The number of companies holding open approved permits (AP) has risen to 414 as of today, up from 107 in 2019, following the government’s move to expand bumiputera entrepreneurs’ participation in the country’s automotive industry.

Investment, Trade and Industry Minister Johari Abdul Ghani (above) said the enhancements to the open AP policy, which took effect on July 1, 2024, were intended to expand opportunities for more bumiputera entrepreneurs, including companies with no prior experience in the automotive industry.

He also said the Investment, Trade and Industry Ministry screens open AP applicants to ensure it grants approval only to companies with the capability and financial capacity to carry out the business.