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MITI: Bumiputera companies with no automotive experience welcomed to apply for Open APs

Hans · Jun 18, 2024 04:59 PM

MITI: Bumiputera companies with no automotive experience welcomed to apply for Open APs 01

The Ministry of International Trade and Industry (MITI) welcomes all Bumiputera companies, including those with no prior experience in the automotive trade, to apply for Open APs to import used cars.

“The implementation of this policy is expected to attract more bumiputera companies to engage in the automotive industry. The increase in the number of companies will make this segment more competitive,” the ministry said in a statement today.

The ministry will accept new applications starting 1-July 2024.

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It should be noted that previous Open AP application documents never stated prior experience in automotive trade as a requirement, though it was likely to be a consideration factor.

As of last year, there are 282 Open AP holders (for the import of used cars) in Malaysia.

Open AP (for used cars) is one of the two import quota control mechanisms used by Malaysia, the other being Franchise AP (for new cars).

Holders of Open APs are allowed to import used cars that are between 1 to 5 years old.

To be eligible, applicant companies must be 100 percent Bumiputera-owned, have a minimum paid-up capital of RM 1 million, with the company’s board members comprising only Bumiputeras, with key management positions held only by Bumiputeras.

The applicant company must also be operational for at least two years (not necessarily in automotive trade), before applying.

Hans

Head of Content

Over 15 years of experience in automotive, from product planning, to market research, to print and digital media. Garages a 6-cylinder manual RWD but buses to work.

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