Yang di-Pertuan Agong Al-Sultan Abdullah Ri'ayatuddin Al-Mustafa Billah Shah delivers the royal address at the opening of the Third Session of the 14th Parliament in Parliament Building today. Photo: Bernama

KUALA LUMPUR: The Yang di-Pertuan Agong Al-Sultan Abdullah Ri’ayatuddin Al-Mustafa Billah Shah said the country’s investment approval processes, especially for high-impact projects, should be made more efficient and quickly.

His Majesty said the improvements are important to attract more quality investments into the country.

“Realising the importance of investment injection to boost the country’s economy, my government will continue to simplify business processes to enhance investment activities.

“This includes the need to update existing laws, approval processes and incentives,” the Yang di-Pertuan Agong said in his royal address when opening the third term of the 14th Parliament here today.

His Majesty said the government would continue to formulate, introduce and implement various programmes and initiatives to spur economic activities to improve the rakyat’s income and well-being.

In this regard, he said the Shared Prosperity Vision (WKB) 2030 will be the catalyst for the nation’s development direction, he said.

“The upcoming 12th Malaysia Plan marks the first phase of the Shared Prosperity Vision 2030.

“I’m confident that the policies and strategies in place through the involvement of various quarters will enhance the country’s economic growth and development which will eventually be enjoyed by the rakyat as a whole,” Al-Sultan Abdullah said.

The WKB 2030 aims to enable the rakyat at all level to achieve a reasonable standard of living through a fair, equitable and inclusive economic distribution.

It will also bridge the economic and development gap between income classes, regions, ethnicities and supply chains. – Bernama