KUALA LUMPUR: The Domestic Trade and Cost of Living Ministry will cut red tape in the application process of local and international companies to conduct business activities in the country.

Its minister, Datuk Seri Salahuddin Ayub said the government is focused on revitalising the investment environment in the country by shortening bureaucratic protocol in approving applications for the business community.

"We will reduce bureaucracy issues so that those seeking approval (to open a business) are comfortable and this will lead to better economic growth," he said after launching the Paris Baguette Cafe bakery at the Pavilion shopping centre here today.

He said the administration of unity government, as well as political stability, can also be a catalyst for foreign companies to open businesses in this country.

Salahuddin said a total of 360 applications from foreign companies to open businesses in Malaysia were approved in 2021, with the highest number of applications in the food and beverage (F&B) sector.

He said the cumulative amount of paid-up capital brought into Malaysia by foreign companies in 2021 was RM8.952 billion.

He said efforts to make Malaysia one of the main investment destinations in the region would continue to be the focus and, thus, he welcomed more international companies to do business here.

Meanwhile, regarding the ceiling price of chicken and (chicken) eggs, Salahuddin said it will not continue once supply recovers in the market.

"The supply of chicken in the country has fully recovered while supply of eggs is expected to recover within three months. So it's just a matter of time before the government retracts this ceiling price, considering that it has been imposed for far too long of more than a year, (now it's) just waiting for a cabinet decision," he said.