciones de cable y satélite. Como condición para obtener una licencia para operar, los establecimientos de alquiler de video deben tener 30 contenidos locales en sus inventarios. La publicidad cae bajo la supervisión de múltiples ministerios y agencias, lo que complica la adopción de un conjunto único de regulaciones publicitarias y procedimientos de aplicación para todas las partes interesadas en este proceso. Las firmas internacionales tienen preocupaciones sobre la falta de directrices claras y consistentes sobre el contenido publicitario y sobre cómo algunos anunciantes falsifican sus productos y servicios a través de la publicidad. El gobierno de Malasia tiene una orientación informal y vaga de que los comerciales no pueden dejar de lado un estilo de vida extranjero. El contenido extranjero en los comerciales en Malasia se limita a 20. El gobierno de Malasia relajó la aplicación de las regulaciones que rigen la aparición de actores extranjeros en los comerciales mostrados en Malasia en 2007 El Parlamento de Malasia aprobó una ley en 2012 para actualizar el marco regulatorio para la industria de servicios financieros. La legislación implementa un nuevo Plan Financiero del Sector Financiero a 10 años que prevé una mayor apertura del sector financiero a los bancos extranjeros, pero no contiene compromisos específicos de apertura del mercado ni plazos. El nuevo Blueprint, que sigue al Plan General de Servicios Financieros de 10 años anterior, no rompe significativamente con el enfoque caso por caso del banco central, el Banco Negara Malasia (BNM), para conceder a los bancos extranjeros acceso a Malasia. En virtud de la nueva Ley de Servicios Financieros, la emisión de nuevas licencias se guiará por criterios prudenciales y los intereses más bajos de Malaysiardquo. Los criterios prudenciales incluyen la consideración de la fortaleza financiera, el historial comercial, la experiencia, el carácter y la integridad del inversionista extranjero, la solidez y viabilidad del plan de negocios para la institución en Malasia, la transparencia y complejidad de la estructura del grupo y el grado de supervisión del Inversor extranjero en su país de origen. Para determinar los intereses más bajos de Malaysiardquo, el BNM considerará la contribución de la inversión para promover nuevas actividades económicas de alto valor agregado, abordando la demanda de servicios financieros donde existan lagunas, mejorando los vínculos comerciales y de inversión y ofreciendo oportunidades de empleo altamente calificado. BNM también ha declarado que quiere asegurarse de que los bancos locales tengan por lo menos 50 de los activos bancarios totales en Malasia (la parte en la actualidad es significativamente más allá de eso). En 2009, el gobierno de Malasia anunció un paquete de liberalización para los sectores financieros convencionales e islámicos, pero los límites de equidad siguen aplicándose ampliamente en muchas áreas. BNM establece controles sobre productos financieros locales y extranjeros. Las tasas de interés de las cuentas de ahorro del consumidor y de los depósitos a plazo fijo son obligatorias y significativamente más altas que en otros países asiáticos. Las tarifas de las transacciones son determinadas por la Asociación de Bancos, pero los bancos no están autorizados a cambiar estas tarifas sin la aprobación del BNM. Las tasas de interés de la tarjeta de crédito tienen un límite de 18 por año. En la actualidad, tampoco se permite a los bancos extranjeros abrir Cuentas Bancarias Correspondientes Ringgit con bancos locales, ya que se considera que los bancos locales son usados como conductos para los bancos extranjeros. BNM actualmente permite a los bancos extranjeros abrir cuatro sucursales adicionales en toda Malasia, sujetas a restricciones, que incluyen designar dónde pueden establecerse las sucursales (es decir, en los centros de mercado, las zonas semi-urbanas y las áreas no urbanas). Las políticas no permiten a los bancos extranjeros establecer nuevas sucursales a menos de 1,5 km de un banco local existente. BNM ha considerado que los cajeros automáticos equivalen a sucursales separadas. BNM también ha condicionado la capacidad de los bancos extranjeros para ofrecer ciertos servicios sobre compromisos para realizar ciertas actividades de back office en Malasia. Para atraer a las corporaciones multinacionales a establecer sus servicios de gestión de tesorería en Malasia, el gobierno de Malasia anunció en su presupuesto de 2012 una exención del impuesto sobre la renta de 70 por 5 años, una exención del impuesto de retención sobre los pagos de intereses sobre los préstamos, Y acuerdos de servicio. El gobierno ha extendido un tipo de impuesto de 10 concesionarios sobre dividendos de inversionistas institucionales e individuales no corporativos en Fideicomisos de Inversión de Bienes Raíces hasta diciembre de 2016. El gobierno proporciona una exención de impuesto sobre la renta de 100 por 10 años y exención de impuesto de sellos en contratos de préstamos y servicios Para las empresas que se ubican en el Tun Razak Exchange, un nuevo centro de negocios en Kuala Lumpur. Además de la exención del impuesto sobre la renta de 100 por 10 años y la exención del impuesto de timbre en los contratos de préstamo y servicios para las compañías de estatus de Tun Razak Exchange (anteriormente conocido como Distrito Financiero Internacional de Kuala Lumpur), el gobierno también anunció que estas compañías Disfrutan de una asignación de construcción industrial y una asignación de capital acelerada. La industria de seguros de vida sigue siendo dominada por proveedores extranjeros, incluyendo algunas empresas de los Estados Unidos, mientras que las firmas nacionales controlan la industria de seguros generales. En 2009, los límites de propiedad extranjera se elevaron de 49 a 70 para las sucursales de las compañías de seguros extranjeras. Sin embargo, el capital extranjero por encima de 70 se considera caso por caso para las compañías de seguros si la inversión se determina para facilitar la consolidación y racionalización de la industria de seguros. Las compañías de reaseguros están obligadas a hacer más de 50 de reaseguros en Malasia y tienen 5 cesiones y retención local. Como parte de la respuesta de Malaysiarsquos a las crisis financieras asiáticas de 1997-1998, todas las ramas de las compañías de seguros extranjeras debían incorporarse localmente. A los extranjeros se les permite comprar un número limitado de licencias de correduría y se les permite tomar una participación mayoritaria en las compañías de gestión de fideicomisos de la unidad. Malasia ha permitido que cinco firmas de corretaje de acciones extranjeras y una compañía de gestión de fondos extranjera establezcan operaciones en Malasia. La participación extranjera máxima en las firmas nacionales de corretaje y fideicomisos de acciones de Malasia es de 70. No existen restricciones de capital extranjero para las compañías de gestión de fondos que prestan servicios mayoristas y 70 sociedades extranjeras de gestión de fideicomisos que prestan servicios al por menor y para empresas de bolsa. Las firmas de corretaje de futuros pueden ser 100 de propiedad extranjera. Los gestores de fondos internacionales tienen que pasar por un proveedor de fondos local, que luego establece un acuerdo lsquofeederrsquo. En 2011, se modificaron la Ley de la Comisión de Valores de 1993 y la Ley de Mercados y Servicios de Capital de 2007 para promover el desarrollo del mercado de capitales, de acuerdo con las normas mundiales y de acuerdo con las estrategias del Plan Maestro de Mercado de Capitales 2. Sujeto a la aprobación de la Comisión de Valores , Las empresas de gestión de fondos pueden ofrecer una gama de fondos desde los cuales los individuos pueden optar por invertir, en función de sus necesidades financieras, sus objetivos y su apetito por el riesgo. El Plan Maestro del Mercado de Capitales 2 fue publicado en abril de 2011. Informe completo: sc. my/eng/html/cmp2/cmp2final. pdf Centro de Servicios Financieros Offshore El Territorio Federal de Labuan fue declarado Centro Financiero Offshore Internacional en octubre de 1990. Las empresas reciben El trato fiscal preferencial para las actividades bancarias offshore, la administración de fideicomisos y fondos, los seguros offshore y los negocios relacionados con seguros offshore, y los negocios de holding de inversiones offshore, llevados a cabo en Labuan. Los bancos islámicos y los operadores takaful (seguros islámicos) regulados por la Autoridad de Servicios Financieros de Labuan tienen mayor flexibilidad para abrir oficinas de operaciones en cualquier lugar de Malasia y se les otorga una exención de impuestos para los negocios financieros islámicos internacionales. Los bancos islámicos y los operadores takaful mantienen el trato fiscal favorecido extendido a las empresas offshore en Labuan, 3 o RM 20,000 (aproximadamente US5,650), mantengan o no una presencia física en Labuan. Esta opción no está disponible para los bancos convencionales, que están obligados a mantener una presencia física en Labuan con el fin de mantener el tratamiento fiscal favorable. Servicios Financieros Islámicos El Parlamento de Malasia aprobó una legislación a finales de 2012 para actualizar el marco regulatorio de los Servicios Financieros Islámicos. El gobierno de Malasia ofrece incentivos fiscales y otras medidas para alentar a los bancos comerciales que operan en Malasia a establecer filiales bancarias islámicas de pleno derecho. 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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