Malaysian international chamber slams KL city hall's licensing rule
It calls for rescinding of requirement that foreign-owned businesses have at least 50% local shareholding, staffing
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Kuala Lumpur
A MALAYSIAN industry body has slammed the Kuala Lumpur City Hall's rule that all foreign-owned business must have a minimum 50 per cent local equity and workforce or risk losing their licence.
"This requirement is in direct contradiction with the current government's policies and commitment on trade and investment," said the International Chamber of Commerce and Industry (MICCI) on Thursday.
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