ID :
40404
Tue, 01/13/2009 - 13:55
Auther :
Shortlink :
https://oananews.org//node/40404
The shortlink copeid
MITI MOVES TO MITIGATE GLOBAL ECONOMIC TURMOIL
KUALA LUMPUR, Jan 13 (Bernama) -- Malaysia's Ministery of International Trade
and Industry has taken pre-emptive measures to minimise the impact of the global
economic turmoil including automatic issuance of manufacturing licence.
Minister Tan Sri Muhyiddin Yassin said effective Dec 1, 2008, manufacturing
licences under the Industrial Coordination Act were issued automatically except
for activities related to security, safety, health, environment and religious
considerations.
For these, evaluation and approval are still required, he said.
As at Dec 31, 2008, he said, 14 automatic licences have been issued for
wood-based, metals and electrical and electronics, transport and equipment and
petrochemical industries.
On exemption of duties on imports of raw materials and goods to reduce
production cost, the minister said the government is currently considering
abolishing import duties on 24 tariff lines.
A total of 375 tariff lines will be given tax exemption," he said.
Muhyiddin said enforcement of the Mandatory Technical Standards, effective
Nov 15, 2008, has been enforced on 57 tariff codes of iron and steel.
He said any imported products must be accompanied by a Certificate of
Approval from the Construction Industry Development Board for construction
products and Sirim Bhd for manufacturing or non-manufacturing goods.
To facilitate implementation of Malaysian mandatory standards for iron
and steel products, he said exemption was given for imported products to be
stored in licensed manufacturing warehouses and free trade zone areas which are
100 percent for export markets.
Exemption is also given for transhipment of goods and goods imported in
small quantities, for example samples and goods for exhibition purposes.
To facilitate and intensify trading and business, Muhyiddin said
approval for operations of representative offices/regional offices have been
extended to five years from three years initially.
So far eight applications have been received for new regional offices,
five for extensions, six to set up regional offices and seven for extension of
regional services.
Muhyiddin said other measures to address the impact of the economic
slowdown are the government would be looking into utilisation of the Asean Free
Trade Area and other Free Trade Agreements signed.
In 2008, 4,678 companies have utilised the preferential tariff under AFTA
and other FTA's signed with an export value totalling RM49.1 billion compared
to 4,160 companies in 2007.
He said the government would also intensify targeted investment promotion
activities.
This year, he said, 10 trade and investment missions would be organised
by the Malaysian Industrial Development Authority (MIDA) and Malaysian External
Trade Development Corporation (MATRADE).
Countries to be covered by the missions include the United States, Japan,
India, Eqypt, Algeria, Syria, Germany, Italy, the United Kingdom, Taiwan, South
Korea, China, Ukraine, Russia, Australia, Indonesia and Thailand.
Muhyiddin said three specific project missions (SPMs) were undertaken
between November and December last year for targeted industries such as
automotive, aerospace, specialised machinery, oil and gas equipment and
electronics. Among the countries visited were Japan, Italy, Germany and America.
"SPMs are aimed at attracting foreign companies with serious interest to
invest in Malaysia," he said.
He said the government would also intensify targeted trade promotion
activities and create a greater role of private sector in overseas promotion
activities.
He said the government would also further facilitate small-and medium-scale
enterprise operations whereby the scope of matching grants for business
start-ups has been expanded to include purchase of office and business-related
equipment.
In 2008, he said, 1,554 applications were received, with 1,374 approvals
given valued at RM33.3 million for matching grants for business start-ups,
compared with 1,029 applications with 510 approvals valued at RM18.6 million in
2007.
To provide immediate financial aid to SMEs, MITI has taken the initiative
to reduce interest rates of various soft loans schemes for SMes.
Muhyiddin said the Malaysian Industrial Development Finance Bhd (MIDF) has
also increased the percentage of financing for soft loans schemes from 75
percent to 90 percent.
The MIDF has also rescheduled payments for loan accounts of 37.8
percent of the customers with non-performing loans to ease their burden and
provide indulgence while these customers improve their cashflow and
performance," he added. (US$1=RM3.58)
-- BERNAMA
and Industry has taken pre-emptive measures to minimise the impact of the global
economic turmoil including automatic issuance of manufacturing licence.
Minister Tan Sri Muhyiddin Yassin said effective Dec 1, 2008, manufacturing
licences under the Industrial Coordination Act were issued automatically except
for activities related to security, safety, health, environment and religious
considerations.
For these, evaluation and approval are still required, he said.
As at Dec 31, 2008, he said, 14 automatic licences have been issued for
wood-based, metals and electrical and electronics, transport and equipment and
petrochemical industries.
On exemption of duties on imports of raw materials and goods to reduce
production cost, the minister said the government is currently considering
abolishing import duties on 24 tariff lines.
A total of 375 tariff lines will be given tax exemption," he said.
Muhyiddin said enforcement of the Mandatory Technical Standards, effective
Nov 15, 2008, has been enforced on 57 tariff codes of iron and steel.
He said any imported products must be accompanied by a Certificate of
Approval from the Construction Industry Development Board for construction
products and Sirim Bhd for manufacturing or non-manufacturing goods.
To facilitate implementation of Malaysian mandatory standards for iron
and steel products, he said exemption was given for imported products to be
stored in licensed manufacturing warehouses and free trade zone areas which are
100 percent for export markets.
Exemption is also given for transhipment of goods and goods imported in
small quantities, for example samples and goods for exhibition purposes.
To facilitate and intensify trading and business, Muhyiddin said
approval for operations of representative offices/regional offices have been
extended to five years from three years initially.
So far eight applications have been received for new regional offices,
five for extensions, six to set up regional offices and seven for extension of
regional services.
Muhyiddin said other measures to address the impact of the economic
slowdown are the government would be looking into utilisation of the Asean Free
Trade Area and other Free Trade Agreements signed.
In 2008, 4,678 companies have utilised the preferential tariff under AFTA
and other FTA's signed with an export value totalling RM49.1 billion compared
to 4,160 companies in 2007.
He said the government would also intensify targeted investment promotion
activities.
This year, he said, 10 trade and investment missions would be organised
by the Malaysian Industrial Development Authority (MIDA) and Malaysian External
Trade Development Corporation (MATRADE).
Countries to be covered by the missions include the United States, Japan,
India, Eqypt, Algeria, Syria, Germany, Italy, the United Kingdom, Taiwan, South
Korea, China, Ukraine, Russia, Australia, Indonesia and Thailand.
Muhyiddin said three specific project missions (SPMs) were undertaken
between November and December last year for targeted industries such as
automotive, aerospace, specialised machinery, oil and gas equipment and
electronics. Among the countries visited were Japan, Italy, Germany and America.
"SPMs are aimed at attracting foreign companies with serious interest to
invest in Malaysia," he said.
He said the government would also intensify targeted trade promotion
activities and create a greater role of private sector in overseas promotion
activities.
He said the government would also further facilitate small-and medium-scale
enterprise operations whereby the scope of matching grants for business
start-ups has been expanded to include purchase of office and business-related
equipment.
In 2008, he said, 1,554 applications were received, with 1,374 approvals
given valued at RM33.3 million for matching grants for business start-ups,
compared with 1,029 applications with 510 approvals valued at RM18.6 million in
2007.
To provide immediate financial aid to SMEs, MITI has taken the initiative
to reduce interest rates of various soft loans schemes for SMes.
Muhyiddin said the Malaysian Industrial Development Finance Bhd (MIDF) has
also increased the percentage of financing for soft loans schemes from 75
percent to 90 percent.
The MIDF has also rescheduled payments for loan accounts of 37.8
percent of the customers with non-performing loans to ease their burden and
provide indulgence while these customers improve their cashflow and
performance," he added. (US$1=RM3.58)
-- BERNAMA
