Govt to step up enforcement against illegal foreign-run businesses

 The economy ministry says such businesses create unfair competition and impact the continuity of Malaysian-run businesses.

The economy ministry said misuse of immigration passes and visas had led to unfair competition among local and foreign-run businesses.

PETALING JAYA:

The government will step up enforcement against illegal foreign-run businesses and look into proposals to curb rent-seeking practices, says the economy ministry.

In a statement, the ministry said misuse of immigration passes and visas had led to unfair competition among local and foreign-run businesses.

It also impacted the continuity of Malaysian-run businesses, it said.

The ministry said that the Special Taskforce to Facilitate Business (Pemudah) agreed to a three-pronged intervention strategy revolving around “compliance, monitoring and empowerment”.

This strategy includes improving vendor compliance, data sharing and integrated enforcement among agencies.

“At the same time, the economy ministry will refine the proposal to curb rent-seeking practices, including assessing the need for new legislation or improvements to existing provisions.”

The decision to step up enforcement against illegal foreign-run businesses and look into proposals to curb rent-seeking practices follows a meeting within Pemudah, which was chaired by economy minister Akmal Nasir.

Separately, the economy ministry agreed to continue with regulatory reforms to facilitate the business community following Malaysia’s rise to 15th place in the IMD World Competitiveness Ranking 2026 from 23rd place last year.

The ranking assessed 70 economies based on four key factors comprising economic performance, government efficiency, business efficiency and infrastructure.