KUALA LUMPUR, June 23 – The Malaysian government has announced a more transparent and inclusive Open AP Policy, set to take effect on July 1, 2024. This policy revision aims to provide greater opportunities for Bumiputera entrepreneurs in the automotive import and sales industry. Established in 1970, the original policy has successfully fostered numerous Bumiputera companies, not only in importing and selling vehicles but also in other crucial supply chain activities like after-sales services, insurance, and logistics.
The revised policy will allow any Bumiputera company, including those previously uninvolved in the automotive sector, to apply for Open AP status, provided they meet specific criteria such as being a private limited company with 100% Bumiputera ownership, having a minimum paid-up capital of RM1 million, and being operational for at least two years. The Ministry of International Trade and Industry (MITI) encourages interested and eligible Bumiputera companies to apply, with guidelines and application forms available on MITI’s official website.
This initiative is expected to enhance competition and economic empowerment among Bumiputera entrepreneurs in the automotive industry.
