Najib announces new liberalisation measures to promote investments

Najib speaking in his keynote address at Invest Malaysia 2014 on Monday.

KUALA LUMPUR: Datuk Seri Najib Tun Razak has announced new liberalisation measures to further promote investments in a broader spectrum of assets. 

The Prime Minister said one of the measures was the removal of the mandatory requirement for credit ratings effective Jan 1, 2017.

He said a gradual approach was being adopted to provide industry players sufficient time to further refine mechanisms necessary to operate under the new regime.

"From Jan 1 next year, flexibilities will be accorded with regards to credit ratings and the tradability of unrated bonds and sukuk," he said in his keynote address at Invest Malaysia 2014 on Monday.

The Prime Minister also announced that the equity shareholding for credit rating agencies would be liberalised.

International Credit rating agencies with full foreign ownership will be allowed in the Malaysian market from Jan 1, 2017, he added.

"The entry of international agencies will further enhance the quality and standard of rating services, introduce a more competitive fee structure and widen both expertise and the range of credit rating services on offer," Najib said.