KUALA LUMPUR: The United Kingdom is hoping for further liberalisation in Malaysia’s legal services sector, British High Commissioner to Malaysia, Boyd McCleary, said here today.
“The market here has been closed. We are aware there is discussion between the Bar Council, the government and another partner about the possibility of opening the legal services sector. We pretty much welcome that.
“Malaysians will benefit from that. It is a win-win (situation),” he said to reporters when asked what will be UK’s interest if the services sector was liberalised in this country.
McCleary was met at the official launch of the Global Entrepreneurship Week 2009 here today.
The government has set up a committee chaired by the Deputy Prime Minister Datuk Seri Najib Tun Razak, who is also the Finance Minister, to discuss and identify the services sector that should be further opened up in the future to attract investment.
The committee is expected to hold its first meeting soon.
McCleary said the announcement to open up the services sector was a “strong and important signal by the government” considering that one of the worst things being dealt with in the present crisis was governments becoming more protective.
“It is an appropriate response. We look forward to look to hearing more details and plans.”
According to the commissioner, British companies were well represented here mostly in the financial and retail services sector.
Among the companies in the financial sector are HSBC, Standard & Chartered, and Prudential while in the retail sector there were Cold Storage and Guardian.
McCleary noted that the UK has a surplus trade in terms of services — financial and retail — with Malaysia compared with goods.
“We believe at the moment Malaysia is closing itself to some businesses which are being written in London and Singapore. We think that there is recognition in part of the law firms here and the government.
“We like to see some opening of the sector. Perhaps a partial opening… (maybe) on pilot and trial basis. That will be beneficial on both sides,” he suggested.
Asked on the outlook for Malaysia-UK trade this year, McCleary said, “We see no fall-off in interest yet. But of course it is going to be a difficult year for both countries. It is hard to predict what will happen. But I don’t see huge reduction in trade.”
There will be a level of consistency in the trade and it will continue to be strong both ways, he said.
He said Malaysia-UK trade has been also surprisingly consistent over the last few years with Malaysia selling twice as much as UK in terms of goods.
There has been also an increase in terms of British companies coming into Malaysia in the last 18 months, he said.
“I personally opened five to six new British companies coming into Malaysia in the past six months alone. Many of them are entrepreneurs and young mobile information communications technology companies.”
The UK recognises Malaysia as one of its 17th priority market worldwide.
Bernama
21/01/09
“The market here has been closed. We are aware there is discussion between the Bar Council, the government and another partner about the possibility of opening the legal services sector. We pretty much welcome that.
“Malaysians will benefit from that. It is a win-win (situation),” he said to reporters when asked what will be UK’s interest if the services sector was liberalised in this country.
McCleary was met at the official launch of the Global Entrepreneurship Week 2009 here today.
The government has set up a committee chaired by the Deputy Prime Minister Datuk Seri Najib Tun Razak, who is also the Finance Minister, to discuss and identify the services sector that should be further opened up in the future to attract investment.
The committee is expected to hold its first meeting soon.
McCleary said the announcement to open up the services sector was a “strong and important signal by the government” considering that one of the worst things being dealt with in the present crisis was governments becoming more protective.
“It is an appropriate response. We look forward to look to hearing more details and plans.”
According to the commissioner, British companies were well represented here mostly in the financial and retail services sector.
Among the companies in the financial sector are HSBC, Standard & Chartered, and Prudential while in the retail sector there were Cold Storage and Guardian.
McCleary noted that the UK has a surplus trade in terms of services — financial and retail — with Malaysia compared with goods.
“We believe at the moment Malaysia is closing itself to some businesses which are being written in London and Singapore. We think that there is recognition in part of the law firms here and the government.
“We like to see some opening of the sector. Perhaps a partial opening… (maybe) on pilot and trial basis. That will be beneficial on both sides,” he suggested.
Asked on the outlook for Malaysia-UK trade this year, McCleary said, “We see no fall-off in interest yet. But of course it is going to be a difficult year for both countries. It is hard to predict what will happen. But I don’t see huge reduction in trade.”
There will be a level of consistency in the trade and it will continue to be strong both ways, he said.
He said Malaysia-UK trade has been also surprisingly consistent over the last few years with Malaysia selling twice as much as UK in terms of goods.
There has been also an increase in terms of British companies coming into Malaysia in the last 18 months, he said.
“I personally opened five to six new British companies coming into Malaysia in the past six months alone. Many of them are entrepreneurs and young mobile information communications technology companies.”
The UK recognises Malaysia as one of its 17th priority market worldwide.
Bernama
21/01/09
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