Amendments to land laws will help draw in more foreign investors: Wan Junaidi

NILAI: The amendments to the National Land Code 1965, the Strata Titles Act 1985 and the Land Acquisition Act 1960 which were passed in Parliament recently will help attract more new foreign investments, said Natural Resources and Environment Minister Datuk Seri Dr Wan Junaidi Tuanku Jaafar (pix).
He said the amendments would also facilitate the public on matters relating to land.
"The aim (ammendments) is to speed up any process related to land affairs, secondly is to become a mechanism to expedite land dealings between industry and investors and thirdly, to provide heavier penalties against those who violate the relevant laws," he told reporters at the launch of the 22nd Land Administrator Conference 2016, here today.
Elaborating, Wan Junaidi said the ammendments would also make Malaysia more competitive by providing more investment opportunities to foreign investors.
Wan Junaidi said at the moment, efforts were underway to provide explanation on the amendments to land administrators to enable them to be implemented more efficiently.
On the Strata Titles Act, Wan Junaidi said it would benefit over 300,000 homeowners to obtain individual titles for their respective houses.
Earlier in his speech, Wan Junaidi said the ammendments on the National Land Code, the Strata Titles Act and the Land Acquisition Act were made after consultation with all state authorities.
"Besides that, all state administrations have also been supporting the government's policy and aspiration in facilitating the registration of land transfer within one day," he said. — Bernama