Kuala Lumpur:A total of 8,000 businesses in Kuala Lumpur have renewed their licences within two months following a new multi-year renewal initiative introduced in July.

According to BERNAMA News Agency, Minister in the Prime Minister's Department (Federal Territories) Hannah Yeoh announced that 704 businesses opted for a two-year renewal, while 1,802 businesses chose a three-year renewal. The initiative offers a five percent discount for a two-year renewal and a ten percent discount for a three-year renewal.

Speaking at the Kuala Lumpur and Selangor Chinese Chamber of Commerce and Industry (KLSCCCI) 122nd Anniversary Dinner, Yeoh explained that the initiative aims to simplify business transactions with the government by allowing licences to be renewed for up to three years. This move is intended to reduce the time spent on repetitive administrative processes, allowing businesses to focus more on their operations.

Meanwhile, KLSCCCI and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) president Datuk Ng Yih Pyng expressed support for the initiative, highlighting its benefits in reducing administrative burdens and providing businesses with more certainty for future planning. Ng emphasized the chamber's continued commitment to supporting the business community and fostering a conducive environment for growth.