OECD acknowledges Malaysia’s efforts in transforming economy, says Mustapa

Mustapa Mohamed: Yes to NEM, GTP and ETP, but room for improvement. — Reuters file pic
Mustapa Mohamed: Yes to NEM, GTP and ETP, but room for improvement. — Reuters file pic

KUALA LUMPUR, Nov 27 — The Organisation for Economic Co-operation and Development (OECD) has acknowledged Malaysia’s efforts and ongoing initiatives to transform the economy and provide a conducive climate for investment, says International Trade and Industry Minister Datuk Seri Mustapa Mohamed.

He said the OECD also recognised the introduction of comprehensive policies including the New Economic Model, the Government Transformation Programme and the Economic Transformation Programme, as well as work to improve the delivery system that has contributed to Malaysia’s economic growth.

“They recognise our best practices in the promotion and facilitation of investment through investment promotion agencies such as the Malaysian Investment Development Authority, which is cited as one of the best promotional agencies in Southeast Asia,” he told reporters here today after launching the Investment Policy Review Report on Malaysia.

The review was undertaken by OECD together with the ASEAN secretariat, supported by the ASEAN-Australia-New Zealand Free Trade Agreement Economic Cooperation Support Programme and the Japanese government.

Present were Japanese Ambassador to Malaysia Shigeru Nakamura and head of OECD Investment Policy Reviews Dr Stephen Thomsen.

Mustapa, citing the review, said the approach to reforms had been characterised by gradualism and pragmatism, although Malaysia’s transformation agenda had often been associated with economic crisis.

The review also found that Malaysia had good and systematic corporate governance, regulated by rules and laws.

To enhance the investment climate, Mustapa said the report recommended further liberalisation of the services sector, and improvements to the regime on intellectual property.

It also proposed strengthened cooperation between industry and higher education institutions to overcome shortage of skilled workers, and sustained momentum to ensure successful implementation of reforms in corporate governance.

Mustapa said the ministry would focus on promoting investments, both domestic and foreign, in high value-added activities and niche areas to achieve the goals of the transformation agenda.

“We will continue to promote the development of key areas and create an environment for innovation, and research and development,” he said.

“These will be further augmented with effective enforcement of better intellectual property laws and enhanced entrepreneurial skills besides promoting the development of small and medium enterprises.” — Bernama

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