Open AP policy from 1 July 2024, benefiting more bumiputera entrepreneurs
KUALA LUMPUR: Any bumiputera company, including those that have never been involved in automotive activities, can apply to be appointed as an Open AP company to engage in the activity of importing and selling vehicles in Malaysia, effective July 1.
The Ministry of Investment, Trade, and Industry (MITI) explained that the move is in line with MITI’s efforts to continue to increase inclusiveness and transparency in the Open AP application process.
“The implementation of this policy is expected to attract more bumiputera companies to engage in the automotive industry.
“The increase in the number of companies will make this segment more competitive,” the ministry said in a statement on Tuesday.
MITI informed that for interested bumiputera companies, the main conditions are sole limited status, 100 percent bumiputera ownership, a minimum paid-up capital of RM1 million, and having been operating for at least two years.
Therefore, bumiputera companies that are interested and eligible to apply can refer to https://www.miti.gov.my/index.php/pages/view/3796 to obtain guidelines, application forms, and checklists.
MITI added that the government’s main objective is to continue empowering the bumiputera socio-economic agenda by giving opportunities to more competitive bumiputera entrepreneurs to get involved in the automotive sector.
According to the ministry, the Open AP policy implemented since 1970 has successfully produced viable bumiputera companies, not only in the segment of importing and selling vehicles but also in key activities along the supply chain such as after-sales service, insurance, and logistics.
The policy is one of the policies related to bumiputera that has been maintained until now and is important to achieve the target of 30 percent ownership of bumiputera equity in the national economy as stipulated in the New Economic Policy.
