Please indicate whether there is a foreign direct investment review regime in your jurisdiction in relation to mergers involving foreign buyers / acquirers and kindly indicate the relevant review/regulatory body? If there is, please indicate whether there have been any foreign direct investment notifications to date. If there is no foreign direct investment regime, kindly indicate whether there are any plans announced to introduce it.
No. There is no such specific regime. However, all foreign direct investment or mergers involving foreign buyers or acquirers must be made through the Economic Development Board (“EDB”), which operates under the aegis of the Prime Minister’s Office (“PMO”). The EDB processes the application for foreign direct investment and forwards it to the PMO, where the Prime Minister would use their discretion to grant or refuse the application. There is no indication of any change in the present regime.
If there is a foreign direct investment regime in your jurisdiction, please indicate whether it applies to all sectors or specific sectors (such as sectors considered to relate to ‘national security’).
Please refer to the response above. National security is a major consideration that would weigh heavily in the Prime Minister’s decision.