NEW YORK: Cut down on red tape and strive to improve the ease of doing business, says Prime Minister Anwar Ibrahim.
This was his message to the relevant authorities at the end of his four-day visit to New York, where he attended the 78th UN General Assembly.
Anwar said this was important as more global companies were expanding into Malaysia or increasing their existing investments.
Anwar, who is also the finance minister, said he was disappointed to hear some companies voicing their frustration over the slow decision-making process they encountered.
“Several companies that met with us said there are still delays in getting the necessary approvals to conduct their business.
“I was very disappointed when I heard that because we have given clear instructions that we cannot delay such approvals,” he said.
Given that time is of the essence in the fast-changing and highly competitive global economy, such delays may dissuade companies looking to invest in Malaysia.
“If you delay by six months, other countries will give their approval in two months.
“We will miss out because of such attitudes,” said Anwar.
He said directives had been given to relevant ministers and agencies to fast-track application processes, including approval for investments or issuance of visas.
Meanwhile, Anwar said American multinational corporation and the world’s largest aerospace company, Boeing, had informed him of its intention to expand its investments in Malaysia to manufacture aircraft wings and parts.
The corporation had established its presence in Malaysia through Aerospace Composites Malaysia Sdn Bhd (ACM), a strategic alliance between Boeing and Hexcel Corporation.
The ACM is a manufacturer of advanced composite components for the aerospace industry.
“This is a very big deal for Malaysia, as with this decision, almost all wings will be made in Malaysia,” he said.
At the same time, the prime minister said several US giant corporations, such as ConocoPhillips, AWS, Google, Airbnb, Amazon, Amazon Web Services and Kimberly-Clark, were also expanding their operations or keen on coming to Malaysia.
Two major US electrical and electronic firms have also announced their plans to expand their operations to Malaysia.
One of them, Alton Industry Ltd Group – a global supplier of consumer and commercial tools, appliances and floor care – will be investing a minimum of RM500 million to set up its manufacturing and research and development base in Johor.
Anwar said these achievements were due to the efforts made by various ministries and agencies, especially the investment, trade and industry ministry and the Malaysian Investment Development Authority.
During his visit, the prime minister met with Google president and chief financial officer Ruth Porat; Boeing global president Brendan Nelson; Medtronic chairman and CEO Geoff Martha, as well as Siemens Healthcare global managing director Tisha Boatman.