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Malaysia opens up auto sector to woo investors

Malaysia opens up auto sector to woo investors

Malaysia has unveiled plans to liberalize its auto industry including ending a freeze on manufacturing licenses for luxury cars and letting foreigners own 100 percent equity in the sector.
The trade ministry says Malaysia will from 2010 also offer tax incentives for development of hybrid and electric vehicles, and encourages national carmaker Proton to tie-up with a global player.
The measures are aimed at making the sector more competitive as Malaysia seeks to become a regional auto hub in competition with neighboring Thailand.
However, the ministry said Wednesday that auto import and excise taxes remain unchanged. It says a controversial auto licensing rule for importers will only be scrapped by 2020, instead of 2010.


Updated : 2021-08-02 04:15 GMT+08:00