New Open AP Policy To Benefit Bumiputera Auto Import and Sales

Starting July 1, 2024, the Malaysian government will implement a more transparent and inclusive Open AP Policy, benefiting more Bumiputera entrepreneurs.

This policy, initially launched in 1970, has successfully nurtured capable Bumiputera companies in the automotive import and sales sectors and related supply chain activities. It remains a crucial part of achieving the New Economic Policy’s goal of 30% Bumiputera equity ownership in the national economy.

Read More Business News

Open AP Policy

To broaden opportunities, any Bumiputera company, even those not previously involved in automotive activities, can apply to become an Open AP company. This initiative aligns with MITI’s efforts to enhance inclusivity and transparency in the application process.

Interested Bumiputera companies must meet several key criteria: be a Private Limited Company, have 100% Bumiputera ownership, possess a minimum paid-up capital of RM1 million, and have been operating for at least two years.

This policy is expected to attract more Bumiputera companies to the automotive industry, making it more competitive. The government’s primary objective is to empower Bumiputera socio-economic agendas by providing competitive entrepreneurs with opportunities in the automotive sector.

MITI invites eligible Bumiputera companies to apply, with guidelines, application forms, and checklists available on their website.