Malaysia relaxes foreign investment policy

Najib unveiled a liberalization plan which would put an end a decades-long policy requiring businesses to be partly owned by ethnic-majority Malays.

Under the New Economic Policy, which covers a host of regulations favoring and providing jobs and opportunities for Malays, listed businesses are required to allocate at least 30 percent of their stakes to Malays.

Najib said Tuesday the rule would be abolished, because it did not benefit poor Malays and was a hindrance to growth.

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