Studies show that a more liberalised services sector will mean better productivity

IT was an eye-opener when the World Bank released the first update of its biannual East Asia and Pacific Economic Report on April 7 showing that in Asean, Malaysia is the third most restrictive country where foreign ownership restrictions (FORs) are concerned despite the widely-held view of the country’s open economy.

The most restrictive are Thailand and the Philippines while Cambodia is the most open in Asean, allowing full foreign ownership in most sectors, followed by Singapore.