NOV 1 — Malaysia has surged to the sixth position from 12th among 189 economies, according to the latest World Bank Ease Of Doing Business Report 2014. It is the first time for the country to leap into the top 10 and it must be mentioned that the target was achieved a year ahead. In addition to Singapore which has topped the ranking for consecutive eight years, Malaysia is the only Asean country among the top 10 economies.
The government vowed to create a friendly business environment when the Special Task Force on Facilitating Business (Pemudah) was set up in 2007. Pemudah members have contributed huge efforts to assist the government in achieving transformation programmes and this year, they enjoy the fruits of it. The cooperation given by the public service sector must be praised as the government’s service delivery can be improved and a more business-friendly environment can be created only through the collaboration between the public and private sectors. According to the World Bank, the outcome of the Malaysian government to develop the country together with the private sectors through public-private partnership programmes is obvious.
The World Bank’s report is the world’s best investment guideline. The country’s good performance in the influential report can help in strengthen the confidence of foreign investors in the country. It is expected that the country is going to usher in a greater amount of foreign investment next year, bringing a positive stimulus to domestic and regional economic development.
When the same report was released last year, some analysts pointed out that based on the investment-seeking strategies adopted by the country, Malaysia was expected to make outstanding achievements this year, and the report this year has proven that the strategies have enhanced the confidence of investors. Among the factors are, Malaysia had reduced the company registration fees to make starting business less costly; while in dealing with construction permits, the establishment of one-stop centres has facilitated construction processes. Also, the electricity supply in the country is stable.
The report is actually supported by personal experiences of investors. Malaysia is indeed a business and foreign investment friendly country. In the currently highly competitive global economic environment, our country has been continuously striving and despite it is a difficult task, we have made it. In the Budget 2014 tabled last week, while making efforts to reduce the deficit, the government has also committed to creating a favourable business environment to attract more domestic and foreign investment activities. It is expected that economic activities next year will be more motivated.
However, there are greater challenges in front of us. In addition to receiving excellent ratings in providing financing facilities and protecting investors, there are still many areas to be improved and perfected, including equity ownership, tax relief, structural adjustments and opening up more sectors for foreign investors, to maintain the ranking in the World Bank report and occupy a position in other world influential reports. For instance, to perform better in Transparency International’s Corruption Perception Index Report, we must made much greater efforts in fighting corruption and improving incorruptibility to enhance integrity in various areas and further strengthen the confidence of foreign investors. — Sin Chew Daily
* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malay Mail Online
