KUCHING: Malaysia Productivity Corporation (MPC) is optimistic of positioning the country in the top 10 for ease of doing business.
MPC director-general Datuk Abdul Latiff Abu Seman said this target could be achieved with concerted effort from the business community at all levels to create a more conducive business environment.
“With our previous experience, we hope to improve our rank to the top 10 in ‘Doing Business’ by World Bank, and being in the top 20 countries in the ‘Global Competitiveness Report’ released by the World Economic Forum and World Competitiveness Yearbook published by the Institute of Management Development,” he told reporters at the MPC Sarawak media appreciation dinner here, on Wednesday.
While Malaysia is ranked 12th in the latest Doing Business Report 2020 by World Bank, in the Global Competitiveness Report (GCR) 2019 by the World Economic Forum (WEF), Malaysia slipped two rungs from 25th to 27th out of 140 countries.
In the World Competitiveness Yearbook, Malaysia has maintained its position at 22nd for two consecutive years.
Abdul Latiff pointed out that constant improvement on the regulatory framework was needed in order to ensure the business community in the country continued to grow.
“Looking on the performance, Malaysia has performed well in improving its bureaucracy and business efficiency.
“However, modernising regulation is much needed because we need to ensure the regulations are convenient for all segments of the business community,” he explained.
He pointed out that reviewing existing regulations and removal of unnecessary red tape and compliance costs could address business productivity.
“The government needs to be more open to navigate better policy for stakeholders.
“Through constant consultation and engagement, everyone will be able to voice out, addressing various challenges such as non-optimal capital efficiency and low productivity growth in capital investment and incentive,” he stressed.
To ensure Malaysia, in particular Sarawak, continue to attract more investments, Abdul Latiff gave his assurance to doubling the agency’s efforts with the state government through its Special Taskforce to Facilitate Business (Sarawak Pemudah) represented by MPC board of directors member Datuk Abang Abdul Karim Tun Openg.