Impak Polisi Ekuiti Liberal Terhadap Pola Hak Milik Pelaburan Dalam Sektor Perindustrian Pembuatan Di Malaysia The Impact of The Liberal Equity Policy on the Pattern of Investment Ownership in the Industrial Manufacturing Sector in Malaysia

Abstract

Since the export-oriented industrialisation strategy was introduced, foreign direct investment (FDI) has been identified as an important mechanism in the development of the industry in this country. In an effort to attract foreign investors, the government has introduced a range of financial and non-financial incentives and regulatory aspects which are much more liberal to induce foreign investors to set up their production activities in this country. The participation of foreign capital in the industrial manufacturing sector is increasingly important since the introduction of the Pioneer Industries Ordinance in 1958, followed by the Investment Incentives Act 1968 and the Free Trade Zone Act in 1971. Permission was granted to foreign ownership of export-oriented investment projects, including cases with 100% foreign equity, if the company exports are at least 80%. However, the Liberal Equity Policy, which became effective on 17 June 2003, permitted 100% foreign equity ownership to all investments in new projects and additional projects or diversification (expansion/diversification) without taking into account the level of exports of these companies. Liberalisation in terms of investment ownership has major implications on the status of ownership in the industrial sector of this country and the benefits and advantages accrued from foreign companies as well as their impact on the development of local industry. This article will discuss the impact of Liberal Equity Policy on ownership patterns in the industrial manufacturing sector and the implications of this liberal policy on the development of the industrial sector of the country and the achievement of national development policies as the country moves towards becoming an advanced industrial country. Based on the statistical data obtained from the Malaysian Industrial Development Authority (MIDA), it clearly shows that there has been a marked increase in foreign-owned investments as a whole in the industrial sector, particularly in the electrical and electronic industry sector since the early 1990's.

Sejak strategi perindustrian berorientasikan eksport diperkenalkan, pelaburan langsung asing (PLA) telah dikenal pasti sebagai mekanisme penting dalam pembangunan industri di negara ini. Dalam usaha untuk menarik pelabur asing, kerajaan telah memperkenalkan pelbagai insentif kewangan dan bukan kewangan serta aspek regulatori yang lebih liberal sebagai dorongan untuk pelabur asing menempatkan aktiviti pengeluaran mereka di negara ini. Penyertaan modal asing dalam sektor perindustrian pembuatan semakin penting sejak pengenalan Ordinan Industri Perintis pada tahun 1958, diikuti oleh Akta Galakan Pelaburan 1968 dan Akta Zon Perdagangan Bebas pada tahun 1971. Bagi projek pelaburan yang berorientasikan eksport majoriti milikan asing adalah dibenarkan dan dalam kes-kes tertentu ekuiti asing 100% dibenarkan sekiranya eksport syarikat sekurang-kurangnya 80%. Walau bagaimanapun, Polisi Ekuiti Liberal yang berkuat kuasa mulai 17 Jun 2003, membenarkan ekuiti milikan asing 100% kepada semua pelaburan dalam projek baru dan juga projek tambahan atau kepelbagaian (expansion/diversification) tanpa mengambil kira tahap eksport syarikat-syarikat tersebut. Liberalisasi dari segi hak milik ini mempunyai implikasi yang besar terhadap status milikan dalam sektor perindustrian negara dan kesannya terhadap faedah dan manfaat yang boleh diperolehi daripada aktiviti syarikat asing terhadap pembangunan industri tempatan. Artikel ini akan membincangkan kesan Polisi Ekuiti Liberal terhadap pola hak milik dalam sektor perindustrian pembuatan di Malaysia dan implikasi daripada dasar yang liberal ini terhadap pembangunan sektor industri negara dan pencapaian dasar pembangunan nasional dalam menuju ke arah negara perindustrian maju. Berdasarkan kepada data statistik yang diperolehi daripada Malaysian Industrial Development Authority (MIDA), jelas menunjukkan peningkatan yang besar dalam pelaburan milikan asing sepenuhnya dalam sektor perindustrian pembuatan khususnya sektor industri barangan elektrik dan elektronik sejak awal tahun 1990-an.