AS more global companies expand into Malaysia or increase their investments, authorities must cut bureaucratic red tape and strive to improve the ease of doing business, Prime Minister Anwar Ibrahim said.

Anwar, who is also finance minister, said he was disappointed to hear some companies voicing their frustrations on the slow decision-making processes.

“Several companies that met with us said there are still delays in getting the necessary approvals to conduct their business,” he said at a press conference at the end of his four-day visit to New York, where he attended the 78th United Nations General Assembly.

“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 attitude… but to be fair, we have done well here as the staff worked round the clock to make sure everything is in place (for the meeting with investors),” he said.

Anwar said directives have been given to ministers and agencies to fast track application processes, including approval for investments and issuance of visas.

He also said American multinational corporation and the world’s largest aerospace company, Boeing, has informed him of its intention to expand its investment in Malaysia to manufacture wings and other parts for all types of aircraft.

The company has established its presence in Malaysia through Aerospace Composites Malaysia Sdn Bhd (ACM), a strategic alliance between Boeing and Hexcel Corporation.

ACM makes advanced composite components for the aerospace industry.

“This is a very big deal for Malaysia, as with this decision, almost all wings and parts will be made in Malaysia,” said Anwar.

He said several other US corporations such as ConocoPhillips, AWS, Google, Airbnb, Amazon, Amazon Web Services and Kimberly-Clark are 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 of various ministries and agencies, especially the Investment, Trade and Industry Ministry and Malaysian Investment Development Authority.

During his visit, the prime minister met with Google president and chief financial officer Ruth Porat, Boeing global president Dr Brendan Nelson, Medtronic chairman and chief executive officer Geoff Martha and Siemens Healthcare global managing director Tisha Boatman. – Bernama, September 24, 2023.