Thursday, June 13, 2013

Malaysia to introduce 5-year multiple entry visa to foreign investors, fund managers

KUALA LUMPUR: Malaysia will introduce the Multiple Entry Visa for up to five years to qualified foreign business investors and fund managers to visit the country, said Prime Minister Datuk Seri Najib Tun Razak.

Making the announcement in his keynote address at the Invest Malaysia 2013 here today, Najib said the move was aimed at attracting more expatriate talents to choose the country as a preferred venue for investments, thus helping to stimulate its economic growth.

“We want to put Malaysia at the heart of the 21st century global economy; a country at the centre of the world’s strongest growth markets, fluent in finance and sustainable development, and bridging the gap between East and West,” he said.

The latest move was among the initiatives that had been launched for that purpose.

Najib, who is also Finance Minister, said in December last year, the government started to reach out directly to expatriate corporate leaders by offering 10-year residence passes.

“Out of the 1,600 passes which have been approved so far, 130 resulted from proactive engagement by the government,” he said.

Last April, an Expatriate Services Division was also launched by the Immigration Department to provide a focal point for the immigration needs of top global talents.

Najib said the government was also actively modernising current labour legislation focusing on increasing productivity and ensuring that there was renewed focus on skills development.

On another matter, the prime minister remarked that the KL Composite Index which saw a surge of more than 100 points, closing out the biggest one-day gain in its history, a day after Barisan Nasional retained power in the last 13th general election, indicated the market preference on the government’s economic agenda over the opposition’s.

“It was tempting to see the rally as an endorsement of the path we have chosen for Malaysia.

“But it was also an expression of relief. After a year of growing uncertainties, political risks have eased,” he said.

Going forward, he said, the next five years would present the government with opportunities to set Malaysia’s path for decades to come.

“I understand and acknowledge the message from voters; that as we proceed along this path, we must be transparent and accountable and that the benefits of economic transformation must flow to all Malaysians.

“I will work to ensure our national success leaves no one behind,” he added. – Bernama

Source: Sabah Blog

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