OCT 31 — According to the World Bank Doing Business 2016, Singapore comes out top for ten consecutive years for business-friendly environment, while Malaysia remains at 18^th among 189 countries and economies surveyed.

The country still outperforms many others for its business-friendly environment, ahead of Taiwan, Sweden, the Netherlands, Japan, France and China.

Being in top 20 means the country has seen remarkable improvement in its business environment. Malaysia scores pretty well in areas such as ease of getting business registration, application of construction permits, ease of acquiring electrical power, taxation and cross-border trade, among other parameters. This shows that reforms implemented on these areas have not only benefited local businesses, but have also created a more business-friendly environment to lure foreign investments.

This year’s ranking does not come as a big surprise to many. That said, Malaysia remains one of the best performing countries among the emerging economies of East Asia. The government’s efforts in enhancing business environment and competitiveness over the past one year have eventually paid off.

A business-friendly environment should be one that cuts down unnecessary red tapes so that things could be expedited. The Special Task Force to Facilitate Business (Pemudah) established by former prime minister Tun Abdullah Badawi in 2007 strives to expedite the administration of business dealings. Indeed its noteworthy contribution towards the country’s improved business environment should be commended.

As a matter of fact, Malaysia is a relatively transparent and business-friendly country enjoying economic and political stability. It boasts well developed infrastructure and medical facilities with a population well versed in a number of foreign languages, including English and Chinese.

This, coupled with its conducive living environment has been a predisposing factor in making Malaysia a truly business-friendly country for potential investors.

Nevertheless, we still need to improve ourselves continuously in a highly competitive global environment because while we are moving ahead, other regional countries are also doing the same thing, often at a faster pace than us.

After the signing of the TPPA, in particular, regional markets are opening up themselves to outsiders, and this is going to pose a serious trade challenge for regional countries, including Malaysia.

TPP stresses fair competition, efficient governance and removal of trade barriers while setting the bar very high for financial liberalization.

Against such a backdrop, the Malaysian government will not only have to open up our market, we must also compete heads-on with other regional markets for investments.

* This is the personal opinion of the writer and does not necessarily reflect the views of Malay Mail Online.