Malaysia’s Domestic Trade Minister Muhyiddin Yassin is considering banning foreign hypermarket chains from opening any more new stores.
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The minister was quoted in the local Star newspaper yesterday [Wednesday] as saying that the move would protect smaller local traders.
Led by French firm Carrefour, recent years have seen foreign retailers expand rapidly into Malaysia, and Muhyiddin explained that, “because the products offered by them are so attractive, many customers who usually go to small businesses have shifted to hypermarkets.
“If this is not curbed, then the number of small businesses will shrink in the future.”
Muhyiddin added that new conditions may also be imposed on the foreign companies already operating in Malaysia, the guidelines on which will be issued after further talks with the Foreign Investment Committee.
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By GlobalData
