Download PDF - ETP - Pemandu

ETP ANNUAL REPORT 2011
Liberalisation of Services
The services sector is a significant contributor to the Malaysian
economy, accounting for 58 per cent of our Gross Domestic
Product (GDP) in 2010. This is reflective of the important role of
the services sector as an economy becomes more advanced,
with the share of services in developed economies reaching 70
to 80 per cent of GDP. Malaysia was the 29th largest exporter of
commercial services in 2010, exporting close to RM100 billion
worth of such services. This represented a 0.9 per cent share of
global commercial services exports in 2010.
Exhibit 13.3
218
Per cent (%) Services Contribution to GDP
GDP (per capita, USD)
60,000
40,000
20,000
58%
in 2010
Malaysia
70 - 80% in
developed
nations
30% 40% 50% 60% 70% 80%
% services contribution
It is recognised that the services sector’s future expansion and
private investment potential can be enhanced by continuing
the liberalisation programme – through removing restrictions
on ownership, operations and cumbersome procedures that
decrease the efficiency of doing business. These include relaxing
or removing barriers to entry, streamlining and simplifying
processes, reviewing the regulatory framework and capacity
building.
The SRI Lab identified several key focus sectors that have the
potential for growth and GNI contribution, such as Healthcare,
Education, as well as Professional Services.
Exhibit 13.4
Healthcare
• Private hospitals
• Healthcare
professional
services
Achievements
Education
• International
schools
• Vocational &
technical schools
• Private higher
education
institutions
Professional
Services
• Engineering
services
• Legal services
• Architectural
services
• Accounting
services
It was announced in the 2012 Budget in October 2011 that 17
services sub-sectors will be further liberalised in phases in 2012,
which include private hospital services, medical and dental
specialist services, architectural, engineering, accounting and
taxation, legal services, courier services, education and training
services as well as telecommunications services, with up to 100%
foreign equity allowed in selected sub-sectors.
Moving Forward
Amendments to relevant legislation of the education, private
higher education, legal profession, engineering and architectural
sub-sectors will be undertaken in 2012 to give legal effect to the
liberalisation measures.
The Government will continue to identify services sub-sectors
for liberalisation towards improving the competitiveness and
contribution to the economy. At the same time, regulatory
measures will be reviewed to ensure the liberalisation process will
be further facilitated.