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HomeMalaysia NewsAnwar Highlights Economic Growth and Tech Advancement in 100% Foreign Ownership for...

Anwar Highlights Economic Growth and Tech Advancement in 100% Foreign Ownership for Tesla and Starlink

Prime Minister Anwar Ibrahim has defended the government’s decision to permit 100% foreign ownership for companies like Tesla and Starlink, emphasizing that this move is aimed at fostering economic growth and technological progress. During a session in the Dewan Rakyat, Malaysia’s lower house of parliament, Anwar elaborated on the factors taken into account in this decision-making process.

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In the case of Starlink, Anwar cited the importance of the company’s global organizational structure, which necessitates an efficient decision-making process. Additionally, he pointed to the alignment of this decision with the Malaysian Digital Bill of Guarantees and the overall benefits that Starlink services offer to the nation.

Regarding Tesla, Anwar clarified that the exemption from foreign ownership rules, which traditionally limit foreign individuals or entities to a maximum of 70% equity, aligns with the government’s approach to new projects, expansions, and diversification initiatives within the manufacturing sector.

This clarification came in response to a query from Hamzah Zainudin, a member of the parliament, who sought to understand why the government did not enforce local equity ownership requirements for these two companies. The equity ownership requirements, initially introduced in the New Economic Policy of 1970, aimed to assist Bumiputeras in achieving a 30% equity share in businesses operating in Malaysia, with specific mechanisms varying according to industry. The recent decision signifies the government’s commitment to attracting investments and promoting technological progress for the nation’s benefit.